Caesarstone Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

Caesarstone (NASDAQ: CSTE) reported Q3 2024 financial results with revenue of $107.6 million, down from $142.4 million in the prior year quarter. The company faced significant market headwinds across all regions, particularly in renovation and remodeling channels. Gross margin improved to 19.9% from 19.1% year-over-year. The quarter resulted in an operating loss of $4.1 million and an Adjusted EBITDA loss of $4.1 million. The company's net cash position strengthened to $108.9 million. Caesarstone maintains its expectation for positive operating cash flow in 2024 but moderates its full-year Adjusted EBITDA loss forecast to $10-11 million.

Positive

• Gross margin improved to 19.9% from 19.1% year-over-year
• Net cash position increased to $108.9 million from $83.5 million at year-end 2023
• Generated positive operating cash flow of $16.3 million in Q3
• Successfully sold undeveloped land for $10.0 million
• Expected cost savings of $20 million in 2024 and $35 million thereafter from restructuring

Negative

• Revenue declined 24.8% year-over-year on constant currency basis
• Operating loss increased to $4.1 million from $2.0 million in prior year
• Adjusted EBITDA turned negative to -$4.1 million from +$1.9 million year-over-year
• Net loss increased to $4.2 million from $0.9 million year-over-year
• Facing 79 pending lawsuits in the US related to silica dust exposure
• Adjusted EBITDA outlook worsened to expected loss of $10-11 million for full year

Insights

Financial Analyst

The Q3 2024 results reveal significant challenges for Caesarstone, with revenue declining 24.8% year-over-year to $107.6 million. Despite improved gross margins at 19.9%, the company reported an operating loss of $4.1 million and an Adjusted EBITDA loss, compared to a gain in the previous year. The deteriorating performance is primarily driven by lower volumes across all regions due to weak renovation and remodeling demand.

The bright spots include positive cash flow generation of $16.3 million and a strengthened net cash position of $108.9 million. The sale of undeveloped land for $10 million and expected restructuring savings of $20 million in 2024 provide some financial cushion. However, the revised full-year guidance projecting an Adjusted EBITDA loss of $10-11 million signals continued near-term pressure.

Legal Expert

The mounting legal challenges facing Caesarstone are concerning, with 79 pending lawsuits related to silica dust exposure. A recent adverse jury decision, while reportedly covered by insurance and provisions, sets a potentially troubling precedent. The company's explicit acknowledgment that it cannot assure favorable outcomes in other cases, coupled with the warning about potential material adverse impacts, suggests significant legal risk exposure. This litigation overhang could affect future operations, financial stability and investor confidence, particularly if multiple unfavorable verdicts emerge.

- Maintaining Operational Discipline and Strategic Focus Amid Significant Market Headwinds -

- Revenue of $107.6 Million -

- Net Cash Position Improves to $108.9 Million, Reinforcing Strong Balance Sheet -

- Reaffirms Full Year Outlook to Deliver Positive Operating Cash Flow and Moderates Adjusted EBITDA Expectations -

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, 2024.

Yos Shiran, Caesarstone’s Chief Executive Officer commented, “Our third quarter results reflect revenue pressure across all our regional markets, putting weight on our business. The entire Caesarstone team’s unwavering commitment to our success remains evident with our transformation initiatives and optimized manufacturing footprint helping to drive a higher gross margin year-over-year. Our team is making progress in a difficult environment and maintaining tight control of operating expenses. That operational discipline and working capital management generated positive cash flow this quarter, keeping us on track for another full year of positive operating cash flow. With meaningful savings realized from our ongoing restructuring actions, we continue to make targeted investments in innovative products, brand development and marketing programs to help stimulate demand. We are confident in the direction of the Company and will continue to take decisive actions to restore profitable growth.”

