– Revenue of $136.9 Million Grew 2.3% Over
Prior Year Fourth Quarter –
– Per Share Net Loss of ($0.07) and Adjusted
Diluted EPS of $0.05 in the Fourth Quarter –
– Gross Margin Expanded 200 Basis Points to
28.1% in the Fourth Quarter –
– Adjusted EBITDA Grew 19.1% to $18.8
Million at a 13.7% Margin in the Fourth Quarter –
– Ended 2020 With Net Cash Position(*) of
$110.6 Million –
– Completed Acquisition of Lioli Ceramica,
Establishing Leadership Position as a Premium, Multi-Material
Countertop Company –
– Closed Acquisition of Omicron Granite and
Tile at the end of 2020, Enhancing Go-to-Market Approach and
Vertical Integration in Attractive U.S. Markets –
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and
manufacturer of high-quality engineered surfaces, today reported
financial results for its fourth quarter and full year ended
December 31, 2020.
“We made significant progress streamlining the business in 2020
as we successfully executed on our business transformation during a
year marked by unprecedented global economic challenges,” commented
Yuval Dagim, Chief Executive Officer. “We now enter 2021 as a much
stronger Company, with the right foundation in place to more
effectively leverage Caesarstone’s world-class brand to pursue
sustainable long-term growth. This includes further implementation
of innovative go-to-market initiatives developed under our Global
Growth Acceleration Plan to unlock value. Our strong financial
position supported the successful execution of two accretive
transactions in recent months that are directly aligned with our
strategy to enhance our position as a leading premium,
multi-material countertop company. With our dedicated focus on
driving results, we are well situated to capture additional market
share.”
“We were encouraged to finish 2020 with annual year-over-year
improvement in gross margin and adjusted EBITDA margin,” added
Ophir Yakovian, Chief Financial Officer. “Following two quarters of
significant cost cutting, we increased operating expenses to a more
normalized level to support our brand and future growth.
Caesarstone’s strong balance sheet enabled us to successfully
weather the challenges of 2020 and to further invest in accretive
future growth. We are happy with our 2020 operating cash flow of
$47.6 million and our significant net cash position(*) of $110.6
million that provides us with the confidence we can execute on our
plan in 2021, to produce strong long-term returns for our
shareholders.”
(*) Cash position is defined as cash and cash equivalents and
short-term bank deposits and long and short-term investment in
marketable securities less debt from financial institutions.
Fourth Quarter 2020 Results
Revenue in the fourth quarter of 2020 grew 2.3% to $136.9
million compared to $133.9 million in the prior year quarter. On a
constant currency basis, fourth quarter revenue was slightly lower
by 0.4% year-over-year, due primarily to pandemic related
disruptions, particularly in the Americas region, partially offset
by the contribution from the Lioli acquisition and growth in all
other regions.
Gross margin in the fourth quarter improved 200 basis
points to 28.1% compared to 26.1% in the prior year quarter.
Adjusted gross margin in the fourth quarter was 28.6% compared to
26.4% in the prior year quarter. The year-over-year improvement in
gross margin mainly reflects lower raw material costs, more
favorable currency exchange rates, better product mix, and improved
efficiency partly offset by the impact of lower sales volume, lower
sale prices and less favorable regional mix.
Operating expenses in the fourth quarter were $30.4
million, or 22.2% of revenue, compared to $34.5 million, or 25.8%
of revenue in the prior year quarter. Excluding legal settlements
and loss contingencies, operating expenses were 21.2% of revenue,
compared to 20.4% in the prior year quarter, mainly due to
increased investments to support the Company’s growth
initiatives.
Operating income grew to $8.1 million compared to
operating income of $0.5 million in the prior year quarter. The
year-over-year growth mainly reflects higher gross margin and lower
legal settlements and loss contingencies.
Adjusted EBITDA, which excludes expenses for share-based
compensation, legal settlements and loss contingencies and for
non-recurring items, grew 19.1% year-over-year to $18.8 million in
the fourth quarter, representing a margin of 13.7%. This compares
to adjusted EBITDA of $15.7 million, representing a margin of
11.8%, in the prior year quarter. The year-over-year margin
improvement primarily reflects the higher gross margin.
