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Caesarstone Reports Third Quarter 2021 Financial Results

November, 03, 2021

– Record Third Quarter Revenue of $163.3 Million, Up 31.8% Over Prior Year Quarter –

– Net Income of $5.9 Million, or $0.17 Per Share –

– Adjusted Net Income of $6.8 Million, or $0.20 Per Share –

– Adjusted EBITDA of $17.7 Million –

– Strong Cash Position(*) of $91.5 Million at Quarter End –

– Declares Dividend of $0.10 per share –

Published Inaugural Global ESG Report in October –

– Reiterates Outlook for 2021 Revenue and Adjusted EBITDA Growth –

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, 2021.

Yuval Dagim, Caesarstone’s Chief Executive Officer commented, “I am encouraged to report third quarter results that were in-line with our expectations as we further executed towards the goals set out in our Global Growth Acceleration Plan. To that extent, we were very pleased to rollout our innovative digital CS Connect platform nationally across the U.S., which has received positive feedback and represents a critical milestone in our efforts to transform the way we communicate with our customers and consumers. Additionally, the integrations of our Omicron and Lioli acquisitions continue to drive positive momentum in our results, helping us to achieve record third quarter revenue of $163.3 million. We were also excited to publish our inaugural ESG report in October, which provides Caesarstone with a prudent framework to help create a more sustainable future for all. Overall, we are happy with the progress in our business as we continue to address the cost environment with additional announced price increases and execute on our previously communicated initiatives to drive long-term value for all of our stakeholders.”

(*) 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 2021 Results

Revenue in the third quarter of 2021 grew 31.8% to a third quarter record of $163.3 million compared to $123.9 million in the prior year quarter. On a constant currency basis, third quarter revenue was higher by 29.2% year-over-year. Sales growth was primarily driven by improved demand across the majority of our global footprint in addition to the contribution of our recent acquisitions.

Gross margin in the third quarter declined to 26.2% compared to 31.4% in the prior year quarter. Adjusted gross margin in the third quarter was 26.3% compared to 31.4% in the prior year quarter. The year-over-year difference in gross margin mainly reflects higher raw material prices, particularly polyester, and shipping price increases which were partially offset by favorable product mix, selling price increases and more favorable exchange rates.

Operating expenses in the third quarter were $33.9 million, or 20.7% of revenue, compared to $23.8 million, or 19.2% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses were 21.0% of revenue, compared to 18.8% in the prior year quarter, mainly due to a return to normalized levels of marketing and selling expenses and investments related to initiatives under the Company’s Global Growth Acceleration Plan.

Operating income was $8.9 million compared to operating income of $15.0 million in the prior year quarter. The year-over-year decline mainly reflects higher operating expenses.

Adjusted EBITDA, which excludes expenses for non-cash share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $17.7 million in the third quarter, representing a margin of 10.8%. This compares to adjusted EBITDA of $23.7 million, representing a margin of 19.1%, in the prior year quarter. The year-over-year margin decline primarily reflects the lower operating income.

Finance expense in the third quarter was $2.4 million compared to finance income of $0.1 million in the prior year quarter. The increase was mainly related to exchange rate fluctuations, higher credit card fees due to higher volume as well as interest related to bank loan.

Net Income attributable to controlling interest for the third quarter was $5.9 million compared to net income of $12.8 million in the prior year quarter. Net income per share for the third quarter was $0.17 compared to net income per share of $0.37 in the prior year quarter. Adjusted diluted net income per share for the third quarter was $0.20 on 34.6 million shares, compared to adjusted diluted net income per share of $0.41 in the prior year quarter on 34.5 million shares.

Balance Sheet & Liquidity

As of September 30, 2021, the Company’s balance sheet remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of $104.7 million and total debt to financial institutions of $13.2 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. In accordance with the Company’s dividend policy, the board of directors declared a cash dividend of $0.10 per share for the third quarter and the nine months ended September 30, 2021. The dividend will be paid on November 30, 2021 to shareholders of record as of November 17, 2021. The dividend payment is subject to withholding tax of 20%.

Outlook

Based on year-to-date progress, the Company reiterates its expectation for 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 higher raw material and shipping costs, coupled with a return to more normalized levels of sales and marketing expenses and other investments to support growth initiatives. The Company’s outlook includes the investment costs associated with its Global Growth Acceleration Plan.