Third Quarter 2024 Results

Revenue in the third quarter of 2024 was $107.6 million, compared to $142.4 million in the prior year quarter. On a constant currency basis, third quarter revenue was down 24.8% year-over-year primarily due to lower volumes. Volumes were primarily impacted by global economic headwinds, particularly in renovation and remodeling channels, across the Company’s main regions resulting in lower demand accompanied by greater competitive pressures.

Gross margin in the third quarter of 2024 improved to 19.9% compared to 19.1% in the prior year quarter. Adjusted gross margin in the third quarter was 19.8%, stable with the prior year quarter. Gross margin was stable on lower revenues mainly due to the benefits of an improved production footprint, partially offset by unfavorable product mix and increased shipping and material costs.

Operating expenses in the third quarter of 2024 were $25.4 million, or 23.6% of revenue, compared to $29.2 million, or 20.5% of revenue in the prior year quarter. The higher percentage is primarily due to lower revenues. Restructuring expenses during the quarter included a capital gain of $6.9 million from the sale of undeveloped land at the Company’s Richmond Hill Facility. Excluding legal settlements and loss contingencies and restructuring expenses, operating expenses were 28.1% of revenue, compared to 23.7% in the prior year quarter.

Operating loss in the third quarter of 2024 was $4.1 million compared to $2.0 million in the prior year quarter, with the difference primarily reflecting lower gross profit.

Adjusted EBITDA in the third quarter of 2024, which excludes expenses for non-cash share-based compensation, legal settlements and loss contingencies, and other non-recurring items, was a loss of $4.1 million, compared to a gain of $1.9 million in the prior year quarter.

Finance income in the third quarter of 2024 was $0.3 million compared to $1.3 million in the prior year quarter. The difference primarily reflects foreign currency exchange rate fluctuations.

Net loss attributable to controlling interest for the third quarter of 2024 was $4.2 million compared to net loss of $0.9 million in the prior year quarter. Net loss per share for the third quarter was $0.12 compared to net loss per share of $0.03 in the prior year quarter. Adjusted diluted net loss per share for the third quarter was $0.24 on 34.8 million shares, compared to Adjusted diluted net loss per share of $0.20 in the prior year quarter on 34.6 million shares.

Balance Sheet & Liquidity

On June 26, 2024, Caesarstone entered into an agreement for the sale of 69 acres of undeveloped land associated with its Richmond Hill Facility located in Bryan County for approximately $10.0 million. The transaction closed in the third quarter of 2024. The Company continues to look for avenues to monetize the remainder of the property, consisting of 51 acres of developed land and associated structures.

During the third quarter of 2024, the Company generated positive cash flow from operations of $16.3 million, mainly attributable to the land sale and working capital improvements, compared to operating cash flow of $28.2 million in the third quarter of 2023. As of September 30, 2024, the Company’s balance sheet included cash, cash equivalents and short-term bank deposits of $114.1 million and total debt to financial institutions of $5.2 million. The Company’s net cash position as of September 30, 2024, was $108.9 million compared to $83.5 million as of December 31, 2023.

US Legal Proceedings Update

The Company is one of several defendants named in 79 pending lawsuits in the United States alleging injury associated with exposure of fabricators and their employees to respirable crystalline silica dust. On August 8, 2024, the Company filed a Form 6-K in connection with a single claim in the U.S. following a jury decision against the Company. Adequate provisions and insurance receivables related to this decision were recorded by the Company during the third quarter. While this single decision will not have a material adverse effect on the Company, the Company cannot provide assurance as to the outcome of other pending litigation or that such litigation will not have a material adverse impact on its business, financial position, results of operations or cash flows.

Outlook

The Company reaffirms its expectation to deliver positive operating cash flow for the full year 2024, with cash generated in the first nine months more than offsetting a modest decline in the fourth quarter. The Company reiterates its expectation to realize restructuring-related cost savings of approximately $20.0 million in full year 2024 and $35.0 million thereafter compared to full year 2023. Given persistent macroeconomic pressures across the Company’s global footprint and increased shipping and material costs in the second half of 2024, Caesarstone now expects its full year Adjusted EBITDA loss to be in the range of $10 to $11 million.

