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Caesarstone Reports Third Quarter 2020 Financial Results

November, 04, 2020

- Revenue of $123.9 Million -

- Net Income of $12.8 Million, or $0.37 Per Share -

- Adjusted Net Income of $14.1 Million, or $0.41 Per Share -

- Adjusted EBITDA of $23.7 Million -

- Global Growth Acceleration Plan Drove Higher Adjusted EBITDA and Margin -

- Generated Cash Flow From Operations of $28.2 Million, Enhancing Cash Position (*) to $155.7 Million -

- Completed Majority Stake Acquisition of Lioli Ceramica in October, Establishing Position as Leading Premium, Multi-Material Countertop Company -

- Declares Dividend of $0.14 per share -

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 third quarter ended September 30, 2020.

“I am encouraged by the ongoing disciplined execution of our Global Growth Acceleration Plan to improve our business over the long-term,” commented Yuval Dagim, Chief Executive Officer. “The benefits of our team’s collective efforts are emerging, with visible progress in our third quarter results, as we realized our highest adjusted EBITDA and margin in over two years. In addition, we are encouraged with the improvement in year-over-year sales trends compared to the second quarter 2020. Most importantly, we delivered this performance while maintaining the health and safety of our employees, customers and partners across the globe.”

Mr. Dagim continued, “We have also kept a sharp focus on executing strategic investments to further solidify our position as a leading premium, multi-material countertop Company. Our recent majority stake acquisition of Lioli Ceramica is directly aligned with this strategy that leverages our brand, distribution, sales and global scale to efficiently enlarge our addressable market. As we integrate Lioli and make additional progress on other initiatives, we remain confident in the prospects for our business as the recovery continues.”

Ophir Yakovian, Chief Financial Officer, added, “Our diligent efforts to improve our operations allowed us to generate further cost savings and create additional efficiencies to mitigate the COVID-19 pandemic related business disruptions, primarily in our Americas region. We are extremely pleased with our ability to improve our results while carefully managing our working capital to produce strong cash flow from operations of $28.2 million during the third quarter. Looking at the remainder of the year, our significant cash position (*) in excess of $155 million provides us with the capacity to continue to accelerate initiatives to transform our business.”

(*) 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.

Third Quarter 2020 Results

Revenue in the third quarter of 2020 was $123.9 million compared to $142.8 million in the prior year quarter. On a constant currency basis, third quarter revenue was lower by 14.4% year-over-year, driven primarily by COVID-19 pandemic related business disruptions, particularly in the Americas region.

Gross margin in the third quarter was 31.4% compared to 29.8% in the prior year quarter. Adjusted gross margin in the second quarter was 31.4% compared to 29.9% in the prior year quarter. The year-over-year improvement in gross margin mainly reflects improved product mix, lower raw material costs and improved efficiency partly offset by the impact of lower sales volume, lower sale prices and less favorable regional mix.

Operating expenses in the third quarter were $23.8 million, or 19.2% of revenue, compared to $29.7 million, or 20.8% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses improved to 18.8% of revenue, compared to 19.5% in the prior year quarter mainly due to lower marketing and sales expenses combined with lower general and administrative expenses.

Operating income in the third quarter was $15.0 million compared to operating income of $12.9 million in the prior year quarter. The year-over-year difference mainly reflects higher gross margin and lower operating expenses.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $23.7 million in the third quarter, representing a margin of 19.1%. This compares to adjusted EBITDA of $22.5 million, representing a margin of 15.8%, in the prior year quarter. The year-over-year margin improvement primarily reflects higher gross margin and lower operating expenses as a percentage of revenue.

Finance (income) expenses in the third quarter was $0.1 million income compared to finance expenses of $4.1 million in the prior year quarter. The difference was mainly a result of the favorable impact of foreign currency exchange rates.

Net income for the third quarter was $12.8 million compared to net income of $7.1 million in the prior year quarter. Diluted net income per share for the third quarter was $0.37 compared to diluted net income per share of $0.21 in the prior year quarter. Adjusted diluted net income per share for the third quarter was $0.41 on 34.5 million shares, compared to adjusted diluted net income per share of $0.29 on 34.6 million shares in the prior year quarter.

