- Revenue of $126.6 Million -
- Net Income of $2.7 Million, or $0.08 Per
Share -
- Adjusted Net Income of $4.6 Million, or
$0.13 Per Share -
- Adjusted EBITDA of $13.1 Million -
- $131.9 Million Cash Position with No
Financial Debt -
- Withdraws Full Year 2020 Outlook Due to
COVID-19 Related Demand Uncertainty -
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and
manufacturer of high-quality engineered quartz surfaces, today
reported financial results for its first quarter ended March 31,
2020.
Yuval Dagim, Chief Executive Officer commented “Solid first
quarter 2020 results reflect the focused execution and
implementation of our plan. Our aggressive efforts to control
costs, streamline processes, and place the right talent have
allowed us to achieve strong first quarter performance. In
addition, these actions have provided Caesarstone with the added
financial and operational flexibility to navigate the unprecedented
global impact of the COVID-19 crisis. During the quarter, we
rapidly implemented necessary procedures to preserve capital and
ensure continuity of operations with a safety first emphasis.
However, the impact of the crisis and the evolving pandemic
response efforts by local governments across our global footprint
have limited our near term visibility on industry demand.”
Yuval Dagim, Chief Executive Officer continued, “In this
uncertain environment, our top priority is the health and safety of
our employees, partners and customers. At the same time, through
our business continuity plans we have turned our immediate focus to
the controllable aspects of our business to apply necessary
enhancements to our cost structure and operations to mitigate an
uncertain period of lower demand. That said, we remain committed to
our Global Growth Acceleration Plan to improve operational
inefficiencies and better align resources throughout our business
over the long term. While current market challenges will delay a
portion of our strategic initiatives in 2020, our long-term
strategy to reignite growth is unchanged. I am very proud of our
team’s achievements and have the confidence in our ability to
overcome this challenging period.”
Ophir Yakovian, Chief Financial Officer, added, “We were pleased
with our performance in the first quarter. We continued the
positive momentum in our U.S. business while improving our
production productivity and controlling costs to expand gross
margin and Adjusted EBITDA year-over-year. First quarter results
were encouraging despite COVID-19 related impacts that we started
to experience with greater significance during the final two weeks
of March. With this in mind, we understand that challenging market
conditions lie ahead, evidenced by a substantial softening of
demand across our global markets during the month of April. Given
the lack of visibility on the overall economic impact of COVID-19,
and the related effects on the demand environment, we are
withdrawing our previously communicated full year 2020 financial
outlook. Fortunately, our prudent efforts in recent periods to
control costs, improve our operational structure, reduce inventory
and manage production capacity have collectively allowed us to
build a substantial cash position of $131.9 million as of March
31st with zero financial debt. At this time, we believe that we
have the necessary resources and the right strategy to weather the
storm and be positioned to take advantage of opportunities when the
economy recovers.”
First Quarter 2020 Results
Beginning with first quarter 2020 results, the Company has
modified its presentation of regional revenue reporting to align
with the Company’s new organizational structure, and strategic
initiatives across its global footprint. The four geographic
regions comprise the Americas, Asia/Pacific (“APAC”), Europe/Middle
East/Africa (“EMEA”) and Israel*.
Revenue in the first quarter of 2020 was $126.6 million
compared to $128.2 million in the prior year quarter. On a constant
currency basis, first quarter revenue grew by 0.5% year-over-year.
Sales improvement was primarily driven by growth in the big box
channel following the Company’s recent expansion into U.S. Home
Depot stores, as well as core business growth in the U.S. and the
EMEA region. This improvement was partly offset by softer
performance mainly in the APAC region and Canada. The Company
experienced an estimated adverse revenue impact of $3 million to $4
million from market related challenges due to COVID-19.
Gross margin in the first quarter improved 440 basis
points to 28.8% compared to 24.4% in the prior year quarter.
Adjusted gross margin in the first quarter was 28.9% compared to
25.3% in the prior year quarter. The improvement in gross margin
primarily reflects improved productivity and utilization in our
factories, lower raw material costs, and more favorable regional
and product mix, partly offset by higher supply chain related costs
and foreign exchange headwinds.