Webcast and Conference Call Details

The Company will host a webcast and conference call today, November 13, 2024, at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. The live webcast can be accessed through the Investor Relations section of the Company’s website at ir.caesarstone.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-833-816-1463 and 1-412-542-4167, respectively. The toll-free Israeli number is 1 80 921 3284. Upon dialing in, please request to join the Caesarstone Third Quarter 2024 Earnings Conference Call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671 (international) and enter pass code 10192828. The replay will be available beginning at 12:30 p.m. ET on Wednesday, November 13, 2024 and will last through 11:59 p.m. ET on Wednesday, November 20, 2024.

About Caesarstone

Caesarstone is a global leader of premium surfaces, specializing in countertops that create dynamic spaces of inspiration in the heart of the home. Established in 1987, its multi-material portfolio of over 100 colors combines the company’s innovative technology with its powerful design passion. Spearheading high-quality, sustainable surfaces, Caesarstone delivers functional resilience with timeless beauty, for a vast range of applications, including kitchen countertops, bathroom vanities, and more, for indoor and outdoor spaces.

Since it pioneered quartz countertops over thirty years ago, the brand has expanded into porcelain and natural stone and is on the ground in more than 50 countries worldwide while enhancing customer experience through the expansion of groundbreaking digital platforms & services. More information on Caesarstone: caesarstoneus.com, Facebook, LinkedIn and Instagram.

The Company has filed its annual report on Form 20-F for the year ended December 31, 2023 with the U.S. securities and exchange commission (“SEC”) and can be accessed on its website.

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 goals and plans, intentions, expectations, assumptions, goals and beliefs regarding the Company’s business. Actual results may differ materially from those projections and estimates due to various risks and uncertainties, both known or unknown. These factors include, but are not limited to: the effects of global and regional economy and geo-politics on the Company’s business and operations including the length, duration and impact of the war in Israel, the Houthi’s disruption to the movement of goods in the Red Sea and trade disruptions such as Turkey’s decision not to trade with Israel; the outcome of silicosis and other bodily injury claims, and the availability relevant insurance; regulatory changes and requirements relating to the manufacturing and fabrication of our products; the outcome of our restructuring efforts, of the closure of the Sdot Yam and Richmond Hill Facilities, the estimated closure costs and the estimated potential savings relating to said closures, the ability to sell or sublease all or part of these facilities; our ability to effectively collaborate with production business partners; our R&D and product introduction efforts, managing constraints in the global supply chain and effectively procuring raw materials and goods as well as fluctuations in their price; our ability to protect our brand, technology and intellectual property, as well as our freedom to operate; competitive pressures; disruptions to our information technology systems, fluctuations in currency exchange rates against the U.S. dollar; our ability to successfully integrate our acquisitions; our ability to meet ESG goals and targets; and other 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 6, 2024, 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, 2024			December 31, 2023
		(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents and short-term bank deposits		$	114,077		$	91,123
Trade receivables, net			57,825			66,888
Other accounts receivable and prepaid expenses (*)			79,828			25,489
Inventories			111,487			136,446
Total current assets			363,217			319,946
LONG-TERM ASSETS:
Severance pay fund			1,632			1,994
Deferred tax assets, net			3,538			3,061
Long-term deposits and prepaid expenses			5,258			4,961
Operating lease right-of-use assets			119,349			120,156
Property, plant and equipment, net (*)			78,091			123,480
Intangible assets, net			4,268			6,257
Total long-term assets			212,136			259,909
Total assets		$	575,353		$	579,855
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term bank credit		$	5,025		$	5,118
Trade payables			45,452			42,848
Related parties			225			257
Short term legal settlements and loss contingencies			34,545			16,106
Accrued expenses and other liabilities			57,346			56,894
Total current liabilities			142,593			121,223
LONG-TERM LIABILITIES:
Long-term bank and other loans			635			2,549
Legal settlements and loss contingencies long-term and other liabilities			10,831			11,814
Deferred tax liabilities, net			2,810			3,006
Long-term lease liabilities			110,132			114,146
Accrued severance pay			3,039			3,065
Long-term warranty provision			965			1,204
Total long-term liabilities			128,412			135,784
REDEEMABLE NON-CONTROLLING INTEREST			3,751			7,789
EQUITY:
Ordinary shares			371			371
Treasury shares - at cost			(39,430)			(39,430)
Additional paid-in capital			166,066			164,456
Capital fund related to non-controlling interest			(5,587)			(5,587)
Accumulated other comprehensive income (loss), net			(5,986)			(8,402)
Retained earnings			185,163			203,651
Total equity			300,597			315,059
Total liabilities and equity		$	575,353		$	579,855
(*) In Q2'24 we reclassified $ 41.3M from fixed assets to held for sale assets in accordance with ASC360.

