News Details

View all news

Caesarstone Reports Second Quarter 2020 Financial Results

August, 05, 2020

- Revenue of $99.0 Million, With Encouraging Demand Improvement in All Regions During June -

- Net Loss of $5.9 Million, or ($0.17) Per Share -

- Adjusted Net Loss of $3.5 Million, or ($0.10) Per Share -

- Adjusted EBITDA of $6.5 Million -

- Strong Liquidity Position With $130.1 Million in Cash and Marketable Securities -

MP MENASHE, Israel--(BUSINESS WIRE)-- Caesarstone Ltd. (NASDAQ:CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its second quarter ended June 30, 2020.

Yuval Dagim, Chief Executive Officer, commented, “Our proactive actions taken in March allowed us to effectively right size our resources and mitigate the impact of the unprecedented environment brought on by the COVID-19 pandemic. At the same time, we continue to focus on factors that are in our control, such as executing our Global Growth Acceleration Plan and making strategic investments to strengthen our position as a leading premium countertop Company. With our strong cash position, we will continue to execute this strategy to improve our business over the long-term, most particularly in areas of product innovation, production processes, technology, and go-to-market capabilities. Looking ahead, we are fortunate to have a talented workforce, leading products and solid financial resources to deliver on our focused approach to value creation in the quarters and years ahead.”

Ophir Yakovian, Chief Financial Officer, added, “Second quarter sales in all of our four global regions were better than initially expected at the onset of the pandemic. We experienced the majority of adverse impacts in our Americas region during April and May. Since that time, we have been encouraged to see sequential improvement in June as more customers opened for business and demand began to return. As we look to the balance of 2020, we recognize that there is potential for additional limitations through national and local government orders aimed to safeguard the public from the pandemic. That said, we will continue to focus on managing cash, controlling costs and adjusting our production as needed to appropriately manage our inventory in this volatile environment. We remain committed to our strategy and continue allocating resources to enhance our position as a global, premium countertop expert with a leading and valued customer-focused brand.”

Second Quarter 2020 Results

Revenue in the second quarter of 2020 was $99.0 million compared to $141.1 million in the prior year quarter. On a constant currency basis, second quarter revenue was lower by 28.3% year-over-year, driven by extended shelter-in-place guidelines, particularly during the first two months of the quarter with the biggest impact in the Americas region.

Gross margin in the second quarter was 20.4% compared to 28.2% in the prior year quarter. Adjusted gross margin in the second quarter was 20.5% compared to 27.3% in the prior year quarter. The lower adjusted gross margin primarily reflects lower sales volume and less favorable regional and product mix as well as currency exchange headwinds, partially offset by lower raw material prices.

Operating loss in the second quarter was $2.9 million compared to operating income of $10.6 million in the prior year quarter. The year-over-year difference mainly reflects lower gross margin.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $6.5 million in the second quarter, representing a margin of 6.6%. This compares to adjusted EBITDA of $19.2 million, representing a margin of 13.6%, in the prior year quarter.

Finance expense in the second quarter was $2.5 million compared to $1.8 million in the prior year quarter. The difference was primarily a result of the unfavorable impact of foreign currency exchange rates.

Net loss for the second quarter was $5.9 million compared to net income of $6.4 million in the prior year quarter. Loss per share for the second quarter was ($0.17) compared to diluted net income per share of $0.19 in the prior year quarter. Adjusted diluted net loss per share for the second quarter was ($0.10) on 34.5 million shares, compared to adjusted diluted net income per share of $0.23 on a similar share count in the prior year quarter.

Balance Sheet & Liquidity

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 June 30, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long term marketable securities of $130.1 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 second quarter of 2020, based on its reported net loss for the period.

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. 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 Second 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 13706779. The replay will be available beginning at 11:00 a.m. ET on Wednesday, August 5, 2020 and will last through 11:59 p.m. ET on Wednesday, August 12, 2020.

