Caesarstone Reports Fourth Quarter and Full Year 2020 Financial Results
Caesarstone Ltd. (CSTE) reported its Q4 and full-year results for 2020, revealing a 2.3% increase in Q4 revenue to $136.9 million. The full-year revenue dropped to $486.4 million from $546.0 million in 2019, primarily due to pandemic-related disruptions. Gross margins improved in both Q4 and the full year, with Q4 gross margin at 28.1% and full-year gross margin at 27.5%. A net loss of $2.4 million in Q4 contrasted with net income of $7.2 million for the full year. The company plans to increase revenue and Adjusted EBITDA in 2021.
- Q4 revenue increased by 2.3% year-over-year to $136.9 million.
- Gross margin improved to 28.1% in Q4, a 200 basis points increase from the previous year.
- Operating income rose to $8.1 million in Q4 compared to $0.5 million in the prior year.
- Adjusted EBITDA for Q4 grew 19.1% year-over-year to $18.8 million.
- Full-year revenue declined by 10.9% from 2019, primarily due to pandemic disruptions.
- Net loss in Q4 was $2.4 million compared to a net loss of $0.3 million in the prior year quarter.
- Diluted net income per share dropped to $0.21 from $0.37 year-over-year.
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its fourth quarter and full year ended December 31, 2020.
“We made significant progress streamlining the business in 2020 as we successfully executed on our business transformation during a year marked by unprecedented global economic challenges,” commented Yuval Dagim, Chief Executive Officer. “We now enter 2021 as a much stronger Company, with the right foundation in place to more effectively leverage Caesarstone’s world-class brand to pursue sustainable long-term growth. This includes further implementation of innovative go-to-market initiatives developed under our Global Growth Acceleration Plan to unlock value. Our strong financial position supported the successful execution of two accretive transactions in recent months that are directly aligned with our strategy to enhance our position as a leading premium, multi-material countertop company. With our dedicated focus on driving results, we are well situated to capture additional market share.”
“We were encouraged to finish 2020 with annual year-over-year improvement in gross margin and adjusted EBITDA margin,” added Ophir Yakovian, Chief Financial Officer. “Following two quarters of significant cost cutting, we increased operating expenses to a more normalized level to support our brand and future growth. Caesarstone’s strong balance sheet enabled us to successfully weather the challenges of 2020 and to further invest in accretive future growth. We are happy with our 2020 operating cash flow of
(*) 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.
Fourth Quarter 2020 Results
Revenue in the fourth quarter of 2020 grew
Gross margin in the fourth quarter improved 200 basis points to
Operating expenses in the fourth quarter were
Operating income grew to
Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, grew
Finance (income) expenses in the fourth quarter were
Net loss attributable to controlling interest for the fourth quarter was
Full Year 2020 Results
Revenue in the full year 2020 was
Gross margin in 2020 expanded to
Operating expenses in 2020 were
Operating income in 2020 was
Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was
Finance expenses in 2020 were
Net income attributable to controlling interest for the full year 2020 was
Balance Sheet & Liquidity
The Company's balance sheet as of December 31, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of
Dividend
The Company’s dividend policy provides for a quarterly cash dividend of up to
Outlook
The Company anticipates 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 headwinds from higher shipping and raw material costs, coupled with a return to more normalized levels of sales and marketing expenses and other investments to support the Company’s growth initiatives. The Company’s outlook includes the investment costs associated with its Global Growth Acceleration Plan. The Company’s outlook also assumes the pandemic related business restrictions will fade as the year progresses.