Finance (income) expenses in the fourth quarter were $8.6
million compared to finance income of $0.6 million in the prior
year quarter. The difference was mainly a result of the unfavorable
impact of foreign currency exchange rates.
Net loss attributable to controlling interest for the
fourth quarter was $2.4 million compared to net loss of $0.3
million in the prior year quarter. Net loss per share for the
fourth quarter was $0.07 compared to net loss per share of $0.01 in
the prior year quarter. Adjusted diluted net income per share for
the fourth quarter was $0.05 on 34.5 million shares, compared to
adjusted diluted net income per share of $0.16 on 34.6 million
shares in the prior year quarter.
Full Year 2020 Results
Revenue in the full year 2020 was $486.4 million compared
to $546.0 million in the prior year. On a constant currency basis,
2020 revenue was lower by 11.1% year-over-year, primarily due to
pandemic related disruptions impacting our business since the
second quarter of 2020.
Gross margin in 2020 expanded to 27.5% compared to 27.2%
in the prior year. Adjusted gross margin in 2020 was 27.7%,
compared to 27.3% in the prior year. The higher adjusted gross
margin mainly reflects improved efficiency, lower raw material
costs and improved product mix partly offset by the impact of lower
sales volume, lower sale prices and less favorable regional
mix.
Operating expenses in 2020 were $111.4 million, or 22.9%
of revenue compared to $124.0 million, or 22.7% of revenue in the
prior year. Excluding legal settlements and loss contingencies,
operating expenses were 21.6% of revenue, compared to 20.4% of
revenue in the prior year mainly due to lower revenues partly
offset by cost cutting efforts to mitigate pandemic related
impacts.
Operating income in 2020 was $22.5 million compared to
$24.7 million in the prior year.
Adjusted EBITDA, which excludes expenses for share-based
compensation, legal settlements and loss contingencies and for
non-recurring items, was $62.1 million in 2020, representing a
margin of 12.8%. This compares to adjusted EBITDA of $69.0 million,
representing a margin of 12.6% in the prior year. This
year-over-year margin improvement primarily reflects the higher
gross margin.
Finance expenses in 2020 were $10.2 million compared to
$5.6 million in the prior year. The difference was primarily a
result of the adverse impact of foreign currency exchange
rates.
Net income attributable to controlling interest for the
full year 2020 was $7.2 million compared to net income of $12.9
million in the prior year. Diluted net income per share for 2020
was $0.21 compared to $0.37 in the prior year. Adjusted diluted net
income per share for 2020 was $0.48 compared to $0.77 in the prior
year.
Balance Sheet & Liquidity
The Company's balance sheet as of December 31, 2020 remained
strong, including cash, cash equivalents and short-term bank
deposits and short and long-term marketable securities of $133.2
million and total debt to financial institutions of $22.6
million.
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. No dividend is paid
if it would be less than $0.10 per share. Pursuant to the Company’s
dividend policy, the Company does not intend to pay a dividend for
the fourth quarter of 2020, based on its reported net loss
attributable to controlling interest for the period.
Outlook
The Company anticipates 2021 revenue and Adjusted EBITDA to be
higher year-over-year. The company anticipates revenue to grow
faster than EBITDA in 2021 mainly due to headwinds from higher
shipping and raw material costs, coupled with a return to more
normalized levels of sales and marketing expenses and other
investments to support the Company’s growth initiatives. The
Company’s outlook includes the investment costs associated with its
Global Growth Acceleration Plan. The Company’s outlook also assumes
the pandemic related business restrictions will fade as the year
progresses.
Webcast and Conference Call Details
The Company will host a live webcast and conference call today
at 8:30 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. 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 Fourth
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 13715282. The replay will be
available beginning at 11:30 a.m. ET on Wednesday, February 24,
2021 and will last through 11:59 p.m. ET on Wednesday, March 3,
2021.