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 13724274. The replay will be available beginning at 11:30 a.m. ET on Wednesday, November 3, 2021 and will last through 11:59 p.m. ET on Wednesday, November 10, 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" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as ”goals," “intend,” “seek,” “anticipate,” “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include statements regarding the Company’s sustainability goals and plans, intentions, expectations, assumptions, goals and beliefs regarding the Company’s business and sustainability vision. These forward-looking statements also may 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, and expectations of the results of the Company’s business optimization initiatives. 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; raw material shortages and prices and effects of challenges in global shipping; the ability of the company to realign aspects of its business based on the business optimization initiatives, the strength of the home renovation and construction sectors; intense competitive pressures; the extent of the Company’s ability to meet its ESG goals and targets, including the extent of the Company’s ability to maintain a healthy and safe environment for the Company’s employees; management of GHG and silica emissions; the degree of the Company’s ability to develop, produce and deliver high quality and safe products; the Company’s ability to effectively manage changes in its production and supply chain; the extent of the Company’s ability to build-out and expand into certain markets; the Company’s ability to effective manage its relationship with suppliers; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; efficiently manufacturing our products and managing 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; the 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, risks and uncertainties discussed under the sections "Risk Factors" and “Special Note Regarding Forward-Looking Statements and Risk Factor Summary” in our most recent annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2021, and in other documents filed by Caesarstone with the SEC, which are available free of charge at www.sec.gov. 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, 2021 December 31, 2020
(Unaudited) (Audited)
ASSETS
 
CURRENT ASSETS:
 
Cash and cash equivalents and short-term bank deposits

$

85,050

 

$

114,248

 

Short-term available for sale marketable securities

 

12,811

 

 

8,112

 

Trade receivables, net

 

84,639

 

 

84,822

 

Other accounts receivable and prepaid expenses

 

39,325

 

 

26,481

 

Inventories

 

175,400

 

 

152,073

 

 
Total current assets

 

397,225

 

 

385,736

 

 
LONG-TERM ASSETS:
 
Severance pay fund

 

4,060

 

 

4,007

 

Long-term deposits

 

3,852

 

 

3,837

 

Deferred tax assets, net

 

8,428

 

 

8,359

 

Other long-term receivables

 

428

 

 

1,675

 

Operating lease right-of-use assets

 

141,935

 

 

123,928

 

Long-term available for sale marketable securities

 

6,811

 

 

10,926

 

Property, plant and equipment, net

 

223,286

 

 

222,883

 

Goodwill and intangible assets, net

 

56,420

 

 

59,570

 

 
Total long-term assets

 

445,220

 

 

435,185

 

 
Total assets

$

842,445

 

$

820,921

 

 
LIABILITIES AND EQUITY
 
CURRENT LIABILITIES:
 
Short-term bank credit

$

13,197

 

$

13,122

 

Trade payables

 

68,360

 

 

55,063

 

Related parties and other loans

 

2,255

 

 

2,221

 

Short term legal settlements and loss contingencies

 

21,003

 

 

31,039

 

Accrued expenses and other liabilities

 

57,939

 

 

55,570

 

 
Total current liabilities

 

162,754

 

 

157,015

 

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

 

6,341

 

 

20,706

 

Legal settlements and loss contingencies long-term

 

23,122

 

 

21,910

 

Deferred tax liabilities, net

 

5,752

 

 

6,943

 

Long-term lease liabilities

 

129,788

 

 

112,719

 

Accrued severance pay

 

5,418

 

 

5,303

 

Long-term warranty provision

 

1,266

 

 

1,274

 

 
Total long-term liabilities

 

171,687

 

 

168,855

 

 
REDEEMABLE NON-CONTROLLING INTEREST

 

7,106

 

 

7,701

 

 
EQUITY:
 
Ordinary shares

 

371

 

 

371

 

Treasury shares - at cost

 

(39,430

)

 

(39,430

)

Additional paid-in capital

 

161,471

 

 

160,083

 

Capital fund related to non-controlling interest

 

(5,587

)

 

(5,587

)

Accumulated other comprehensive loss

 

(1,046

)

 

1,083

 

Retained earnings

 

385,119

 

 

370,830

 

 
Total equity

 

500,898

 

 

487,350

 

 
Total liabilities and equity

$

842,445

 

$

820,921

 

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)

2021

2020

2021

2020

(Unaudited) (Unaudited)
 
Revenues

$

163,341

 

$

123,922

 

$

472,835

$

349,516

Cost of revenues

 

120,607

 

 

85,068

 

 

341,015

 

254,089

 
Gross profit

 

42,734

 

 

38,854

 

 

131,820

 

95,427

 
Operating expenses:
Research and development

 