About Caesarstone

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing, and producing high-end engineered surfaces 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 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 (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 subsidiaries
Condensed consolidated balance sheets
 
As of
U.S. dollars in thousands June 30, 2020 December 31, 2019
(Unaudited) (Audited)
ASSETS
 
CURRENT ASSETS:
 
Cash and cash equivalents and short-term bank deposits

$

117,064

 

$

139,372

 

Short-term available for sale marketable securities

 

2,025

 

 

-

 

Trade receivables, net

 

67,007

 

 

78,282

 

Other accounts receivable and prepaid expenses

 

27,987

 

 

34,066

 

Inventories

 

133,611

 

 

122,686

 

 
Total current assets

 

347,694

 

 

374,406

 

 
LONG-TERM ASSETS:
 
Severance pay fund

 

3,510

 

 

3,475

 

Other long-term receivables

 

3,577

 

 

3,176

 

Deferred tax assets, net

 

8,513

 

 

7,881

 

Long-term deposits and prepaid expenses

 

4,260

 

 

2,887

 

Operating lease right-of-use assets

 

73,544

 

 

72,047

 

Long-term available for sale marketable securities

 

10,978

 

 

-

 

Property, plant and equipment, net

 

201,980

 

 

204,776

 

Goodwill

 

34,804

 

 

35,218

 

 
Total long-term assets

 

341,166

 

 

329,460

 

 
Total assets

$

688,860

 

$

703,866

 

 
LIABILITIES AND EQUITY
 
CURRENT LIABILITIES:
 
Trade payables

 

37,274

 

 

53,072

 

Related party and other loan

 

2,076

 

 

2,212

 

Short term legal settlements and loss contingencies

 

23,377

 

 

28,300

 

Accrued expenses and other liabilities

 

44,414

 

 

42,782

 

 
Total current liabilities

 

107,141

 

 

126,366

 

 
LONG-TERM LIABILITIES:
 
Long-term loan and financing liability of land from a related party

 

7,044

 

 

7,915

 

Legal settlements and loss contingencies long-term

 

27,891

 

 

21,505

 

Long-term lease liabilities

 

65,264

 

 

64,638

 

Accrued severance pay

 

4,373

 

 

4,333

 

Long-term warranty provision

 

1,372

 

 

1,385

 

 
Total long-term liabilities

 

105,944

 

 

99,776

 

 
 
EQUITY:
 
Ordinary shares

 

371

 

 

371

 

Treasury shares - at cost

 

(39,430

)

 

(39,430

)

Additional paid-in capital

 

158,932

 

 

157,225

 

Capital fund related to non-controlling interest

 

(5,587

)

 

(5,587

)

Accumulated other comprehensive loss

 

(3,740

)

 

(3,288

)

Retained earnings

 

365,229

 

 

368,433

 

 
Total equity

 

475,775

 

 

477,724

 

 
Total liabilities and equity

$

688,860

 

$

703,866

 

Caesarstone Ltd. and its subsidiaries
Condensed consolidated statements of income (loss)

Three months ended
June 30,

 

Six months ended
June 30,

U.S. dollars in thousands (except per share data)

2020

 

2019

 

2020

 

2019

(Unaudited)

 

(Unaudited)

 
Revenues

$

99,037

 

$

141,071

$

225,594

 

$

269,268

Cost of revenues

 

78,865

 

 

101,308

 

169,021

 

 

198,236

 
Gross profit

 

20,172

 

 

39,763

 

56,573

 

 

71,032

 
Operating expenses:
Research and development

 

763

 

 

1,280

 

1,543

 

 

2,222

Marketing and selling

 

11,435

 

 

15,579

 

30,064

 

 

32,653

General and administrative

 

9,241

 

 

10,572

 

21,108

 

 

21,605

Legal settlements and loss contingencies, net

 

1,637

 

 

1,729

 

4,475

 

 

3,305

 
Total operating expenses

 

23,076

 

 

29,160

 

57,190

 

 

59,785

 
Operating income (loss)

 

(2,904

)

 

10,603

 

(617

)

 

11,247

Finance expenses, net

 

2,507

 

 

1,825

 

1,638

 

 

2,147

 
Income (loss) before taxes

 

(5,411

)

 

8,778

 

(2,255

)

 

9,100

Taxes on income (loss)

 

471

 

 

2,364

 

949

 

 

3,091

 
Net income (loss)

$

(5,882

)

$

6,414

$

(3,204

)

$

6,009

 
Basic net income (loss) per ordinary share

$

(0.17

)