About Caesarstone
Caesarstone is a concept and lifestyle-driven company with a
customer-centered approach to designing, developing, and producing
high-end engineered stone countertops, used in residential and
commercial buildings. Our products offer superior aesthetic appeal
and perfected functionality through a distinct variety of colors,
styles, textures, and finishes used in diverse countertop
applications, marked by inherent longevity. Strong commitment to
service has fostered growing customer loyalty in over 50 countries
where the Caesarstone product collections are available: Classico,
Supernatural, Metropolitan 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 (loss) to adjusted net income (loss)
and net income (loss) 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 subsidiariesCondensed consolidated
balance sheets As of U.S. dollars in
thousands December 31, 2020 December 31, 2019
(Unaudited) (Audited) ASSETS CURRENT ASSETS:
Cash and cash equivalents and short-term bank deposits
$
114,248
$
139,372
Short-term available for sale marketable securities
8,112
-
Trade receivables, net
84,822
78,282
Other accounts receivable and prepaid expenses
26,481
34,066
Inventories
152,073
122,686
Total current assets
385,736
374,406
LONG-TERM ASSETS: Severance pay fund
4,007
3,475
Other long-term receivables
3,837
3,176
Deferred tax assets, net
8,359
7,881
Long-term deposits and prepaid expenses
1,675
2,887
Operating lease right-of-use assets
123,928
72,047
Long-term available for sale marketable securities
10,926
-
Property, plant and equipment, net
222,883
204,776
Goodwill and intangible assets, net
59,570
35,218
Total long-term assets
435,185
329,460
Total assets
$
820,921
$
703,866
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Short-term bank credit
$
13,122
$
-
Trade payables
55,063
53,072
Related parties and other loans
2,221
2,212
Short term legal settlements and loss contingencies
31,039
28,300
Accrued expenses and other liabilities
55,570
42,782
Total current liabilities
157,015
126,366
LONG-TERM LIABILITIES: Long-term loan and financing
liability of land from a related party
20,706
7,915
Legal settlements and loss contingencies long-term
21,910
21,505
Deferred tax liabilities, net
6,943
Long-term lease liabilities
112,719
64,638
Accrued severance pay
5,303
4,333
Long-term warranty provision
1,274
1,385
Total long-term liabilities
168,855
99,776
REDEEMABLE NON-CONTROLLING INTEREST
7,701
-
EQUITY: Ordinary shares
371
371
Treasury shares - at cost
(39,430
)
(39,430
)
Additional paid-in capital
160,083
157,225
Capital fund related to non-controlling interest
(5,587
)
(5,587
)
Accumulated other comprehensive loss
1,083
(3,288
)
Retained earnings
370,830
368,433
Total equity
487,350
477,724
Total liabilities and equity
$
820,921
$
703,866
Caesarstone Ltd. and its
subsidiaries Condensed consolidated statements of income
Three months endedDecember 31, Twelve months
endedDecember 31,
U.S. dollars in thousands
(except per share data)
2020
2019
2020
2019
(Unaudited) (Audited) (Unaudited)
(Audited) Revenues
$ 136,896
$ 133,867
$ 486,412
$ 545,974
Cost of revenues
98,381
98,884
352,470
397,335
Gross profit
38,515
34,983
133,942
148,639
Operating expenses: Research and development
1,501
962
3,974
4,146
Marketing and selling
17,752
16,698
62,047
66,770
General and administrative
9,779
9,625
39,081
40,681
Legal settlements and loss contingencies, net
1,392
7,201
6,319
12,359
Total operating expenses
30,424
34,486
111,421
123,956
Operating income
8,091
497
22,521
24,683
Finance (income) expenses, net
8,613
(622)
10,199
5,578
Income (loss) before taxes
(522)
1,119
12,322
19,105
Taxes on income
1,459
1,394
4,700
6,243
Net income (loss)
$ (1,981)
$ (275)
$ 7,622
$ 12,862
