Caesarstone Shows Strong First Quarter

MENASHE, Israel – Caesarstone keeps on a financial roll with upbeat numbers on first-quarter (1Q) 2013 growth.

Revenues for the first three months of this year increased by 13.5% to $76.4 million, compared to $67.3 million in 1Q 2012. Operating income in the first quarter increased by 82.5% to $13.1 million, showing a margin of 17.1%.  

Growth for the quartz-surfaces company showed strongest in the United States and Canada, up 26.3% and 21.8%, respectively, compared to 1Q 2012. On a constant currency basis, first quarter revenue growth was 13.9% compared to the same period last year.

 “We are pleased to have begun the year with a good first quarter,” noted Yosef Shiran, Caesarstone CEO, in a company statement. “Our growth in North America continues to be strong and we are excited to build our presence into the fast-growing U.S. and Canadian markets as they embrace quartz as a superior material.

“We are also pleased to see growth in sales and margins following a strong global response to our innovative Super-Naturals product line.”

Caesarstone showed a cash balance of $73.2 million at the end of this year’s first quarter. The company stated that its cash position and expected cash flows will be sufficient to fund its need for capital expenditures and working capital for the foreseeable future.

Caesarstone executives also reiterated its revenue projection of 2013 to be in the range of $330 million to $340 million. They also maintained that the company’s adjusted EBITDA will be a range of $76 million to $80 million, but now believes – given its strong first quarter performance – that results will be in the upper part of this range.

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