Caesar stone company
Caesar’s stone
-18.56%
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opening:5.54
High:5.56
low:4.61
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which specializes in the production of quartz surfaces, reports a decrease in revenue of approximately 7% compared to the corresponding quarter to 159.4 million dollars. Analysts expected $165.7 million. The company recorded one-time losses due to write-offs, compensations, reorganization, legal expenses, while the adjusted profit line also did not meet expectations.
The forecast for 2023 disappoints the market and the stock collapses. The company’s management expects revenues in the region of 2022 revenues, with adjusted EBITDA being higher than 2022’s adjusted EBITDA which was $51.9 million. The value of the company is low at 166 million dollars when the company has net cash of about 28 million dollars – cash of 59.7 million dollars and debt of 31 million dollars.
The expenses in the last quarter are also due to layoffs of 10% of the company’s employees as part of a major reorganization. Even Caesar faces tough competition and is forced to lower its selling prices. In the third quarter it was also a disappointment, when for the whole year the company sold 690.8 compared to 643.9 in the previous year – an increase of 7.3%.
“We carefully monitor the company’s expenses and work to improve the profit margin while investing in its growth,” says Yuval Magid, the company’s CEO, “in order to do this effectively, we focus on accelerating projects as part of our growth plan, while checking our costs and reducing the number of the workers”.
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