Net Income attributable to non-controlling interest
(404)
-
(404)
-
Net income (loss) attributable to controlling interest
$ (2,385)
$ (275)
$ 7,218
$ 12,862
Basic net income (loss) per ordinary share
$ (0.07)
$ (0.01)
$ 0.21
$ 0.37
Diluted net income (loss) per ordinary share
$ (0.07)
$ (0.01)
$ 0.21
$ 0.37
Weighted average number of ordinary shares used in computing basic
income (loss) per ordinary share
34,436,345
34,397,410
34,419,129
34,383,895
Weighted average number of ordinary shares used in computing
diluted income (loss) per ordinary share
34,436,345
34,397,410
34,473,911
34,459,599
Caesarstone Ltd. and its subsidiariesSelected Condensed
consolidated statements of cash flows Twelve months
endedDecember 31, U.S. dollars in thousands
2020
2019
(Unaudited) (Audited) Cash
flows from operating activities: Net income
$
7,622
$
12,862
Adjustments required to reconcile net income to net cash provided
by operating activities: Depreciation and amortization
29,460
28,587
Share-based compensation expense
2,858
3,632
Accrued severance pay, net
(14
)
(246
)
Changes in deferred tax, net
(895
)
(1,509
)
Capital loss
340
326
Legal settlemnets and loss contingencies, net
6,319
12,359
Decrease (increase) in trade receivables
6,070
(5,032
)
Decrease (increase) in other accounts receivable and prepaid
expenses
9,318
(6,346
)
Decrerase in inventories
313
35,303
Decrease in trade payables
(17,938
)
(6,663
)
Increase (decrease) in warranty provision
(371
)
69
Changes in right of use assets
(26,738
)
1,319
Changes in lease liabilities
30,710
2,602
Amortization of premium and accretion of discount on marketable
securities, net
161
-
Changes in Accrued interest related to Marketable Securities
(1
)
-
Increase in accrued expenses and other liabilities including
related parties
404
5,786
Net cash provided by operating activities
47,618
83,049
Cash flows from investing
activities: Net cash paid for acquisitions
(28,962
)
-
Purchase of property, plant and equipment
(19,824
)
(23,590
)
Proceeds from sale of property, plant and equipment
13
66
Investment in marketable securities
(19,185
)
-
Increase in long term deposits
(347
)
(63
)
Net cash used in investing activities
(68,305
)
(23,587
)
Cash flows from financing
activities: Dividend paid
(4,821
)
(5,160
)
Changes in short-term bank credit and loans, net
(18
)
(7,771
)
Repayment of a financing leaseback related to Bar-Lev transaction
(1,245
)
(1,196
)
Net cash used in financing activities
(6,084
)
(14,127
)
Effect of exchange rate differences on cash and cash
equivalents
1,647
475
Increase (decrease) in cash and cash equivalents and
short-term bank deposits
(25,124
)
45,810
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
$
114,248
$
139,372
Non - cash investing:
Changes in trade payables balances related to purchase of fixed
assets
(356
)
(3,235
)
Caesarstone Ltd. and its subsidiaries Three
months endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands
2020
2019
2020
2019
(Unaudited) (Unaudited) Reconciliation of Gross
profit to Adjusted Gross profit: Gross profit
$
38,515
$
34,983
$
133,942
$
148,639
Share-based compensation expense (a)
63
10
416
285
Non-recurring import related income
-
-
-
(1,501
)
Amortization of assets related to acquisitions
529
-
529
-
Other non-recurring items (b)
-
294
-
1,661
Adjusted Gross profit (Non-GAAP)
$
39,107
$
35,287
$
134,887
$
149,084
(a) Share-based compensation
includes expenses related to stock options and restricted stock
units granted to employees and directors of the Company.
(b) In 2019, relates mainly to
one time amortization of machinery equipment with no future
alternative use, and one time inventory write down due to
discontinuation of certain product group manufacturing.