Operating income in the first quarter was $2.3 million
compared to $0.6 million in the prior year quarter. The
year-over-year increase mainly reflects higher gross margin
partially offset by higher operating expenses.
Adjusted EBITDA, which excludes expenses for share-based
compensation, legal settlements and loss contingencies and for
non-recurring items, increased 13.0% to $13.1 million in the first
quarter, representing a margin of 10.4%. This compares to adjusted
EBITDA of $11.6 million, representing a margin of 9.1%, in the
prior year quarter.
Finance income in the first quarter was $0.9 million
compared to finance expenses of $0.3 million in the prior year
quarter. The difference was primarily a result of the favorable
impact of foreign currency exchange rates.
Net income for the first quarter was $2.7 million
compared to a net loss of $0.4 million in the prior year quarter.
Diluted net income per share for the first quarter was $0.08
compared to diluted net loss per share of $0.01 in the prior year
quarter. Adjusted diluted net income per share for the first
quarter was $0.13 on 34.5 million shares, compared to $0.09 on a
similar share count in the prior year quarter.
*Refer to the tables reconciling our prior periods presentation
to the presentation pursuant to the new organizational structure
included in this press release.
COVID-19 Update
Health and safety are at the core of Caesarstone’s culture as an
organization. Caesarstone is following all guidelines and
directives from governmental and regulatory agencies across its
global operations in order to continue operating safely and
responsibly, while meeting the needs of customers. In efforts to
maintain a safe work environment and help contain the spread of
COVID-19, the Company has transitioned to a work-from-home policy
for those that are able and has suspended all non-essential
employee travel and events. Caesarstone has also proactively
implemented further safety and risk mitigation practices,
including:
- Educating employees on COVID-19 related symptoms and best
practical protocols;
- Regularly assessing deliveries and orders in virus “hot zones”
and higher-risk geographic regions; and
- Employing strict social distancing practices across all
departments and divisions
At this time, the Company believes it has a strong financial
position and the flexibility required to support its global
operations during this volatile period. The Company's balance sheet
as of March 31, 2020 remained strong, including cash, cash
equivalents and short-term bank deposits of $131.9 million, with no
financial debt. Caesarstone has also taken additional cost saving
actions to further improve its balance sheet and liquidity,
including:
- Significantly limiting capital expenditures and delaying the
majority of investments related to the Company’s Global Growth
Acceleration Plan,
- Optimizing working capital spend,
- Curtailing production capacity to meet expected demand,
- Moving a portion of the workforce to part time or reduced
shifts,
- Furloughing a portion of salaried employees and freezing
hiring,
- Reducing marketing and promotional spend,
- Cutting non-essential expenditures, and
- Reducing salaries of senior management and board members by
15-20% through year end, including a 20% reduction for the
Company’s CEO
Caesarstone will continue to evaluate additional enhancements to
strengthen its operational and financial position as necessary.
Dividend
The Company’s dividend policy provides for a quarterly cash
dividend of up to 50% of reported net income on a year-to-date
basis, less any amount already paid as dividend for the respective
period (the “calculated dividend”), subject in each case to
approval by the Company’s board of directors. In the event that the
calculated dividend is less than $0.10 per share, no dividend shall
be paid. Pursuant to the Company’s dividend policy, the Company
does not intend to pay a dividend for the first quarter of 2020,
based on its reported net income for the period.
Outlook
The Company believes it is well prepared operationally and
financially to face the unprecedented macro-economic impacts
presented by the COVID-19 pandemic. Although there was only a
limited adverse impact to first quarter of 2020 results, the
Company began to experience significant softening of demand for its
products as a result of COVID during the month of April. Given the
volatility of the ongoing crisis and the lack of visibility on the
global economic impact of COVID-19, and the related effects on the
demand environment, it is difficult to predict with certainty the
impact of the virus on its business, operations and financial
condition for the remainder of the year. The Company is therefore
withdrawing its previously communicated full year 2020 financial
outlook.