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 Fourth 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 13715282. The replay will be available beginning at 11:30 a.m. ET on Wednesday, February 24, 2021 and will last through 11:59 p.m. ET on Wednesday, March 3, 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" 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 | December 31, 2020 | December 31, 2019 | ||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents and short-term bank deposits | $ |
114,248 |
|
$ |
139,372 |
|
||
| Short-term available for sale marketable securities |
|
8,112 |
|
|
- |
|
||
| Trade receivables, net |
|
84,822 |
|
|
78,282 |
|
||
| Other accounts receivable and prepaid expenses |
|
26,481 |
|
|
34,066 |
|
||
| Inventories |
|
152,073 |
|
|
122,686 |
|
||
| Total current assets |
|
385,736 |
|
|
374,406 |
|
||
| LONG-TERM ASSETS: | ||||||||
| Severance pay fund |
|
4,007 |
|
|
3,475 |
|
||
| Other long-term receivables |
|
3,837 |
|
|
3,176 |
|
||
| Deferred tax assets, net |
|
8,359 |
|
|
7,881 |
|
||
| Long-term deposits and prepaid expenses |
|
1,675 |
|
|
2,887 |
|
||
| Operating lease right-of-use assets |
|
123,928 |
|
|
72,047 |
|
||
| Long-term available for sale marketable securities |
|
10,926 |
|
|
- |
|
||
| Property, plant and equipment, net |
|
222,883 |
|
|
204,776 |
|
||
| Goodwill and intangible assets, net |
|
59,570 |
|
|
35,218 |
|
||
| Total long-term assets |
|
435,185 |
|
|
329,460 |
|
||
| Total assets | $ |
820,921 |
|
$ |
703,866 |
|
||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Short-term bank credit | $ |
13,122 |
|
$ |
- |
|
||
| Trade payables |
|
55,063 |
|
|
53,072 |
|
||
| Related parties and other loans |
|
2,221 |
|
|
2,212 |
|
||
| Short term legal settlements and loss contingencies |
|
31,039 |
|
|
28,300 |
|
||
| Accrued expenses and other liabilities |
|
55,570 |
|
|
42,782 |
|
||
| Total current liabilities |
|
157,015 |
|
|
126,366 |
|
||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term loan and financing liability of land from a related party |
|
20,706 |
|
|
7,915 |
|
||
| Legal settlements and loss contingencies long-term |
|
21,910 |
|
|
21,505 |
|
||
| Deferred tax liabilities, net |
|
6,943 |
|
|||||
| Long-term lease liabilities |
|
112,719 |
|
|
64,638 |
|
||
| Accrued severance pay |
|
5,303 |
|
|
4,333 |
|
||
| Long-term warranty provision |
|
1,274 |
|
|
1,385 |
|
||
| Total long-term liabilities |
|
168,855 |
|
|
99,776 |
|
||
| REDEEMABLE NON-CONTROLLING INTEREST |
|
7,701 |
|
|
- |
|
||
| EQUITY: | ||||||||
| Ordinary shares |
|
371 |
|
|
371 |
|
||
| Treasury shares - at cost |
|
(39,430 |
) |
|
(39,430 |
) |
||
| Additional paid-in capital |
|
160,083 |
|
|
157,225 |
|
||
| Capital fund related to non-controlling interest |
|
(5,587 |
) |
|
(5,587 |
) |
||
| Accumulated other comprehensive loss |
|
1,083 |
|
|
(3,288 |
) |
||
| Retained earnings |
|
370,830 |
|
|
368,433 |
|
||
| Total equity |
|
487,350 |
|
|
477,724 |
|
||
| Total liabilities and equity | $ |
820,921 |
|
$ |
703,866 |
|
||
Caesarstone Ltd. and its subsidiaries
|
|||||||||
| Three months ended December 31, |
Twelve months ended December 31, |
||||||||
U.S. dollars in thousands (except per share data) |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||||||
| Revenues |
|
|
|
|
|||||
| Cost of revenues | 98,381 |
98,884 |
352,470 |
397,335 |
|||||
| Gross profit | 38,515 |
34,983 |
133,942 |
148,639 |
|||||
| Operating expenses: | |||||||||
| Research and development | 1,501 |
962 |
3,974 |
4,146 |
|||||
| Marketing and selling | 17,752 |
16,698 |
62,047 |
66,770 |
|||||
| General and administrative | 9,779 |
9,625 |
39,081 |
40,681 |
|||||
| Legal settlements and loss contingencies, net | 1,392 |
7,201 |
6,319 |
12,359 |
|||||
| Total operating expenses | 30,424 |
34,486 |
111,421 |
123,956 |
|||||
| Operating income | 8,091 |
497 |
22,521 |
24,683 |
|||||