Balance Sheet & Liquidity

The Company's balance sheet as of September 30, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of $155.7 million with no debt from financial institutions. The Company believes it has a strong financial position and the flexibility required to support its global operations and strategic plan.

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.

In accordance with the Company’s dividend policy, the board of directors declared a cash dividend of $0.14 per share for the third quarter and the nine months ended September 30, 2020. The dividend will be paid on December 9, 2020 to shareholders of record as of November 18, 2020. The dividend payment is subject to withholding tax of 20%.

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 Third 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 13711696. The replay will be available beginning at 11:30 a.m. ET on Wednesday, November 4, 2020 and will last through 11:59 p.m. ET on Wednesday, November 11, 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 September 30, 2020 December 31, 2019
(Unaudited) (Audited)
ASSETS
 
CURRENT ASSETS:
 
Cash and cash equivalents and short-term bank deposits

$

135,975

 

$

139,372

 

Short-term available for sale marketable securities

 

10,325

 

 

-

 

Trade receivables, net

 

68,671

 

 

78,282

 

Other accounts receivable and prepaid expenses

 

27,374

 

 

34,066

 

Inventories

 

127,487

 

 

122,686

 

 
Total current assets

 

369,832

 

 

374,406

 

 
LONG-TERM ASSETS:
 
Severance pay fund

 

3,639

 

 

3,475

 

Other long-term receivables

 

3,398

 

 

3,176

 

Deferred tax assets, net

 

7,929

 

 

7,881

 

Long-term deposits and prepaid expenses

 

4,115

 

 

2,887

 

Operating lease right-of-use assets

 

78,287

 

 

72,047

 

Long-term available for sale marketable securities

 

9,432

 

 

-

 

Property, plant and equipment, net

 

198,610

 

 

204,776

 

Goodwill

 

35,425

 

 

35,218

 

 
Total long-term assets

 

340,835

 

 

329,460

 

 
Total assets

$

710,667

 

$

703,866

 

 
LIABILITIES AND EQUITY
 
CURRENT LIABILITIES:
 
Trade payables

 

39,951

 

 

53,072

 

Related party and other loan

 

2,210

 

 

2,212

 

Short term legal settlements and loss contingencies

 

23,276

 

 

28,300

 

Accrued expenses and other liabilities

 

44,848

 

 

42,782

 

 
Total current liabilities

 

110,285

 

 

126,366

 

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

 

6,914

 

 

7,915

 

Legal settlements and loss contingencies long-term

 

27,661

 

 

21,505

 

Long-term lease liabilities

 

69,385

 

 

64,638

 

Accrued severance pay

 

4,513

 

 

4,333

 

Long-term warranty provision

 

1,267

 

 

1,385

 

 
Total long-term liabilities

 

109,740

 

 

99,776

 

 
 
EQUITY:
 
Ordinary shares

 

371

 

 

371

 

Treasury shares - at cost

 

(39,430

)

 

(39,430

)

Additional paid-in capital

 

159,561

 

 

157,225

 

Capital fund related to non-controlling interest

 

(5,587

)

 

(5,587

)

Accumulated other comprehensive loss

 

(2,309

)

 

(3,288

)

Retained earnings

 

378,036

 

 

368,433

 

 
Total equity

 

490,642

 

 

477,724

 

 
Total liabilities and equity

$

710,667

 

$

703,866

 

 

Caesarstone Ltd. and its subsidiaries

Condensed consolidated statements of income

Three months ended
September 30,
Nine months ended
September 30,
U.S. dollars in thousands (except per share data)

 

2020

 

 

2019

 

2020

 

2019

(Unaudited) (Unaudited)
 
Revenues

$

123,922

 

$

142,839

$

349,516

$

412,107

Cost of revenues

 

85,068

 

 

100,215

 

254,089

 

298,451

 
Gross profit

 

38,854

 

 

42,624

 

95,427

 

113,656

 
Operating expenses:
Research and development

 

930

 

 

962

 