Caesarstone Ltd. and its subsidiaries Condensed consolidated statements of income (loss)
			Three months ended September 30,						Nine months ended September 30,
U.S. dollars in thousands (except per share data)			2024			2023			2024			2023
			(Unaudited)						(Unaudited)
Revenues			$	107,634		$	142,394		$	345,358		$	436,706
Cost of revenues				86,268			115,205			267,671			368,047
Gross profit				21,366			27,189			77,687			68,659
Operating expenses:
Research and development				1,192			1,242			3,504			3,837
Sales and Marketing				21,126			20,398			66,048			62,458
General and administrative				7,891			12,144			28,208			39,322
Restructuring and Impairment expenses (income) related to long lived assets (*)				(6,846)			(3,349)			(6,756)			20,224
Legal settlements and loss contingencies, net				2,077			(1,259)			5,613			(2,346)
Total operating expenses				25,440			29,176			96,617			123,495
Operating loss				(4,074)			(1,987)			(18,930)			(54,836)
Finance income, net				(297)			(1,292)			(2,851)			(4,816)
Loss before taxes				(3,777)			(695)			(16,079)			(50,020)
Tax expenses, net				451			83			2,442			7,332
Net loss			$	(4,228)		$	(778)		$	(18,521)		$	(57,352)
Net loss (income) attributable to non-controlling interest				6			(109)			33			217
Net loss attributable to controlling interest			$	(4,222)		$	(887)		$	(18,488)		$	(57,135)
Basic net loss per ordinary share (**)			$	(0.12)		$	(0.03)		$	(0.54)		$	(1.67)
Diluted net loss per ordinary share (**)			$	(0.12)		$	(0.03)		$	(0.54)		$	(1.67)
Weighted average number of ordinary shares used in computing basic loss per ordinary share				34,539,160			34,522,015			34,536,601			34,515,291
Weighted average number of ordinary shares used in computing diluted loss per ordinary share				34,539,160			34,522,015			34,536,601			34,515,291
(*) Including long-lived assets impairment and restructuring expenses related to plants closure. Q3'24 mainly includes capital gain related to sale of undeveloped land in the Richmond Hill plant.
(**) The numerator for the calculation of net loss per share for the three and nine months ended September 30, 2023, has been decreased by approximately $0.1 and $0.4 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		2024			2023
		(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net loss		$	(18,521)		$	(57,352)
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			12,923			22,711
Share-based compensation expense			1,610			556
Accrued severance pay, net			334			(290)
Changes in deferred tax, net			(545)			2,878
Capital loss			44			83
Legal settlements and loss contingencies, net			5,613			(2,346)
Decrease in trade receivables			9,037			2,725
Decrease in other accounts receivable and prepaid expenses			2,504			8,359
Decrease in inventories			25,975			91,329
Increase (decrease) in trade payables			1,487			(25,775)
Decrease in warranty provision			(431)			(72)
Changes in right of use assets			1,312			(1,206)
Changes in lease liabilities			(3,611)			(8,134)
Increase (decrease) in accrued expenses and other liabilities including related parties			4,010			(354)
Restructuring expenses (income) and Impairment related to long lived assets			(6,756)			20,224
Net cash provided by operating activities			34,985			53,336
Cash flows from investing activities:
Net cash paid for acquisitions			(2,055)			(511)
Purchase of property, plant and equipment			(8,243)			(8,718)
Proceeds from sale of property, plant and equipment			65			16
Maturity of marketable securities			-			6,103
Increase in long term deposits			(226)			(108)
Net used in investing activities			(10,459)			(3,218)
Cash flows from financing activities:
Changes in short-term bank credits and long-term loans, including related parties			(1,973)			(24,063)
Net cash used in financing activities			(1,973)			(24,063)
Effect of exchange rate differences on cash and cash equivalents			401			(50)
Increase (decrease) in cash and cash equivalents and short-term bank deposits			22,954			26,005
Cash and cash equivalents and short-term bank deposits at beginning of the period			91,123			52,081
Cash and cash equivalents and short-term bank deposits at end of the period		$	114,077		$	78,086
Non - cash investing:
Changes in trade payables balances related to purchase of fixed assets			(311)			(104)