| Finance (income) expenses, net | 8,613 |
(622) |
10,199 |
5,578 |
|||||
| Income (loss) before taxes | (522) |
1,119 |
12,322 |
19,105 |
|||||
| Taxes on income | 1,459 |
1,394 |
4,700 |
6,243 |
|||||
| Net income (loss) |
|
|
|
|
|||||
| Net Income attributable to non-controlling interest | (404) |
- |
(404) |
- |
|||||
| Net income (loss) attributable to controlling interest |
|
|
|
|
|||||
| Basic net income (loss) per ordinary share |
|
|
|
|
|||||
| Diluted net income (loss) per ordinary share |
|
|
|
|
|||||
| Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share | 34,436,345 |
34,397,410 |
34,419,129 |
34,383,895 |
|||||
| Weighted average number of ordinary shares used in computing diluted income (loss) per ordinary share | 34,436,345 |
34,397,410 |
34,473,911 |
34,459,599 |
|||||
| Caesarstone Ltd. and its subsidiaries Selected Condensed consolidated statements of cash flows |
||||||||
| Twelve months ended December 31, |
||||||||
| U.S. dollars in thousands |
|
2020 |
|
|
2019 |
|
||
| (Unaudited) | (Audited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ |
7,622 |
|
$ |
12,862 |
|
||
| Adjustments required to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization |
|
29,460 |
|
|
28,587 |
|
||
| Share-based compensation expense |
|
2,858 |
|
|
3,632 |
|
||
| Accrued severance pay, net |
|
(14 |
) |
|
(246 |
) |
||
| Changes in deferred tax, net |
|
(895 |
) |
|
(1,509 |
) |
||
| Capital loss |
|
340 |
|
|
326 |
|
||
| Legal settlemnets and loss contingencies, net |
|
6,319 |
|
|
12,359 |
|
||
| Decrease (increase) in trade receivables |
|
6,070 |
|
|
(5,032 |
) |
||
| Decrease (increase) in other accounts receivable and prepaid expenses |
|
9,318 |
|
|
(6,346 |
) |
||
| Decrerase in inventories |
|
313 |
|
|
35,303 |
|
||
| Decrease in trade payables |
|
(17,938 |
) |
|
(6,663 |
) |
||
| Increase (decrease) in warranty provision |
|
(371 |
) |
|
69 |
|
||
| Changes in right of use assets |
|
(26,738 |
) |
|
1,319 |
|
||
| Changes in lease liabilities |
|
30,710 |
|
|
2,602 |
|
||
| Amortization of premium and accretion of discount on marketable securities, net |
|
161 |
|
|
- |
|
||
| Changes in Accrued interest related to Marketable Securities |
|
(1 |
) |
|
- |
|
||
| Increase in accrued expenses and other liabilities including related parties |
|
404 |
|
|
5,786 |
|
||
| Net cash provided by operating activities |
|
47,618 |
|
|
83,049 |
|
||
| Cash flows from investing activities: | ||||||||
| Net cash paid for acquisitions |
|
(28,962 |
) |
|
- |
|
||
| Purchase of property, plant and equipment |
|
(19,824 |
) |
|
(23,590 |
) |
||
| Proceeds from sale of property, plant and equipment |
|
13 |
|
|
66 |
|
||
| Investment in marketable securities |
|
(19,185 |
) |
|
- |
|
||
| Increase in long term deposits |
|
(347 |
) |
|
(63 |
) |
||
| Net cash used in investing activities |
|
(68,305 |
) |
|
(23,587 |
) |
||
| Cash flows from financing activities: | ||||||||
| Dividend paid |
|
(4,821 |
) |
|
(5,160 |
) |
||
| Changes in short-term bank credit and loans, net |
|
(18 |
) |
|
(7,771 |
) |
||
| Repayment of a financing leaseback related to Bar-Lev transaction |
|
(1,245 |
) |
|
(1,196 |
) |
||
| Net cash used in financing activities |
|
(6,084 |
) |
|
(14,127 |
) |
||
| Effect of exchange rate differences on cash and cash equivalents |
|
1,647 |
|
|
475 |
|
||
| Increase (decrease) in cash and cash equivalents and short-term bank deposits |
|
(25,124 |
) |
|
45,810 |
|
||
| 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 | $ |
114,248 |
|
$ |
139,372 |
|
||
| Non - cash investing: | ||||||||
| Changes in trade payables balances related to purchase of fixed assets |
|
(356 |
) |
|
(3,235 |
) |
||
| Caesarstone Ltd. and its subsidiaries | |||||||||||||
| Three months ended December 31, |
Twelve months ended December 31, |
||||||||||||
| U.S. dollars in thousands |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Reconciliation of Gross profit to Adjusted Gross profit: | |||||||||||||