$

0.19

$

(0.09

)

$

0.17

Diluted net income (loss) per ordinary share

$

(0.17

)

$

0.19

$

(0.09

)

$

0.17

Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share

 

34,412,369

 

 

34,380,799

 

34,406,107

 

 

34,373,848

Weighted average number of ordinary shares used in computing diluted income (loss) per ordinary share

 

34,412,369

 

 

34,425,797

 

34,406,107

 

 

34,427,899

Caesarstone Ltd. and its subsidiaries

Selected Condensed consolidated statements of cash flows

Six months ended June 30,

U.S. dollars in thousands

2020

 

2019

(Unaudited)

Cash flows from operating activities:
 
Net income (loss)

$

(3,204

)

$

6,009

 

Adjustments required to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

 

14,102

 

 

14,862

 

Share-based compensation expense

 

1,707

 

 

1,884

 

Accrued severance pay, net

 

7

 

 

(8

)

Changes in deferred tax, net

 

(640

)

 

(1,242

)

Capital loss

 

22

 

 

338

 

Legal settlements and loss contingencies, net

 

4,475

 

 

3,305

 

Decrease (increase) in trade receivables

 

9,942

 

 

(10,479

)

Decrease (increase) in other accounts receivable and prepaid expenses

 

3,172

 

 

(4,726

)

Decrease (increase) in inventories

 

(12,621

)

 

21,571

 

Decrease in trade payables

 

(16,117

)

 

(9,800

)

Decrease in warranty provision

 

(98

)

 

(82

)

Changes in right of use assets

 

(1,347

)

 

(74,159

)

Changes in lease liabilities

 

1,554

 

 

76,385

 

Amortization of premium and accretion of discount on marketable securities, net

 

6

 

 

-

 

Changes in Accrued interest related to Marketable Securities

 

(8

)

 

-

 

Increase in accrued expenses and other liabilities including related party

 

4,173

 

 

2,088

 

 
Net cash provided by operating activities

 

5,125

 

 

25,946

 

 
 
Cash flows from investing activities:
 
Purchase of property, plant and equipment

 

(12,459

)

 

(11,955

)

Proceeds from sale of property, plant and equipment

 

6

 

 

54

 

Investment in marketable securities

 

(13,002

)

 

-

 

Increase in long term deposits

 

(711

)

 

(192

)

 
Net cash used in investing activities

 

(26,166

)

 

(12,093

)

 
 
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

 

(610

)

 

(588

)

 
Net cash used in financing activities

 

(1,069

)

 

(8,359

)

 
 
Effect of exchange rate differences on cash and cash equivalents

 

(198

)

 

304

 

 
Decrease in cash and cash equivalents and short-term bank deposits

 

(22,308

)

 

5,798

 

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

$

117,064

 

$

99,360

 

 
Non - cash investing:
Changes in trade payables balances related to purchase of fixed assets

 

(954

)

 

(2,500

)

Caesarstone Ltd. and its subsidiaries
         
 

Three months ended
June 30,

 

Six months ended
June 30,

U.S. dollars in thousands  

2020

 

2019

 

2020

 

2019

 

(Unaudited)

 

(Unaudited)

Reconciliation of Gross profit to Adjusted Gross profit:        
Gross profit  

$

20,172

 

 

$

39,763

 

 

$

56,573

 

 

$

71,032

 

Share-based compensation expense (a)  

 

122

 

 

 

63

 

 

 

253

 

 

 

139

 

Non-recurring import related income  

 

-

 

 

 

(2,611

)

 

 

-

 

 

 

(1,501

)

Other non-recurring items (b)  

 

-

 

 

 

1,367

 

 

$

-

 

 

 

1,367

 

Adjusted Gross profit (Non-GAAP)  

$

20,294

 

 

$

38,582

 

 

$

56,826

 

 

$

71,037

 

(a)

 

Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.

(b)

 

Relates mainly to one time amortization of machinery equipment with no future alternative use.