Webcast and Conference Call Details
The Company will host a live webcast and conference call today
at 8:00 a.m. ET to discuss the results, followed by a question and
answer session for the investment community. The live webcast of
the call can be accessed at ir.caesarstone.com. Due to potential
extended wait times to access the conference call via dial-in, the
Company encourages use of the webcast. For those unable to access
the webcast, the conference call will be accessible by dialing
1-877-407-4018 (domestic) or +1-201-689-8471 (international). The
toll-free Israeli number is 1 80 940 6247. Upon dialing in, please
request to join the Caesarstone First Quarter Earnings Call.
To listen to a telephonic replay of the conference call, dial
toll-free 1-844-512-2921 (domestic) or +1-412-317-6671
(international) and enter pass code 13702251. The replay will be
available beginning at 11:00 a.m. ET on Wednesday, May 6, 2020 and
will last through 11:59 p.m. ET on Wednesday, May 13, 2020.
About Caesarstone
Caesarstone is a concept and lifestyle-driven company with a
customer-centered approach to designing, developing, and producing
high-end engineered quartz surfaces used in residential and
commercial buildings. Caesarstone® products offer superior
aesthetic appeal and perfected functionality through a distinct
variety of colors, styles, textures, and finishes used in
countertops, vanities, wall cladding, floors, and other interior
surfaces. Marked by their inherent longevity characteristics such
as non-porousness, scratch and stain resistance, and durability,
the company’s product umbrella offers a highly desirable
alternative to other surfaces. Strong commitment to service has
fostered growing customer loyalty in over 50 countries where the
five distinct Caesarstone product collections are available:
Classico, Supernatural, Metropolitan, Concetto and Outdoor. For
more information please visit our website: www.caesarstone.com.
Non-GAAP Financial Measures
The non-GAAP measures presented by the Company should be
considered in addition to, and not as a substitute for, comparable
GAAP measures. Reconciliations of GAAP gross profit to adjusted
gross profit, GAAP net income to adjusted net income and net income
to Adjusted EBITDA are provided in the schedules to this release.
To calculate revenues growth rates that exclude the impact of
changes in foreign currency exchange rates, the Company converts
actual reported results from local currency to U.S. dollars using
constant foreign currency exchange rates in the current and
comparable period. The Company provides these non-GAAP financial
measures because it believes that they present a better measure of
the Company's core business and management uses the non-GAAP
measures internally to evaluate the Company's ongoing performance.
Accordingly, the Company believes that they are useful to investors
in enhancing an understanding of the Company's operating
performance.
Forward-Looking Statements
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements relate to the
Company's plans, objectives and expectations for future operations,
including estimations relating to the impact of the COVID-19
pandemic and mitigation measures in connection thereto,
expectations of the results of the Company’s business optimization
initiative and its projected results of operations. These
forward-looking statements are based upon management's current
estimates and projections of future results or trends. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, both known or unknown. These
factors include, but are not limited to: the impact of the COVID-19
pandemic on end-consumers, the global economy and the Company’s
business and results of operations; the ability of the company to
realign aspects of its business based on the business optimization
initiative, the strength of the home renovation and construction
sectors; intense competitive pressures; the outcome of silicosis
and other bodily injury claims; regulatory requirements relating to
hazards associated with exposure to silica dust; manufacturing of
existing products and managing required changes in production and
supply chain; economic conditions within any of our key existing
markets changes in raw material prices; fluctuations in currency
exchange rates; the success of our expansion efforts in the United
States; unpredictability of seasonal fluctuations in revenues;
disturbances to the Company’s operations or the operations of its
suppliers, distributors, customers or other third parties and other
factors discussed under the heading "Risk Factors" in our most
recent annual report on Form 20-F and other documents filed with
the Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Caesarstone Ltd. and its
subsidiaries Condensed consolidated balance sheets
As of U.S. dollars in thousands March 31, 2020
December 31, 2019 (Unaudited) (Audited) ASSETS
CURRENT ASSETS: Cash and cash equivalents and
short-term bank deposits
$
131,864
$
139,372
Trade receivables, net
77,918
78,282