820

 

 

930

 

 

3,039

 

2,473

Marketing and selling

 

21,261

 

 

14,231

 

 

63,131

 

44,295

General and administrative

 

12,162

 

 

8,194

 

 

37,099

 

29,302

Legal settlements and loss contingencies, net

 

(385

)

 

452

 

 

4,464

 

4,927

 
Total operating expenses

 

33,858

 

 

23,807

 

 

107,733

 

80,997

 
Operating income

 

8,876

 

 

15,047

 

 

24,087

 

14,430

Finance expenses (income), net

 

2,403

 

 

(52

)

 

165

 

1,586

 
Income before taxes

 

6,473

 

 

15,099

 

 

23,922

 

12,844

Taxes on income

 

603

 

 

2,292

 

 

2,730

 

3,241

 
Net income

$

5,870

 

$

12,807

 

$

21,192

$

9,603

 
Net loss attributable to non-controlling interest

 

78

 

 

-

 

 

651

 

-

 
Net income attributable to controlling interest

$

5,948

 

$

12,807

 

$

21,843

$

9,603

Basic net income per ordinary share (*)

$

0.17

 

$

0.37

 

$

0.62

$

0.28

Diluted net income per ordinary share (*)

$

0.17

 

$

0.37

 

$

0.62

$

0.28

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

 

34,463,460

 

 

34,422,128

 

 

34,472,016

 

34,411,480

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

 

34,529,130

 

 

34,453,647

 

 

34,558,509

 

34,455,129

 
(*) The numerator for the calculation of net income per share for the three and nine months ended September 30, 2021 has been decreased by approximately $0.1 and $0.3 million, respectively, to reflect the adjustment to redemption value associated with the redeemable non-controlling interest.
Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows
 
Nine months ended
September 30,
U.S. dollars in thousands

2021

2020

(Unaudited)  
Cash flows from operating activities:  
   
Net income

$

21,192

 

$

9,603

 

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

 

26,491

 

 

21,160

 

Share-based compensation expense

 

1,387

 

 

2,335

 

Accrued severance pay, net

 

70

 

 

16

 

Changes in deferred tax, net

 

(1,587

)

 

(46

)

Capital (gain) loss

 

(3

)

 

342

 

Legal settlements and loss contingencies, net

 

4,464

 

 

4,927

 

Decrease (increase) in trade receivables

 

(1,139

)

 

9,155

 

Decrease (increase) in other accounts receivable and prepaid expenses

 

(12,349

)

 

3,740

 

Increase in inventories

 

(24,880

)

 

(4,375

)

Increase (decrease) in trade payables

 

13,843

 

 

(15,263

)

Increase (decrease) in warranty provision

 

8

 

 

(342

)

Changes in right of use assets

 

(18,863

)

 

(5,245

)

Changes in lease liabilities

 

19,128

 

 

5,761

 

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

 

304

 

 

69

 

Changes in Accrued interest related to Marketable Securities

 

25

 

 

(87

)

Increase (decrease) in accrued expenses and other liabilities including related parties

 

(6,646

)

 

1,535

 

   
Net cash provided by operating activities

 

21,445

 

 

33,285

 

   
   
Cash flows from investing activities:  
   
Repayment of assumed shareholders loan related to acquisition

 

(1,966

)

 

-

 

Repayment of contingent consideration related to acquisition

 

(1,780

)

-

Purchase of property, plant and equipment

 

(26,024

)

 

(15,544

)

Proceeds from sale of property, plant and equipment

 

7

 

 

7

 

Investment in marketable securities, net

 

(927

)

 

(19,728

)

Increase in long term deposits

 

(150

)

 

(407

)

   
Net cash used in investing activities

 

(30,840

)

 

(35,672

)

   
   
Cash flows from financing activities:  
   
Dividend paid

 

(7,234

)

 

-

 

Changes in short-term bank credits and long-term loans

 

(11,096

)

 

(459

)

Repayment of a financing leaseback related to Bar-Lev transaction

 

(981

)

 

(924

)

   
Net cash used in financing activities

 

(19,311

)

 

(1,383

)

   
   
Effect of exchange rate differences on cash and cash equivalents

 

(492

)

 

373

 

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

 

(29,198

)

 

(3,397

)

Cash and cash equivalents and short-term bank deposits at beginning of the period

 

114,248

 

 

139,372

 

   
Cash and cash equivalents and short-term bank deposits at end of the period

$

85,050

 

$

135,975

 

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

 

(737

)

 

(438

)