2,473

 

3,184

Marketing and selling

 

14,231

 

 

17,419

 

44,295

 

50,072

General and administrative

 

8,194

 

 

9,451

 

29,302

 

31,056

Legal settlements and loss contingencies, net

 

452

 

 

1,853

 

4,927

 

5,158

 
Total operating expenses

 

23,807

 

 

29,685

 

80,997

 

89,470

 
Operating income

 

15,047

 

 

12,939

 

14,430

 

24,186

Finance (income) expenses, net

 

(52

)

 

4,053

 

1,586

 

6,200

 
Income before taxes

 

15,099

 

 

8,886

 

12,844

 

17,986

Taxes on income

 

2,292

 

 

1,758

 

3,241

 

4,849

 
Net income

$

12,807

 

$

7,128

$

9,603

$

13,137

 
Basic net income per ordinary share

$

0.37

 

$

0.21

$

0.28

$

0.38

Diluted net income per ordinary share

$

0.37

 

$

0.21

$

0.28

$

0.38

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

 

34,422,128

 

 

34,390,244

 

34,411,480

 

34,379,402

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

 

34,453,647

 

 

34,442,592

 

34,455,129

 

34,438,797

Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows
 
Nine months ended
September 30,
U.S. dollars in thousands

 

2020

 

 

2019

 

(Unaudited)
Cash flows from operating activities:
 
Net income

$

9,603

 

$

13,137

 

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

 

21,160

 

 

21,617

 

Share-based compensation expense

 

2,335

 

 

2,852

 

Accrued severance pay, net

 

16

 

 

(78

)

Changes in deferred tax, net

 

(46

)

 

(1,359

)

Capital loss

 

342

 

 

342

 

Legal settlements and loss contingencies, net

 

4,927

 

 

5,158

 

Compensation paid by a shareholder

 

-

 

Foreign currency translation gains

 

-

 

Decrease (increase) in trade receivables

 

9,155

 

 

(14,930

)

Decrease (increase) in other accounts receivable and prepaid expenses

 

3,740

 

 

(7,787

)

Decrease (increase) in inventories

 

(4,375

)

 

33,466

 

Decrease in trade payables

 

(15,263

)

 

(9,292

)

Increase (decrease) in warranty provision

 

(342

)

 

97

 

Changes in right of use assets

 

(5,245

)

 

(73,969

)

Changes in lease liabilities

 

5,761

 

 

77,318

 

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

 

69

 

 

-

 

Changes in Accrued interest related to Marketable Securities

 

(87

)

 

-

 

Increase in accrued expenses and other liabilities including related party

 

1,535

 

 

1,202

 

 
Net cash provided by operating activities

 

33,285

 

 

47,774

 

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

 

(15,544

)

 

(15,770

)

Proceeds from sale of property, plant and equipment

 

7

 

 

52

 

Investment in marketable securities

 

(19,728

)

 

-

 

Increase in long term deposits

 

(407

)

 

(200

)

 
Net cash used in investing activities

 

(35,672

)

 

(15,918

)

 
 
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

 

(924

)

 

(891

)

 
Net cash used in financing activities

 

(1,383

)

 

(8,662

)

 
 
Effect of exchange rate differences on cash and cash equivalents

 

373

 

 

80

 

 
Increase (decrease) in cash and cash equivalents and short-term bank deposits

 

(3,397

)

 

23,274

 

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

$

135,975

 

$

116,836

 

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

 

(438

)

 

(2,463

)

Caesarstone Ltd. and its subsidiaries
 
Three months ended
September 30,
Nine months ended
September 30,
U.S. dollars in thousands

 

2020

 

2019

 

2020

 

2019

 

(Unaudited) (Unaudited)
Reconciliation of Gross profit to Adjusted Gross profit:
Gross profit

$

38,854

$

42,624

$

95,427

$

113,656

 

Share-based compensation expense (a)

 

100

 

136

 

353

 

274

 

Non-recurring import related income

 

-

 

-

 

-

 

(1,501

)

Other non-recurring items (b)

 

-

 

-

 

-

 

1,367

 