Caesarstone Ltd. and its subsidiaries Three months
endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands
2020
2019
2020
2019
(Unaudited) (Unaudited) Reconciliation of Net
Income (loss) to Adjusted EBITDA: Net income (loss)
$
(1,981
)
$
(275
)
$
7,622
$
12,862
Finance (income) expenses, net
8,613
(622
)
10,199
5,578
Taxes on income
1,459
1,394
4,700
6,243
Depreciation and amortization related to acquisitions
8,300
6,970
29,460
28,587
Legal settlements and loss contingencies, net (a)
1,392
7,201
6,319
12,359
Share-based compensation expense (b)
523
779
2,858
3,632
Non-recurring import related income
-
-
-
(1,501
)
Acquisitions related expenses
444
-
921
-
Other non-recurring items (c)
-
294
-
1,286
Adjusted EBITDA (Non-GAAP)
$
18,750
$
15,741
$
62,079
$
69,046
(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) In 2019, relates mainly
to non-recurring expenses related to North American region
establishment, one time charge related to reduction in headcount
and certain activities including discontinuation of certain product
group manufacturing.
Caesarstone Ltd. and its
subsidiaries
Three months ended December 31, Twelve months
ended December 31, U.S. dollars in thousands (except per
share data)
2020
2019
2020
2019
(Unaudited) (Unaudited) Reconciliation of net
income (loss) attributable to controlling interest to adjusted net
income attributable to controlling interest: Net income (loss)
attributable to controlling interest
$
(2,385
)
$
(275
)
$
7,218
$
12,862
Legal settlements and loss contingencies, net (a)
1,392
7,201
6,319
12,359
Amortization of assets related to acquisitions, net of tax
446
-
446
-
Share-based compensation expense (b)
523
779
2,858
3,632
Non cash revaluation of lease liabilities (c)
3,177
266
3,189
3,615
Non-recurring import related income (d)
-
-
-
(1,501
)
Acquisitions related expenses
444
-
921
-
Other non-recurring items (e)
-
294
-
2,486
Total adjustments
5,982
8,540
13,733
20,591
Less tax on non-tax adjustments (f)
1,955
2,791
4,488
6,729
Total adjustments after tax
4,027
5,749
9,245
13,862
Adjusted net income attributable to controlling interest
(Non-GAAP)
$
1,642
$
5,474
$
16,463
$
26,724
Adjusted diluted EPS (g)
$
0.05
$
0.16
$
0.48
$
0.77
(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 diffrences deriving
from revaluation of lease contracts in accoradance with FASB ASC
842. (d) In 2019, relates mainly to non-recurring import related
expenses and relocation expenses of Caesarstone USA headquarters,
the Company's subsidiary. (e) In 2019, relates to non-recurring
expenses related to North American region establishment, one time
charge related to reduction in headcount and certain activities
including discontinuation of certain product group
manufacturing and one time amortization of machinery
equipment with no future alternative use. (f) Tax adjustments for
the three and twelve months ended December 31, 2020, based on the
effective tax rates of the comparative periods. (g) In calculating
adjusted diluted (Non-GAAP) EPS for the three and twelve months
ended December 31, 2020, 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
endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in
thousands
2020
2019
2020
2019
(Unaudited) (Unaudited) USA
$
53,618
$