Other accounts receivable and prepaid expenses
30,951
34,066
Inventories
130,136
122,686
Total current assets
370,869
374,406
LONG-TERM ASSETS: Severance pay fund
3,340
3,475
Other long-term receivables
2,565
3,176
Deferred tax assets, net
8,764
7,881
Long-term deposits and prepaid expenses
3,391
2,887
Operating lease right-of-use assets
73,203
72,047
Property, plant and equipment, net
205,079
204,776
Goodwill
33,100
35,218
Total long-term assets
329,442
329,460
Total assets
$
700,311
$
703,866
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Trade payables
52,036
53,072
Related party and other loan
2,014
2,212
Short term legal settlements and loss contingencies
26,760
28,300
Accrued expenses and other liabilities
42,925
42,782
Total current liabilities
123,735
126,366
LONG-TERM LIABILITIES: Long-term loan and financing
liability of land from a related party
7,020
7,915
Legal settlements and loss contingencies long-term
23,006
21,505
Long-term lease liabilities
64,107
64,638
Accrued severance pay
4,101
4,333
Long-term warranty provision
1,390
1,385
Total long-term liabilities
99,624
99,776
EQUITY: Ordinary shares
371
371
Treasury shares - at cost
(39,430
)
(39,430
)
Additional paid-in capital
158,131
157,225
Capital fund related to non-controlling interest
(5,587
)
(5,587
)
Accumulated other comprehensive loss
(7,644
)
(3,288
)
Retained earnings
371,111
368,433
Total equity
476,952
477,724
Total liabilities and equity
$
700,311
$
703,866
Caesarstone Ltd. and its
subsidiaries Condensed consolidated statements of income
(loss)
Three months endedMar 31, U.S. dollars in
thousands (except per share data)
2020
2019
(Unaudited) Revenues
$
126,557
$
128,197
Cost of revenues
90,156
96,928
Gross profit
36,401
31,269
Operating expenses: Research and development
780
942
Marketing and selling
18,629
17,074
General and administrative
11,867
11,033
Legal settlements and loss contingencies, net
2,838
1,576
Total operating expenses
34,114
30,625
Operating income
2,287
644
Finance expenses (income), net
(869
)
322
Income before taxes on income
3,156
322
Taxes on income
478
727
Net income (loss)
$
2,678
$
(405
)
Basic net income (loss) per ordinary share
$
0.08
$
(0.01
)
Diluted net income (loss) per ordinary share
$
0.08
$
(0.01
)
Weighted average number of ordinary shares used in computing basic
income (loss) per ordinary share
34,399,916
34,366,954
Weighted average number of ordinary shares used in computing
diluted income (loss) per ordinary share
34,448,505
34,366,954
Caesarstone Ltd. and its
subsidiaries Selected Condensed consolidated statements of cash
flows
Three months endedMar 31, U.S. dollars in thousands
2020
2019
(Unaudited) Cash flows from operating
activities: Net income (loss)
$
2,678
$
(405
)
Adjustments required to reconcile net income to net cash provided
by operating activities: Depreciation and amortization
7,115
6,763
Share-based compensation expense
906
1,052
Accrued severance pay, net
(86
)
2
Changes in deferred tax, net
(1,060
)
(520
)
Capital loss (gain)
17
(17
)
Legal settlements and loss contingencies, net
2,838
1,576
Increase in trade receivables
(3,075
)
(1,647
)
Decrease (increase) in other accounts receivable and prepaid
expenses
2,268
(1,816
)
Decrease (increase) in inventories
(11,737
)
11,069
Increase (decrease) in trade payables
2,009
(10,117
)
Increase (decrease) in warranty provision
52
(94
)
Changes in right of use assets
2,576
(71,987
)
Changes in lease liabilities
(515
)
73,414
Increase (decrease) in accrued expenses and other liabilities
including related party
(580
)
143
Net cash provided by operating activities
3,406
7,416
Cash flows from investing
activities: Purchase of property, plant and equipment
(8,500
)
(6,276
)
Proceeds from sale of property, plant and equipment
8
29
Decrease (increase) in long term deposits
(731
)
7
Net cash used in investing activities
(9,223
)
(6,240
)
Cash flows from financing
activities: Changes in short-term bank credit and
loans, net
(459
)
(7,771
)
Repayment of a financing leaseback related to Bar-Lev transaction
(305
)
(293
)
Net cash used in financing activities
(764
)
(8,064
)
Effect of exchange rate differences on cash and cash
equivalents
(927
)
76
Decrease in cash and cash equivalents and short-term bank
deposits
(7,508
)
(6,812
)
Cash and cash equivalents and short-term bank deposits at beginning
of the period
139,372
93,562
Cash and cash equivalents and short-term bank deposits at
end of the period
$
131,864
$
86,750
Non - cash investing:
Changes in trade payables balances related to purchase of fixed
assets
(564
)
(1,832
)
Caesarstone Ltd. and its
subsidiaries
Three months endedMar 31, U.S. dollars in thousands
2020
2019
(Unaudited) Reconciliation of Gross profit to Adjusted
Gross profit: Gross profit
$
36,401
$
31,269
Share-based compensation expense (a)
131
76
Non-recurring import related expense
-
1,110
Adjusted Gross profit (Non-GAAP)
$
36,532
$
32,455
(a) Share-based compensation includes expenses
related to stock options and restricted stock units granted to
employees of the Company.