Adjusted Gross profit (Non-GAAP)

$

38,954

$

42,760

$

95,780

$

113,796

 

(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
September 30,
Nine months ended
September 30,
U.S. dollars in thousands

 

2020

 

 

2019

 

2020

 

2019

 

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

$

12,807

 

$

7,128

$

9,603

$

13,137

 

Finance (income) expenses, net

 

(52

)

 

4,053

 

1,586

 

6,200

 

Taxes on income

 

2,292

 

 

1,758

 

3,241

 

4,849

 

Depreciation and amortization

 

7,058

 

 

6,755

 

21,160

 

21,617

 

Legal settlements and loss contingencies, net (a)

 

452

 

 

1,853

 

4,927

 

5,158

 

Share-based compensation expense (b)

 

628

 

 

968

 

2,335

 

2,852

 

Non-recurring import related income

 

-

 

 

-

 

-

 

(1,501

)

Acquisition and integration related expenses

 

477

 

 

-

 

477

 

-

 

Other non-recurring items (c)

 

-

 

 

-

 

-

 

993

 

 
Adjusted EBITDA (Non-GAAP)

$

23,662

 

$

22,515

$

43,329

$

53,305

 

(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) Nine months ended September 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
September 30,
Nine months ended
September 30,
U.S. dollars in thousands (except per share data)

 

2020

 

2019

 

2020

 

2019

 

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

$

12,807

$

7,128

$

9,603

$

13,137

 

Legal settlements and loss contingencies, net (a)

 

452

 

1,853

 

4,927

 

5,158

 

Share-based compensation expense (b)

 

628

 

968

 

2,335

 

2,852

 

Non cash revaluation of lease liabilities (c)

 

227

 

1,123

 

12

 

3,349

 

Non-recurring import related income (d)

 

-

 

-

 

-

 

(1,501

)

M&A related expenses

 

477

 

-

 

477

 

-

 

Other non-recurring items (e)

 

-

 

-

 

-

 

2,193

 

Total adjustments

 

1,784

 

3,944

 

7,751

 

12,051

 

Less tax on non-tax adjustments (f)

 

481

 

1,063

 

2,090

 

3,249

 

Total adjustments after tax

 

1,303

 

2,881

 

5,661

 

8,802

 

 
Adjusted net income (Non-GAAP)

$

14,110

$

10,009

$

15,264

$

21,939

 

Adjusted diluted EPS (g)

$

0.41

$

0.29

$

0.44

$

0.64

 

(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) Nine months ended September 30, 2019 relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.
(e) Nine months ended September 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 nine months ended September 30, 2020, based on the effective tax rates of the comparative periods.
(g) In calculating adjusted diluted (Non-GAAP) EPS for the three and nine month ended September 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
September 30,
Nine months ended
September 30,
U.S. dollars in thousands

 

2020

 

2019

 

2020

 

2019

(Unaudited) (Unaudited)
 
USA

$

52,097

$

64,805

$

153,878

$

185,812

Canada

 

19,174

 

21,884

 

52,167

 

65,404

Latin America

 

124

 

1,433

 

762

 

3,380

America's

 

71,395

 

88,122

 

206,807

 

254,596

 
Australia

 

27,746

 

28,641

 

73,634

 

82,147

Asia

 

2,881

 

3,676

 

7,444

 

11,583

APAC

 

30,627

 

32,317

 

81,078

 

93,730

 
EMEA

 

11,422

 

11,717

 

30,793

 

33,591

 
Israel

 

10,478

 

10,683

 

30,838

 

30,190

 
Total Revenues

$

123,922

$

142,839

$

349,516

$

412,107

Caesarstone Ltd. and its subsidiaries
Geographic breakdown of revenues by region - Supplemental data
 
Three months ended
U.S. dollars in thousands 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

$

52,097

 

$

41,726

 

$

60,055

 

$

64,659

 

$

64,805

 

$

64,590

$

56,417

$

60,200

$

61,933

$

60,358

Canada

 

19,174

 

 

14,435

 

 

18,558

 

 

20,575

 

 

21,881

 