Caesarstone Ltd. and its subsidiaries

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

2021

2020

2021

2020

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

$

42,734

$

38,854

$

131,820

$

95,427

Share-based compensation expense (a)

 

72

 

100

 

214

 

353

Amortization of assets related to acquisitions

 

79

 

-

 

773

 

-

Adjusted Gross profit (Non-GAAP)

$

42,885

$

38,954

$

132,807

$

95,780

 

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

Caesarstone Ltd. and its subsidiaries

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

2021

2020

2021

2020

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

$

5,870

 

$

12,807

 

$

21,192

$

9,603

Finance expenses (income), net

 

2,403

 

 

(52

)

 

165

 

1,586

Taxes on income

 

603

 

 

2,292

 

 

2,730

 

3,241

Depreciation and amortization related to acquisitions

 

8,802

 

 

7,058

 

 

26,491

 

21,160

Legal settlements and loss contingencies, net (a)

 

(385

)

 

452

 

 

4,464

 

4,927

Contingent consideration adjustment related to acquisition

 

-

 

 

-

 

 

284

 

-

Acquisition and integration related expenses

 

-

 

 

477

 

 

-

 

477

Share-based compensation expense (b)

 

391

 

 

628

 

 

1,387

 

2,335

 
Adjusted EBITDA (Non-GAAP)

$

17,684

 

$

23,662

 

$

56,713

$

43,329

 
 

(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.

Caesarstone Ltd. and its subsidiaries

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

2021

2020

2021

2020

(Unaudited) (Unaudited)
Reconciliation of net income attributable to controlling interest to adjusted net income attributable to controlling interest:
Net income attributable to controlling interest

$

5,948

 

$

12,807

$

21,843

 

$

9,603

Legal settlements and loss contingencies, net (a)

 

(385

)

 

452

 

4,464

 

 

4,927

Contingent consideration adjustment related to acquisition

 

-

 

 

-

 

284

 

 

-

Amortization of assets related to acquisitions, net of tax

 

502

 

 

-

 

1,889

 

 

-

M&A related expenses

 

-

 

 

477

 

-

 

 

477

Share-based compensation expense (b)

 

391

 

 

628

 

1,387

 

 

2,335

Non cash revaluation of lease liabilities (c)

 

430

 

 

227

 

(543

)

 

12

Total adjustments

 

938

 

 

1,784

 

7,481

 

 

7,751

Less tax on non-tax adjustments (d)

 

56

 

 

481

 

854

 

 

2,090

Total adjustments after tax

 

882

 

 

1,303

 

6,628

 

 

5,661

 
Adjusted net income attributable to controlling interest (Non-GAAP)

$

6,830

 

$

14,110

$

28,471

 

$

15,264

Adjusted diluted EPS (e)

$

0.20

 

$

0.41

$

0.82

 

$

0.44

 

(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) Tax adjustments for the nine months ended September 30, 2021 and 2020, based on the effective tax rates.
(e) In calculating adjusted diluted (Non-GAAP) EPS for the three and nine months ended September 30, 2021 and 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

2021

2020

2021

2020

(Unaudited) (Unaudited)
 
USA

$

79,065

$

52,097

$

227,740

$

153,878

Canada

 

22,479

 

19,174

 

62,204

 

52,167

Latin America

 

1,485

 

124

 

3,084

 

762

America's

 

103,029

 

71,395

 

293,028

 

206,807

 
Australia

 

29,215

 

27,746

 

87,984

 

73,634

Asia

 

7,232

 

2,881

 

22,379

 

7,444

APAC

 

36,447

 

30,627

 

110,363

 

81,078

 
EMEA

 

14,106

 

11,422

 

42,676

 

30,793

 
Israel

 

9,759

 

10,478

 

26,768

 

30,838

 
Total Revenues

$

163,341

$

123,922

$

472,835

$

349,516

Caesarstone Ltd. and its subsidiaries
Geographic breakdown of revenues by region - Supplemental data
                     
  Three months ended
U.S. dollars in thousands   9/30/2021   6/30/2021   3/31/2021   12/31/2020   9/30/2020   6/30/2020   3/31/2020   12/31/2019   9/30/2019   6/30/2019
  (Unaudited)
                     
USA  

$ 79,065

 

$ 77,844

 

$ 70,831

 

$ 53,618

 

$ 52,097

 

$ 41,726

 

$ 60,055

 

$ 64,659

 

$ 64,805

 

$ 64,590

Canada  

22,479

 

21,946

 

17,779

 

20,325

 

19,174

 