	Caesarstone Ltd. and its subsidiaries
			Three months ended September 30,						Nine months ended September 30,
	U.S. dollars in thousands		2024			2023			2024			2023
			(Unaudited)						(Unaudited)
	Reconciliation of Gross profit to Adjusted Gross profit:
	Gross profit		$	21,366		$	27,189		$	77,687		$	68,659
	Share-based compensation expense (a)			42			16			78			153
	Amortization of assets related to acquisitions			70			71			212			215
	Residual operating expenses (income) related to closed plants after closing			(36)			1,011			576			2,795
	Other non recurring items			(152)			(152)			41			(152)
	Adjusted Gross profit (Non-GAAP)		$	21,290		$	28,135		$	78,594		$	71,670
(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		2024			2023			2024			2023
			(Unaudited)						(Unaudited)
	Reconciliation of Net Loss to Adjusted EBITDA:
	Net loss		$	(4,228)		$	(778)		$	(18,521)		$	(57,352)
	Finance income, net			(297)			(1,292)			(2,851)			(4,816)
	Taxes on income			451			83			2,442			7,332
	Depreciation and amortization			4,437			7,472			13,379			22,711
	Legal settlements and loss contingencies, net (a)			2,077			(1,259)			5,613			(2,346)
	Contingent consideration adjustment related to acquisition			28			75			(53)			240
	Share-based compensation expense (b)			525			61			1,610			556
	Restructuring expenses (income) and Impairment related to long lived assets (c)			(6,911)			(3,349)			(6,821)			20,224
	Residual operating expenses (income) related to closed plants after closing			(36)			1,011			1,606			2,795
	Other non recurring items			(152)			(152)			41			(152)
	Adjusted EBITDA (Non-GAAP)		$	(4,106)		$	1,872		$	(3,555)		$	(10,808)
(a) Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(c) Including long-lived assets impairment and restructuring expenses related to plants closure. Q3'24 also includes capital gain related to sale of undeveloped land in the Richmond Hill plant.