| Gross profit | $ |
38,515 |
$ |
34,983 |
$ |
133,942 |
$ |
148,639 |
|
||||
| Share-based compensation expense (a) |
|
63 |
|
10 |
|
416 |
|
285 |
|
||||
| Non-recurring import related income |
|
- |
|
- |
|
- |
|
(1,501 |
) |
||||
| Amortization of assets related to acquisitions |
|
529 |
|
- |
|
529 |
|
- |
|
||||
| Other non-recurring items (b) |
|
- |
|
294 |
|
- |
|
1,661 |
|
||||
| Adjusted Gross profit (Non-GAAP) | $ |
39,107 |
$ |
35,287 |
$ |
134,887 |
$ |
149,084 |
|
||||
(a) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company. |
|||||||||||||||||
(b) In 2019, relates mainly to one time amortization of machinery equipment with no future alternative use, and one time inventory write down due to
|
|||||||||||||||||
| Caesarstone Ltd. and its subsidiaries | |||||||||||||||
| Three months ended December 31, |
Twelve months ended December 31, |
||||||||||||||
| U.S. dollars in thousands |
|
2020 |
|
|
2019 |
|
|
2020 |
|
2019 |
|
||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Reconciliation of Net Income (loss) to Adjusted EBITDA: | |||||||||||||||
| Net income (loss) | $ |
(1,981 |
) |
$ |
(275 |
) |
$ |
7,622 |
$ |
12,862 |
|
||||
| Finance (income) expenses, net |
|
8,613 |
|
|
(622 |
) |
|
10,199 |
|
5,578 |
|
||||
| Taxes on income |
|
1,459 |
|
|
1,394 |
|
|
4,700 |
|
6,243 |
|
||||
| Depreciation and amortization related to acquisitions |
|
8,300 |
|
|
6,970 |
|
|
29,460 |
|
28,587 |
|
||||
| Legal settlements and loss contingencies, net (a) |
|
1,392 |
|
|
7,201 |
|
|
6,319 |
|
12,359 |
|
||||
| Share-based compensation expense (b) |
|
523 |
|
|
779 |
|
|
2,858 |
|
3,632 |
|
||||
| Non-recurring import related income |
|
- |
|
|
- |
|
|
- |
|
(1,501 |
) |
||||
| Acquisitions related expenses |
|
444 |
|
|
- |
|
|
921 |
|
- |
|
||||
| Other non-recurring items (c) |
|
- |
|
|
294 |
|
|
- |
|
1,286 |
|
||||
| Adjusted EBITDA (Non-GAAP) | $ |
18,750 |
|
$ |
15,741 |
|
$ |
62,079 |
$ |
69,046 |
|
||||
(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) In 2019, relates mainly to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing.
Caesarstone Ltd. and its subsidiaries |
|||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| U.S. dollars in thousands (except per share data) |
|
2020 |
|
|
2019 |
|
|
2020 |
|
2019 |
|
||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Reconciliation of net income (loss) attributable to controlling interest to adjusted net income attributable to controlling interest: | |||||||||||||||
| Net income (loss) attributable to controlling interest | $ |
(2,385 |
) |
$ |
(275 |
) |
$ |
7,218 |
$ |
12,862 |
|
||||
| Legal settlements and loss contingencies, net (a) |
|
1,392 |
|
|
7,201 |
|
|
6,319 |
|
12,359 |
|
||||
| Amortization of assets related to acquisitions, net of tax |
|
446 |
|
|
- |
|
|
446 |
|
- |
|
||||
| Share-based compensation expense (b) |
|
523 |
|
|
779 |
|
|
2,858 |
|
3,632 |
|
||||
| Non cash revaluation of lease liabilities (c) |
|
3,177 |
|
|
266 |
|
|
3,189 |
|
3,615 |
|
||||
| Non-recurring import related income (d) |
|
- |
|
|
- |
|
|
- |
|
(1,501 |
) |
||||
| Acquisitions related expenses |
|
444 |
|
|
- |
|
|
921 |
|
- |
|
||||
| Other non-recurring items (e) |
|
- |
|
|
294 |
|
|
- |
|
2,486 |
|
||||
| Total adjustments |
|
5,982 |
|
|
8,540 |
|
|
13,733 |
|
20,591 |
|
||||
| Less tax on non-tax adjustments (f) |
|
1,955 |
|
|
2,791 |
|
|
4,488 |
|
6,729 |
|
||||
| Total adjustments after tax |
|
4,027 |
|
|
5,749 |
|
|
9,245 |
|
13,862 |
|
||||
| Adjusted net income attributable to controlling interest (Non-GAAP) | $ |
1,642 |
|
$ |
5,474 |
|
$ |
16,463 |
$ |
26,724 |
|
||||
| Adjusted diluted EPS (g) | $ |
0.05 |
|
$ |
0.16 |
|
$ |
0.48 |
$ |
0.77 |
|
||||
(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 diffrences deriving from revaluation of lease contracts in accoradance with FASB ASC 842.