14,435

 

18,558

 

20,575

 

21,881

 

23,341

Latin America  

1,485

 

741

 

858

 

1,387

 

124

 

132

 

506

 

735

 

1,434

 

1,351

America's  

103,029

 

100,531

 

89,468

 

75,330

 

71,395

 

56,293

 

79,119

 

85,969

 

88,120

 

89,282

                     
Australia  

29,215

 

31,597

 

27,172

 

29,953

 

27,746

 

23,534

 

22,354

 

26,000

 

28,642

 

28,294

Asia  

7,232

 

7,370

 

7,777

 

7,122

 

2,881

 

1,732

 

2,831

 

3,932

 

3,675

 

3,311

APAC  

36,447

 

38,967

 

34,949

 

37,075

 

30,627

 

25,266

 

25,185

 

29,932

 

32,317

 

31,605

                     
EMEA  

14,106

 

15,852

 

12,718

 

14,408

 

11,422

 

8,031

 

11,340

 

9,464

 

11,719

 

11,418

                     
Israel  

9,759

 

8,112

 

8,897

 

10,083

 

10,478

 

9,447

 

10,913

 

8,502

 

10,683

 

8,766

                     
Total Revenues  

$ 163,341

 

$ 163,462

 

$ 146,032

 

$ 136,896

 

$ 123,922

 

$ 99,037

 

$ 126,557

 

$ 133,867

 

$ 142,839

 

$ 141,071

                     
                     
  Year-over-year % change        
  9/30/2021   6/30/2021   3/31/2021   12/31/2020   9/30/2020   6/30/2020        
  (Unaudited)        
                     
USA  

51.8%

 

86.6%

 

17.9%

 

-17.1%

 

-19.6%

 

-35.4%

       
Canada  

17.2%

 

52.0%

 

-4.2%

 

-1.2%

 

-12.4%

 

-38.2%

       
Latin America  

1097.6%

 

461.4%

 

69.6%

 

88.8%

 

-91.4%

 

-90.2%

       
America's  

44.3%

 

78.6%

 

13.1%

 

-12.4%

 

-19.0%

 

-36.9%

       
                     
Australia  

5.3%

 

34.3%

 

21.6%

 

15.2%

 

-3.1%

 

-16.8%

       
Asia  

151.0%

 

325.5%

 

174.7%

 

81.1%

 

-21.6%

 

-47.7%

       
APAC  

19.0%

 

54.2%

 

38.8%

 

23.9%

 

-5.2%

 

-20.1%

       
                     
EMEA  

23.5%

 

97.4%

 

12.2%

 

52.2%

 

-2.5%

 

-29.7%

       
                     
Israel  

-6.9%

 

-14.1%

 

-18.5%

 

18.6%

 

-1.9%

 

7.8%

       
                     
Total Revenues  

31.8%

 

65.1%

 

15.4%

 

2.3%

 

-13.2%

 

-29.8%

       
                     
                     
  Year-over-year % change in constant currency (*)        
  9/30/2021   6/30/2021   3/31/2021   12/31/2020   9/30/2020   6/30/2020        
  (Unaudited)        
                     
USA  

51.8%

 

86.6%

 

17.9%

 

-17.1%

 

-19.6%

 

-35.4%

       
Canada  

11.0%

 

35.1%

 

-9.6%

 

-2.4%

 

-11.7%

 

-36.0%

       
Latin America  

1097.3%

 

460.5%

 

69.8%

 

88.7%

 

-91.3%

 

-90.2%

       
America's  

42.6%

 

74.2%

 

11.8%

 

-12.7%

 

-18.8%

 

-36.4%

       
                     
Australia  

2.5%

 

14.6%

 

2.8%

 

7.9%

 

-7.1%

 

-11.5%

       
Asia  

148.9%

 

312.8%

 

169.5%

 

80.7%

 

-21.2%

 

-45.9%

       
APAC  

16.3%

 

35.1%

 

21.5%

 

17.5%

 

-8.7%

 

-15.1%

       
                     
EMEA  

18.2%

 

77.6%

 

3.3%

 

45.8%

 

-5.9%

 

-26.9%

       
                     
Israel  

-12.2%

 

-20.5%

 

-24.6%

 

9.4%

 

-4.5%

 

4.5%

       
                     
Total Revenues  

29.2%

 

55.5%

 

9.8%

 

-0.4%

 

-14.4%

 

-28.3%

       

(*) 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.

Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1 (646) 200-8870

Source: Caesarstone Ltd.
Categories: Press Releases
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