Caesarstone Ltd. and its
subsidiaries
Three months endedMar 31, U.S. dollars in thousands
2020
2019
(Unaudited) Reconciliation of Net Income (loss) to
Adjusted EBITDA: Net income (loss)
$
2,678
$
(405
)
Finance expenses (income), net
(869
)
322
Taxes on income
478
727
Depreciation and amortization
7,115
6,763
Legal settlements and loss contingencies, net (a)
2,838
1,576
Share-based compensation expense (b)
906
1,052
Non-recurring import related expense
-
1,110
Other non-recurring items (c)
-
489
Adjusted EBITDA (Non-GAAP)
$
13,146
$
11,634
(a) Consists of legal settlements expenses and loss
contingencies, net, related to product liability claims and other
adjustments to on-going legal claims, including related legal fees.
(b) Share-based compensation includes expenses related to
stock options and restricted stock units granted to employees and
directors of the Company. (c) Three months ended March 31,
2019 reflects expenses related to North American region
establishment.
Caesarstone Ltd. and its
subsidiaries
Three months endedMar 31, U.S. dollars in thousands
(except per share data)
2020
2019
(Unaudited) Reconciliation of net income (loss) to
adjusted net income: Net income (loss)
$
2,678
$
(405
)
Legal settlements and loss contingencies, net (a)
2,838
1,576
Share-based compensation expense (b)
906
1,052
Non cash revaluation of lease liabilities (c)
(1,471
)
1,427
Non-recurring import related expense
-
1,110
Other non-recurring items (d)
-
489
Total adjustments
2,273
5,654
Less tax on non-tax adjustments (e)
344
2,004
Total adjustments after tax
1,929
3,650
Adjusted net income (Non-GAAP)
$
4,607
$
3,245
Adjusted diluted EPS (f)
$
0.13
$
0.09
(a)
Consists of legal settlements
expenses and loss contingencies, net, related to product liability
claims and other adjustments to on-going legal claims, including
related legal fees.
(b)
Share-based compensation includes
expenses related to stock options and restricted stock units
granted to employees and directors of the Company.
(c)
Exchange rate differences
deriving from revaluation of lease contracts in accordance with
FASB ASC 842.
(d)
Three months ended March 31, 2019
reflects expenses related to North American region
establishment.
(e)
Tax adjustments for the three
months ended March 31, 2020 and 2019, based on the effective tax
rates for these periods.
(f)
In calculating adjusted diluted
(Non-GAAP) EPS, the diluted weighted average number of shares
outstanding excludes the effects of share-based compensation
expense in accordance with FASB ASC 718.
