Ibn-Kiser Company
Caesar’s stone
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(NYSE: CSTE) The Israeli company, engaged in the production and marketing of artificial marble surfaces for use in the design of kitchens, bathrooms and more, publishes its financial reports for the second quarter of the year, from which it appears that the company’s revenues amount to 180.3 million dollars compared to the analysts’ expectations of 180 million dollars.
The adjusted net profit (NON-GAAP) was estimated at approximately 11.1 million dollars or 0.32 dollars per share; The adjusted profit (GAAP) per share is estimated at about 0.2 dollars. The adjusted EBITDA of the company in the second quarter amounted to 17.1 million dollars.
The company confirms its forecasts for 2022. In addition, in July 2022, Ibn Caesar purchased a distributor in Sweden, thereby establishing the first direct distribution channel in the European Union.
Yuval Magid, CEO of Even Caesar: “We are happy to present the results of the second quarter, which are in line with our expectations and reflect further progress in the implementation of the company’s growth strategy. This is the sixth quarter in a row in which we have presented double-digit growth in revenues from year to year, including growth of almost 20% in the US, while successfully implementing increases prices, a move that contributed to reducing the effect of the increase in the prices of raw products and shipping costs and to improving operating margins compared to the previous quarter and the fourth quarter of 2021. We are launching new products in our various territories, and continue to constantly examine the implementation of additional pricing measures as required. Meanwhile, we would like to point out that in our estimation about 60% to 70% of the company’s business in the main target countries (the USA, Australia, Canada and Israel) derives from the renovation and repair market, which historically is less affected by economic cycles.”
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