 

23,341

 

20,178

 

23,834

 

25,140

 

27,349

Latin America

 

124

 

 

132

 

 

506

 

 

735

 

 

1,434

 

 

1,351

 

596

 

1,212

 

1,635

 

1,738

America's

 

71,395

 

 

56,293

 

 

79,119

 

 

85,969

 

 

88,120

 

 

89,282

 

77,191

 

85,246

 

88,708

 

89,445

 
Australia

 

27,746

 

 

23,534

 

 

22,354

 

 

26,000

 

 

28,642

 

 

28,294

 

25,214

 

33,484

 

33,968

 

34,731

Asia

 

2,881

 

 

1,732

 

 

2,831

 

 

3,932

 

 

3,675

 

 

3,311

 

4,596

 

4,929

 

4,189

 

4,221

APAC

 

30,627

 

 

25,266

 

 

25,185

 

 

29,932

 

 

32,317

 

 

31,605

 

29,810

 

38,413

 

38,157

 

38,952

 
EMEA

 

11,422

 

 

8,031

 

 

11,340

 

 

9,464

 

 

11,719

 

 

11,418

 

10,455

 

9,954

 

11,115

 

11,721

 
Israel

 

10,478

 

 

9,447

 

 

10,913

 

 

8,502

 

 

10,683

 

 

8,766

 

10,741

 

9,268

 

9,709

 

9,125

 
Total Revenues

$

123,922

 

$

99,037

 

$

126,557

 

$

133,867

 

$

142,839

 

$

141,071

$

128,197

$

142,881

$

147,689

$

149,243

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

 

-19.6

%

 

-35.4

%

 

6.4

%

 

7.4

%

 

4.6

%

Canada

 

-12.4

%

 

-38.2

%

 

-8.0

%

 

-13.7

%

 

-13.0

%

Latin America

 

-91.4

%

 

-90.2

%

 

-15.1

%

 

-39.4

%

 

-12.3

%

America's

 

-19.0

%

 

-36.9

%

 

2.5

%

 

0.8

%

 

-0.7

%

 
Australia

 

-3.1

%

 

-16.8

%

 

-11.3

%

 

-22.3

%

 

-15.7

%

Asia

 

-21.6

%

 

-47.7

%

 

-38.4

%

 

-20.2

%

 

-12.3

%

APAC

 

-5.2

%

 

-20.1

%

 

-15.5

%

 

-22.1

%

 

-15.3

%

 
EMEA

 

-2.5

%

 

-29.7

%

 

8.5

%

 

-4.9

%

 

5.4

%

 
Israel

 

-1.9

%

 

7.8

%

 

1.6

%

 

-8.3

%

 

10.0

%

 
Total Revenues

 

-13.2

%

 

-29.8

%

 

-1.3

%

 

-6.3

%

 

-3.3

%

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

 

-19.6

%

 

-35.4

%

 

6.4

%

 

7.4

%

 

4.6

%

Canada

 

-11.7

%

 

-36.0

%

 

-7.1

%

 

-13.6

%

 

-12.1

%

Latin America

 

-91.3

%

 

-90.2

%

 

-15.2

%

 

-39.4

%

 

-12.3

%

America's

 

-18.8

%

 

-36.4

%

 

2.7

%

 

0.9

%

 

-0.4

%

 
Australia

 

-7.1

%

 

-11.5

%

 

-3.3

%

 

-18.2

%

 

-10.0

%

Asia

 

-21.2

%

 

-45.9

%

 

-37.1

%

 

-14.7

%

 

-8.8

%

APAC

 

-8.7

%

 

-15.1

%

 

-8.5

%

 

-17.8

%

 

-9.9

%

 
EMEA

 

-5.9

%

 

-26.9

%

 

11.4

%

 

-4.4

%

 

10.9

%

 
Israel

 

-4.5

%

 

4.5

%

 

-1.5

%

 

-14.0

%

 

7.8

%

 
Total Revenues

 

-14.4

%

 

-28.3

%

 

0.5

%

 

-5.5

%

 

-1.5

%

(*) 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.

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