Caesarstone Ltd. and its subsidiaries
 

Three months ended
June 30,

 

Six months ended
June 30,

U.S. dollars in thousands

2020

 

2019

 

2020

 

2019

(Unaudited)

 

(Unaudited)

Reconciliation of Net Income (loss) to Adjusted EBITDA:
Net income (loss)

$

(5,882

)

$

6,414

 

$

(3,204

)

$

6,009

 

Finance expenses, net

 

2,507

 

 

1,825

 

 

1,638

 

 

2,147

 

Taxes on income

 

471

 

 

2,364

 

 

949

 

 

3,091

 

Depreciation and amortization

 

6,987

 

 

8,099

 

 

14,102

 

 

14,862

 

Legal settlements and loss contingencies, net (a)

 

1,637

 

 

1,729

 

 

4,475

 

 

3,305

 

Share-based compensation expense (b)

 

801

 

 

832

 

 

1,707

 

 

1,884

 

Non-recurring import related expense (income)

 

-

 

 

(2,611

)

 

-

 

 

(1,501

)

Other non-recurring items (c)

 

-

 

 

504

 

 

-

 

 

993

 

 
Adjusted EBITDA (Non-GAAP)

$

6,521

 

$

19,156

 

$

19,667

 

$

30,790

 

(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 and six months ended June 30, 2019 relates to non-recurring expenses related to North American region establishment and one time charge related to reduction in headcount.

Caesarstone Ltd. and its subsidiaries
 

Three months ended
June 30,

 

Six months ended
June 30,

U.S. dollars in thousands (except per share data)

2020

 

2019

 

2020

 

2019

(Unaudited)

 

(Unaudited)

Reconciliation of net income (loss) to adjusted net income:
Net income (loss)

$

(5,882

)

$

6,414

 

$

(3,204

)

$

6,009

 

Legal settlements and loss contingencies, net (a)

 

1,637

 

 

1,729

 

 

4,475

 

 

3,305

 

Share-based compensation expense (b)

 

801

 

 

832

 

 

1,707

 

 

1,884

 

Non cash revaluation of lease liabilities (c)

 

1,256

 

 

799

 

 

(215

)

 

2,226

 

Non-recurring import related income (d)

 

-

 

 

(2,611

)

 

-

 

 

(1,501

)

Other non-recurring items (e)

 

-

 

 

1,704

 

 

-

 

 

2,193

 

Total adjustments

 

3,694

 

 

2,453

 

 

5,967

 

 

8,107

 

Less tax on non-tax adjustments (f)

 

1,310

 

 

871

 

 

2,116

 

 

2,875

 

Total adjustments after tax

 

2,384

 

 

1,582

 

 

3,851

 

 

5,232

 

 
Adjusted net income (loss) (Non-GAAP)

$

(3,498

)

$

7,996

 

$

647

 

$

11,241

 

Adjusted diluted EPS (g)

$

(0.10

)

$

0.23

 

$

0.02

 

$

0.33

 

(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 and six months ended June 30, 2019 relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.

(e)

 

Three and six months ended June 30, 2019 relates to non-recurring expenses related to North American region establishment and one time charge related to reduction in headcount.

(f)

 

Tax adjustments for the three and six months ended June 30, 2020, based on the effective tax rates of the comparative periods.

(g)

 

In calculating adjusted diluted (Non-GAAP) EPS for the six month ended June 30, 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 ended
June 30,

 

Six months ended
June 30,

U.S. dollars in thousands

2020

 

2019

 

2020

 

2019

(Unaudited)

 

(Unaudited)

 
USA

$

41,726

$

64,590

$

101,781

$

121,007

Canada

 

14,435

 

23,342

 

32,993

 

43,520

Latin America

 

132

 

1,351

 

638

 

1,947

America's

 

56,293

 

89,283

 

135,412

 

166,474

 
Australia

 

23,534

 

28,292

 

45,888

 

53,506

Asia

 

1,732

 

3,311

 

4,563

 

7,907

APAC

 

25,266

 

31,603

 

50,451

 

61,413

 
EMEA

 

8,031

 

11,419

 

19,371

 

21,874

 
Israel

 

9,447

 

8,766

 

20,360

 

19,507

 
Total Revenues

$

99,037

$

141,071

$

225,594

$

269,268

Caesarstone Ltd. and its subsidiaries

Geographic breakdown of revenues by region - Supplemental data

                 
  Three months ended
U.S. dollars in thousands   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  

$ 41,726

 