	Caesarstone Ltd. and its subsidiaries
			Three months ended September 30,						Nine months ended September 30,
	U.S. dollars in thousands (except per share data)		2024			2023			2024			2023
			(Unaudited)						(Unaudited)
	Reconciliation of net loss attributable to controlling interest to adjusted net loss attributable to controlling interest:
	Net loss attributable to controlling interest		$	(4,222)		$	(887)		$	(18,488)		$	(57,135)
	Legal settlements and loss contingencies, net (a)			2,077			(1,259)			5,613			(2,346)
	Contingent consideration adjustment related to acquisition			28			75			(53)			240
	Amortization of assets related to acquisitions, net of tax			534			582			1,603			1,608
	Share-based compensation expense (b)			525			61			1,610			556
	Acquisition and integration related expenses			-			-			-			-
	Non cash revaluation of lease liabilities (c)			344			(2,092)			(3,016)			(5,094)
	Restructuring expenses (income) and Impairment related to long lived assets (d)			(6,911)			(3,349)			(6,821)			20,224.00
	Residual operating expenses (income) related to closed plants after closing			(36)			1,011			1,606			2,795
	Other non recurring items			(152)			(152)			41			(152)
	Total adjustments			(3,591)			(5,123)			583			17,831
	Less tax on non-tax adjustments (e)			587			760			(88)			(2,614)
	Total adjustments after tax			(4,178)			(5,883)			671			20,445
	Adjusted net loss attributable to controlling interest (Non-GAAP)		$	(8,400)		$	(6,770)		$	(17,817)		$	(36,690)
	Adjusted loss per share (f)		$	(0.24)		$	(0.20)		$	(0.51)		$	(1.06)
(a)	Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.
(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)	Including long-lived assets impairment and restructuring expenses related to plants closure. Q3'24 also includes capital gain related to sale of undeveloped land in the Richmond Hill plant.
(e)	Tax adjustments for the three and nine months ended September 30, 2024 and 2023, based on the effective tax rates.
(f)	In calculating adjusted (Non-GAAP) loss per share, 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,						Three months ended September 30,				Nine months ended September 30,
U.S. dollars in thousands		2024			2023			2024			2023
		(Unaudited)						(Unaudited)			(Audited)			YoY % change		YoY % change CCB		YoY % change		YoY % change CCB
USA		$	52,388		$	65,880		$	173,206		$	211,361		-20.5%		-20.5%		-18.1%		-18.1%
Canada			14,207			18,956			47,643			57,712		-25.1%		-23.8%		-17.4%		-16.6%
Latin America			239			1,650			1,148			2,468		-85.5%		-85.5%		-53.5%		-53.5%
America's			66,834			86,486			221,997			271,541		-22.7%		-22.9%		-18.2%		-18.1%
Australia			17,443			27,326			58,518			79,539		-36.2%		-37.7%		-26.4%		-25.7%
Asia			6,435			6,747			16,260			20,069		-4.6%		6.1%		-19.0%		-19.2%
APAC			23,878			34,073			74,778			99,608		-29.9%		-29.0%		-24.9%		-24.4%
EMEA			11,627			15,185			35,263			45,395		-23.4%		-26.0%		-22.3%		-23.3%
Israel			5,295			6,650			13,320			20,162		-20.4%		-24.5%		-33.9%		-33.1%
Total Revenues		$	107,634		$	142,394		$	345,358		$	436,706		-24.4%		-24.8%		-20.9%		-20.7%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241113229422/en/

Investor Relations:

ICR, Inc. - Rodny Nacier

CSTE@icrinc.com

+1 (646) 200-8870

Source: Caesarstone Ltd.

FAQ

What was Caesarstone's (CSTE) revenue in Q3 2024?

Caesarstone reported revenue of $107.6 million in Q3 2024, down from $142.4 million in the prior year quarter.

How much did Caesarstone's (CSTE) gross margin improve in Q3 2024?

Caesarstone's gross margin improved to 19.9% in Q3 2024 compared to 19.1% in the prior year quarter.

What is Caesarstone's (CSTE) expected Adjusted EBITDA for full year 2024?

Caesarstone expects its full year Adjusted EBITDA loss to be in the range of $10 to $11 million.

How many legal lawsuits is Caesarstone (CSTE) facing in the US?

Caesarstone is named as a defendant in 79 pending lawsuits in the United States related to injury claims from exposure to respirable crystalline silica dust.