64,659
$
207,496
$
250,471
Canada
20,325
20,575
72,492
85,979
Latin America
1,387
735
2,149
4,115
America's
75,330
85,969
282,137
340,565
Australia
29,953
26,002
103,587
108,149
Asia
7,122
3,931
14,566
15,514
APAC
37,075
29,933
118,153
123,663
EMEA
14,408
9,463
45,201
43,054
Israel
10,083
8,502
40,921
38,692
Total Revenues
$
136,896
$
133,867
$
486,412
$
545,974
Caesarstone Ltd. and its subsidiaries
Geographic breakdown of
revenues by region - Supplemental data
Three months ended U.S. dollars in thousands
12/31/2020 9/30/2020 6/30/2020
3/31/2020 12/31/2019 9/30/2019
6/30/2019 3/30/2019 12/31/2018
9/30/2018 6/30/2018 (Unaudited) USA
$
53,618
$
52,097
$
41,726
$
60,055
$
64,659
$
64,805
$
64,590
$
56,417
$
60,200
$
61,933
$
60,358
Canada
20,325
19,174
14,435
18,558
20,575
21,881
23,341
20,178
23,834
25,140
27,349
Latin America
1,387
124
132
506
735
1,434
1,351
596
1,212
1,635
1,738
America's
75,330
71,395
56,293
79,119
85,969
88,120
89,282
77,191
85,246
88,708
89,445
Australia
29,953
27,746
23,534
22,354
26,000
28,642
28,294
25,214
33,484
33,968
34,731
Asia
7,122
2,881
1,732
2,831
3,932
3,675
3,311
4,596
4,929
4,189
4,221
APAC
37,075
30,627
25,266
25,185
29,932
32,317
31,605
29,810
38,413
38,157
38,952
EMEA
14,408
11,422
8,031
11,340
9,464
11,719
11,418
10,455
9,954
11,115
11,721
Israel
10,083
10,478
9,447
10,913
8,502
10,683
8,766
10,741
9,268
9,709
9,125
Total Revenues
$
136,896
$
123,922
$
99,037
$
126,557
$
133,867
$
142,839
$
141,071
$
128,197
$
142,881
$
147,689
$
149,243
Year-over-year % change 12/31/2020
9/30/2020 6/30/2020 3/31/2020
12/31/2019 9/30/2019 6/30/2019
(Unaudited) USA
-17.1
%
-19.6
%
-35.4
%
6.4
%
7.4
%
4.6
%
7.0
%
Canada
-1.2
%
-12.4
%
-38.2
%
-8.0
%
-13.7
%
-13.0
%
-14.7
%
Latin America
88.8
%
-91.4
%
-90.2
%
-15.1
%
-39.4
%
-12.3
%
-22.3
%
America's
-12.4
%
-19.0
%
-36.9
%
2.5
%
0.8
%
-0.7
%
-0.2
%
Australia
15.2
%
-3.1
%
-16.8
%
-11.3
%
-22.3
%
-15.7
%
-18.5
%
Asia
81.1
%
-21.6
%
-47.7
%
-38.4
%
-20.2
%
-12.3
%
-21.5
%
APAC
23.9
%
-5.2
%
-20.1
%
-15.5
%
-22.1
%
-15.3
%
-18.9
%
EMEA
52.2
%
-2.5
%
-29.7
%
8.5
%
-4.9
%
5.4
%
-2.6
%
Israel
18.6
%
-1.9
%
7.8
%
1.6
%
-8.3
%
10.0
%
-3.9
%
Total Revenues
2.3
%
-13.2
%
-29.8
%
-1.3
%
-6.3
%
-3.3
%
-5.5
%
Year-over-year % change in constant currency
(*) 12/31/2020 9/30/2020 6/30/2020
3/31/2020 12/31/2019 9/30/2019
6/30/2019 (Unaudited) USA
-17.1
%
-19.6
%
-35.4
%
6.4
%
7.4
%
4.6
%
7.0
%
Canada
-2.4
%
-11.7
%
-36.0
%
-7.1
%
-13.6
%
-12.1
%
-11.6
%
Latin America
88.7
%
-91.3
%
-90.2
%
-15.2
%
-39.4
%
-12.3
%
-22.3
%
America's
-12.7
%
-18.8
%
-36.4
%
2.7
%
0.9
%
-0.4
%
0.7
%
Australia
7.9
%
-7.1
%
-11.5
%
-3.3
%
-18.2
%
-10.0
%
-12.0
%
Asia
80.7
%
-21.2
%
-45.9
%
-37.1
%
-14.7
%
-8.8
%
-18.6
%
APAC
17.5
%
-8.7
%
-15.1
%
-8.5
%
-17.8
%
-9.9
%
-12.7
%
EMEA
45.8
%
-5.9
%
-26.9
%
11.4
%
-4.4
%
10.9
%
2.8
%
Israel
9.4
%
-4.5
%
4.5
%
-1.5
%
-14.0
%
7.8
%
-3.5
%
Total Revenues
-0.4
%
-14.4
%
-28.3
%
0.5
%
-5.5
%
-1.5
%
-2.9
%
(*) Change in revenues at constant currency is calculated so that
revenues can be viewed without the impact of fluctuations 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/20210224005133/en/
Investor Relations: ICR, Inc. - Rodny Nacier
CSTE@icrinc.com +1 646 277-1237
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