$ 60,055

 

$ 64,659

 

$ 64,805

 

$ 64,590

 

$ 56,417

 

$ 60,200

 

$ 61,933

 

$ 60,358

Canada  

14,435

 

18,558

 

20,575

 

21,881

 

23,341

 

20,178

 

23,834

 

25,140

 

27,349

Latin America  

132

 

506

 

735

 

1,434

 

1,351

 

596

 

1,212

 

1,635

 

1,738

America's  

56,293

 

79,119

 

85,969

 

88,120

 

89,282

 

77,191

 

85,246

 

88,708

 

89,445

                 
Australia  

23,534

 

22,354

 

26,000

 

28,642

 

28,294

 

25,214

 

33,484

 

33,968

 

34,731

Asia  

1,732

 

2,831

 

3,932

 

3,675

 

3,311

 

4,596

 

4,929

 

4,189

 

4,221

APAC  

25,266

 

25,185

 

29,932

 

32,317

 

31,605

 

29,810

 

38,413

 

38,157

 

38,952

                 
EMEA  

8,031

 

11,340

 

9,464

 

11,719

 

11,418

 

10,455

 

9,954

 

11,115

 

11,721

                 
Israel  

9,447

 

10,913

 

8,502

 

10,683

 

8,766

 

10,741

 

9,268

 

9,709

 

9,125

                 
Total Revenues  

$ 99,037

 

$ 126,557

 

$ 133,867

 

$ 142,839

 

$ 141,071

 

$ 128,197

 

$ 142,881

 

$ 147,689

 

$ 149,243

                 
                 
  Year-over-year % change        
  6/30/2020   3/31/2020   12/31/2019   9/30/2019   6/30/2019        
  (Unaudited)        
                 
USA  

-35.4%

 

6.4%

 

7.4%

 

4.6%

 

7.0%

       
Canada  

-38.2%

 

-8.0%

 

-13.7%

 

-13.0%

 

-14.7%

       
Latin America  

-90.2%

 

-15.1%

 

-39.4%

 

-12.3%

 

-22.3%

       
Americas  

-36.9%

 

2.5%

 

0.8%

 

-0.7%

 

-0.2%

       
                 
Australia  

-16.8%

 

-11.3%

 

-22.3%

 

-15.7%

 

-18.5%

       
Asia  

-47.7%

 

-38.4%

 

-20.2%

 

-12.3%

 

-21.5%

       
APAC  

-20.1%

 

-15.5%

 

-22.1%

 

-15.3%

 

-18.9%

       
                 
EMEA  

-29.7%

 

8.5%

 

-4.9%

 

5.4%

 

-2.6%

       
                 
Israel  

7.8%

 

1.6%

 

-8.3%

 

10.0%

 

-3.9%

       
                 
Total Revenues  

-29.8%

 

-1.3%

 

-6.3%

 

-3.3%

 

-5.5%

       
                 
  Year-over-year % change in constant currency (*)        
  6/30/2020   3/31/2020   12/31/2019   9/30/2019   6/30/2019        
  (Unaudited)        
                 
USA  

-35.4%

 

6.4%

 

7.4%

 

4.6%

 

7.0%

       
Canada  

-36.0%

 

-7.1%

 

-13.6%

 

-12.1%

 

-11.6%

       
Latin America  

-90.2%

 

-15.2%

 

-39.4%

 

-12.3%

 

-22.3%

       
Americas  

-36.4%

 

2.7%

 

0.9%

 

-0.4%

 

0.7%

       
                 
Australia  

-11.5%

 

-3.3%

 

-18.2%

 

-10.0%

 

-12.0%

       
Asia  

-45.9%

 

-37.1%

 

-14.7%

 

-8.8%

 

-18.6%

       
APAC  

-15.1%

 

-8.5%

 

-17.8%

 

-9.9%

 

-12.7%

       
                 
EMEA  

-26.9%

 

11.4%

 

-4.4%

 

10.9%

 

2.8%

       
                 
Israel  

4.5%

 

-1.5%

 

-14.0%

 

7.8%

 

-3.5%

       
                 
Total Revenues  

-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 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.

Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1 646 277-1237

Source: Caesarstone Ltd.

Categories: Press Releases
View all news