(d) In 2019, relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.
(e) In 2019, relates to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing and one time amortization of machinery equipment with no future alternative use.
(f) Tax adjustments for the three and twelve months ended December 31, 2020, based on the effective tax rates of the comparative periods.
(g) In calculating adjusted diluted (Non-GAAP) EPS for the three and twelve months ended December 31, 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 December 31, |
Twelve months ended December 31, |
|||||||||||
U.S. dollars in thousands |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
| (Unaudited) | (Unaudited) | |||||||||||
| USA | $ |
53,618 |
$ |
64,659 |
$ |
207,496 |
$ |
250,471 |
||||
| Canada |
|
20,325 |
|
20,575 |
|
72,492 |
|
85,979 |
||||
| Latin America |
|
1,387 |
|
735 |
|
2,149 |
|
4,115 |
||||
| America's |
|
75,330 |
|
85,969 |
|
282,137 |
|
340,565 |
||||
| Australia |
|
29,953 |
|
26,002 |
|
103,587 |
|
108,149 |
||||
| Asia |
|
7,122 |
|
3,931 |
|
14,566 |
|
15,514 |
||||
| APAC |
|
37,075 |
|
29,933 |
|
118,153 |
|
123,663 |
||||
| EMEA |
|
14,408 |
|
9,463 |
|
45,201 |
|
43,054 |
||||
| Israel |
|
10,083 |
|
8,502 |
|
40,921 |
|
38,692 |
||||
| Total Revenues | $ |
136,896 |
$ |
133,867 |
$ |
486,412 |
$ |
545,974 |
||||
| Caesarstone Ltd. and its subsidiaries | |||||||||||||||||||||||||||||||||
Geographic breakdown of revenues by region - Supplemental data |
|||||||||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||||||
| U.S. dollars in thousands | 12/31/2020 | 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 | $ |
53,618 |
$ |
52,097 |
$ |
41,726 |
$ |
60,055 |
$ |
64,659 |
$ |
64,805 |
$ |
64,590 |
$ |
56,417 |
$ |
60,200 |
$ |
61,933 |
$ |
60,358 |
|||||||||||
| Canada |
|
20,325 |
|
19,174 |
|
14,435 |
|
18,558 |
|
20,575 |
|
21,881 |
|
23,341 |
|
20,178 |
|
23,834 |
|
25,140 |
|
27,349 |
|||||||||||
| Latin America |
|
1,387 |
|
124 |
|
132 |
|
506 |
|
735 |
|
1,434 |
|
1,351 |
|
596 |
|
1,212 |
|
1,635 |
|
1,738 |
|||||||||||
| America's |
|
75,330 |
|
71,395 |
|
56,293 |
|
79,119 |
|
85,969 |
|
88,120 |
|
89,282 |
|
77,191 |
|
85,246 |
|
88,708 |
|
89,445 |
|||||||||||
| Australia |
|
29,953 |
|
27,746 |
|
23,534 |
|
22,354 |
|
26,000 |
|
28,642 |
|
28,294 |
|
25,214 |
|
33,484 |
|
33,968 |
|
34,731 |
|||||||||||
| Asia |
|
7,122 |
|
2,881 |
|
1,732 |
|
2,831 |
|
3,932 |
|
3,675 |
|
3,311 |
|
4,596 |
|
4,929 |
|
4,189 |
|
4,221 |
|||||||||||
| APAC |
|
37,075 |
|
30,627 |
|
25,266 |
|
25,185 |
|
29,932 |
|
32,317 |
|
31,605 |
|
29,810 |
|
38,413 |
|
38,157 |
|
38,952 |
|||||||||||
| EMEA |
|
14,408 |
|
11,422 |
|
8,031 |
|
11,340 |
|
9,464 |
|
11,719 |
|
11,418 |
|
10,455 |
|
9,954 |
|
11,115 |
|
11,721 |
|||||||||||
| Israel |
|
10,083 |
|
10,478 |
|
9,447 |
|
10,913 |
|
8,502 |
|
10,683 |
|
8,766 |
|
10,741 |
|
9,268 |
|
9,709 |
|