Caesarstone Ltd. and its
subsidiaries
Geographic breakdown of
revenues by region
Three months endedMar 31, U.S. dollars in thousands
2020
2019
(Unaudited) USA
$
60,055
$
56,417
Canada
18,558
20,178
Latin America
506
596
Americas
79,119
77,191
Australia
22,354
25,214
Asia
2,831
4,596
APAC
25,185
29,810
EMEA
11,340
10,455
Israel
10,913
10,741
Total Revenues
$
126,557
$
128,197
Caesarstone Ltd. and its
subsidiaries Geographic breakdown of revenues by region -
Supplemental data
Three months ended U.S. dollars in thousands
31-Mar-20 31-Dec-19 30-Sep-19 30-Jun-19
31-Mar-19 31-Dec-18 30-Sep-18 30-Jun-18
31-Mar-18 (Unaudited) USA
$
60,055
$
64,659
$
64,805
$
64,590
$
56,417
$
60,200
$
61,933
$
60,358
$
56,750
Canada
18,558
20,575
21,881
23,341
20,178
23,834
25,140
27,349
23,355
Latin America
506
735
1,434
1,351
596
1,212
1,635
1,738
812
Americas
79,119
85,969
88,120
89,282
77,191
85,246
88,708
89,445
80,917
Australia
22,354
26,000
28,642
28,294
25,214
33,484
33,968
34,731
28,903
Asia
2,831
3,932
3,675
3,311
4,596
4,929
4,189
4,221
4,377
APAC
25,185
29,932
32,317
31,605
29,810
38,413
38,157
38,952
33,280
EMEA
11,340
9,464
11,719
11,418
10,455
9,954
11,115
11,721
10,071
Israel
10,913
8,502
10,683
8,766
10,741
9,268
9,709
9,125
11,790
Total Revenues
$
126,557
$
133,867
$
142,839
$
141,071
$
128,197
$
142,881
$
147,689
$
149,243
$
136,058
Year-over-year % change 31-Mar-20
31-Dec-19 30-Sep-19 30-Jun-19 31-Mar-19
USA
6.4
%
7.4
%
4.6
%
7.0
%
-0.6
%
Canada
-8.0
%
-13.7
%
-13.0
%
-14.7
%
-13.6
%
Latin America
-15.1
%
-39.4
%
-12.3
%
-22.3
%
-26.6
%
Americas
2.5
%
0.8
%
-0.7
%
-0.2
%
-4.6
%
Australia
-11.3
%
-22.3
%
-15.7
%
-18.5
%
-12.8
%
Asia
-38.4
%
-20.2
%
-12.3
%
-21.5
%
5.0
%
APAC
-15.5
%
-22.1
%
-15.3
%
-18.9
%
-10.4
%
EMEA
8.5
%
-4.9
%
5.4
%
-2.6
%
3.8
%
Israel
1.6
%
-8.3
%
10.0
%
-3.9
%
-8.9
%
Total Revenues
-1.3
%
-6.3
%
-3.3
%
-5.5
%
-5.8
%
Year-over-year % change in constant currency (*)
31-Mar-20 31-Dec-19 30-Sep-19 30-Jun-19
31-Mar-19 USA
6.4
%
7.4
%
4.6
%
7.0
%
-0.6
%
Canada
-7.1
%
-13.6
%
-12.1
%
-11.6
%
-9.2
%
Latin America
-15.2
%
-39.4
%
-12.3
%
-22.3
%
-26.5
%
Americas
2.7
%
0.9
%
-0.4
%
0.7
%
-3.3
%
Australia
-3.3
%
-18.2
%
-10.0
%
-12.0
%
-3.8
%
Asia
-37.1
%
-14.7
%
-8.8
%
-18.6
%
10.3
%
APAC
-8.5
%
-17.8
%
-9.9
%
-12.7
%
-1.9
%
EMEA
11.4
%
-4.4
%
10.9
%
2.8
%
11.8
%
Israel
-1.5
%
-14.0
%
7.8
%
-3.5
%
-3.5
%
Total Revenues
0.5
%
-5.5
%
-1.5
%
-2.9
%
-1.9
%
(*) Change in revenues at constant currency is calculated so that
revenues can be viewed without the impact of fluctuations s in
foreign currency exchange rates, thereby facilitating
period-to-period comparisons of business performance. Change in
revenues adjusted for currency are calculated by translating
current period activity in local currency using the comparable
prior-year period’s currency conversion rate. Exchange rates used,
are
the representative exchange rate published by the Bank of Israel
for the relevant periods.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506005089/en/
Public Relations: Caesarstone - Maya Lustig
Maya.Lustig@caesarstone.com + 972 54 677 8100
Investor Relations: ICR, Inc. - Rodny Nacier
CSTE@icrinc.com +1 646 277-1237
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