Caesarstone sees further growth in 2013
The company beat the analysts' fourth quarter and full-year earnings per share and revenue consensus.
Fourth quarter revenue rose 13.6% to $76.2 million from $67.1 million for the corresponding quarter of 2011. GAAP-based net profit almost tripled to $10.8 million ($0.31 per share) for the fourth quarter from $3.7 million for the corresponding quarter, and non-GAAP net profit rose 70% to $11.2 million ($0.32 per share) from $6.6 million.
Caesarstone attributed its growth to higher sales in the US and Canada, which rose 19.7% and 29.3%, respectively, and to 16.6% sales growth in Australia, which offset lower sales in Europe and flat sales in Israel.
Full-year revenue rose 14.2% to $296.6 million from $259.7 million in 2011. GAAP-based net profit rose 36.4% to $39.6 million $1.35 per share) in 2012 from $29.1 million in 2011, and non-GAAP net profit rose 26.6% to $44 million ($1.27 per share) from $34.8 million.
The company beat the analysts' fourth quarter and full-year earnings per share and revenue consensus of $0.30 earnings per share on $73 million revenue for the fourth quarter, and $1.30 earnings per share on $293.4 million revenue for 2012.
In its guidance, the company forecasts $330-340 million revenue in 2013, more than 10% growth over 2012, and a non-GAAP earnings before interest, taxes, depreciation and amortization (EBITDA) of $76-80 million, around 10% growth over the $69.4 million posted in 2012 (which was 18% more than the $58.8 million posted in 2011).
Caesarstone's cash reserves rose six-fold to $72.7 million at the end of 2012 from $12 million a year earlier, from strong cash flow from operations, the net proceeds of the IPO, and proceeds from the sale and lease-back transaction in the third quarter. It added that its cash reserves and expected cash flows will be sufficient to fund its need for capital expenditure and working capital for the foreseeable future.
Caeasarstone added that it is on track to expand its production capacity at its current plants by 15% by October 2013, and that construction of its new plant in the US should completed by the end of 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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