9,125 |
|||||||||||
| Total Revenues | $ |
136,896 |
$ |
123,922 |
$ |
99,037 |
$ |
126,557 |
$ |
133,867 |
$ |
142,839 |
$ |
141,071 |
$ |
128,197 |
$ |
142,881 |
$ |
147,689 |
$ |
149,243 |
|||||||||||
| Year-over-year % change | |||||||||||||||||||||
| 12/31/2020 | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | 6/30/2019 | |||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| USA | -17.1 |
% |
-19.6 |
% |
-35.4 |
% |
6.4 |
% |
7.4 |
% |
4.6 |
% |
7.0 |
% |
|||||||
| Canada | -1.2 |
% |
-12.4 |
% |
-38.2 |
% |
-8.0 |
% |
-13.7 |
% |
-13.0 |
% |
-14.7 |
% |
|||||||
| Latin America | 88.8 |
% |
-91.4 |
% |
-90.2 |
% |
-15.1 |
% |
-39.4 |
% |
-12.3 |
% |
-22.3 |
% |
|||||||
| America's | -12.4 |
% |
-19.0 |
% |
-36.9 |
% |
2.5 |
% |
0.8 |
% |
-0.7 |
% |
-0.2 |
% |
|||||||
| Australia | 15.2 |
% |
-3.1 |
% |
-16.8 |
% |
-11.3 |
% |
-22.3 |
% |
-15.7 |
% |
-18.5 |
% |
|||||||
| Asia | 81.1 |
% |
-21.6 |
% |
-47.7 |
% |
-38.4 |
% |
-20.2 |
% |
-12.3 |
% |
-21.5 |
% |
|||||||
| APAC | 23.9 |
% |
-5.2 |
% |
-20.1 |
% |
-15.5 |
% |
-22.1 |
% |
-15.3 |
% |
-18.9 |
% |
|||||||
| EMEA | 52.2 |
% |
-2.5 |
% |
-29.7 |
% |
8.5 |
% |
-4.9 |
% |
5.4 |
% |
-2.6 |
% |
|||||||
| Israel | 18.6 |
% |
-1.9 |
% |
7.8 |
% |
1.6 |
% |
-8.3 |
% |
10.0 |
% |
-3.9 |
% |
|||||||
| Total Revenues | 2.3 |
% |
-13.2 |
% |
-29.8 |
% |
-1.3 |
% |
-6.3 |
% |
-3.3 |
% |
-5.5 |
% |
|||||||
| Year-over-year % change in constant currency (*) | |||||||||||||||||||||
| 12/31/2020 | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | 6/30/2019 | |||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| USA | -17.1 |
% |
-19.6 |
% |
-35.4 |
% |
6.4 |
% |
7.4 |
% |
4.6 |
% |
7.0 |
% |
|||||||
| Canada | -2.4 |
% |
-11.7 |
% |
-36.0 |
% |
-7.1 |
% |
-13.6 |
% |
-12.1 |
% |
-11.6 |
% |
|||||||
| Latin America | 88.7 |
% |
-91.3 |
% |
-90.2 |
% |
-15.2 |
% |
-39.4 |
% |
-12.3 |
% |
-22.3 |
% |
|||||||
| America's | -12.7 |
% |
-18.8 |
% |
-36.4 |
% |
2.7 |
% |
0.9 |
% |
-0.4 |
% |
0.7 |
% |
|||||||
| Australia | 7.9 |
% |
-7.1 |
% |
-11.5 |
% |
-3.3 |
% |
-18.2 |
% |
-10.0 |
% |
-12.0 |
% |
|||||||
| Asia | 80.7 |
% |
-21.2 |
% |
-45.9 |
% |
-37.1 |
% |
-14.7 |
% |
-8.8 |
% |
-18.6 |
% |
|||||||
| APAC | 17.5 |
% |
-8.7 |
% |
-15.1 |
% |
-8.5 |
% |
-17.8 |
% |
-9.9 |
% |
-12.7 |
% |
|||||||
| EMEA | 45.8 |
% |
-5.9 |
% |
-26.9 |
% |
11.4 |
% |
-4.4 |
% |
10.9 |
% |
2.8 |
% |
|||||||
| Israel | 9.4 |
% |
-4.5 |
% |
4.5 |
% |
-1.5 |
% |
-14.0 |
% |
7.8 |
% |
-3.5 |
% |
|||||||
| Total Revenues | -0.4 |
% |
-14.4 |
% |
-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 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005133/en/
FAQ
What were Caesarstone's Q4 2020 revenue results?
What is the full-year revenue for Caesarstone in 2020?
What is the outlook for Caesarstone in 2021?
What does Caesarstone's gross margin look like for Q4 2020?
What net loss did Caesarstone report for Q4 2020?
