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     108  0 Kommentare Caesarstone Reports Second Quarter 2021 Financial Results

    Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its second quarter ended June 30, 2021.

    “I am very pleased with our ability to deliver record sales during the second quarter driven by strong performance across our business, as well as the positive contributions from our recent accretive acquisitions of Omicron and Lioli” commented Yuval Dagim, Caesarstone’s Chief Executive Officer. “This achievement is attributable to the focused execution of our Global Growth Acceleration Plan as we continue to leverage our world-class brand and innovative go-to-market initiatives to enhance customer experience and engagement. To that point, our new CS Connect platform represents a technological leap for our business, transforming the way we communicate with our customers and consumers, and we are highly encouraged by the initial feedback we have received. Looking to the second half of 2021, we have a strong balance sheet in place with ample capital to build on our success as we further execute our growth strategy to transform Caesarstone into a leading premium, multi-material countertop company.”

    (*) 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.

    Second Quarter 2021 Results

    Revenue in the second quarter of 2021 grew 65.1% to a record of $163.5 million compared to $99.0 million in the prior year quarter. On a constant currency basis, second quarter revenue was higher by 55.5% year-over-year. Sales growth was primarily driven by improved demand across the majority of our global footprint, as economies around the world continue to recover from the pandemic, in addition to the contribution of our recent acquisitions.

    Gross margin in the second quarter improved to 28.0% compared to 20.4% in the prior year quarter. Adjusted gross margin in the second quarter was 28.1% compared to 20.5% in the prior year quarter. The year-over-year improvement in gross margin mainly reflects better regional and product mix, more favorable currency exchange rates, enhanced productivity in our factories, and growing demand since the beginning of the pandemic which were partly offset by lower sales prices and higher raw material and shipping inflation.

    Operating expenses in the second quarter were $40.6 million, or 24.8% of revenue, compared to $23.1 million, or 23.3% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses were 22.3% of revenue, compared to 21.6% in the prior year quarter, mainly due to higher marketing and selling expenses related to initiatives under the Company’s Global Growth Acceleration Plan.

    Operating income grew to $5.2 million compared to operating loss of $2.9 million in the prior year quarter. The year-over-year growth mainly reflects higher gross profit.

    Adjusted EBITDA, which excludes expenses for non-cash share-based compensation, legal settlements and loss contingencies and for non-recurring items, more than doubled year-over-year to $18.8 million in the second quarter, representing a margin of 11.5%. This compares to adjusted EBITDA of $6.5 million, representing a margin of 6.6%, in the prior year quarter. The year-over-year margin improvement primarily reflects the higher gross margin.

    Finance expense in the second quarter was $3.1 million compared to finance expense of $2.5 million in the prior year quarter. The difference was primarily a result of higher credit cards fees due to higher volume as well as interest related to bank loan.

    Net Income attributable to controlling interest for the second quarter was $1.7 million compared to net loss of $5.9 million in the prior year quarter. Net income per share for the second quarter was $0.05 compared to net loss per share of $0.17 in the prior year quarter. Adjusted diluted net income per share for the second quarter was $0.21 on 34.6 million shares, compared to adjusted diluted net loss per share of $0.10 in the prior year quarter on 34.5 million shares.

    Balance Sheet & Liquidity

    As of June 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 $121.1 million and total debt to financial institutions of $13.3 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. Pursuant to the Company’s dividend policy, the Company does not intend to pay a dividend for the second quarter of 2021, based on its reported net income attributable to controlling interest for the period.

    Outlook

    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. The Company’s outlook also assumes that pandemic related business restrictions will continue to 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 Second 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 13721368. The replay will be available beginning at 11:30 a.m. ET on Wednesday, August 4, 2021 and will last through 11:59 p.m. ET on Wednesday, August 11, 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 , integration of the company’s acquisitions and its projected outlook and 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, economic conditions in our key markets, raw material shortages and prices, , fluctuations in home renovation and construction sectors; the company’s ability to compete with lower-priced products and other intense competitive pressures; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; ability to efficiently manufacture products and managing required changes in production and supply chain in light of our recent acquisitions; fluctuations in currency exchange rates; the success of our expansion efforts in the United States; unpredictability of seasonal fluctuations in revenues 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

    June 30, 2021

    December 31, 2020

    (Unaudited)

    (Audited)

    ASSETS
     
    CURRENT ASSETS:
     
    Cash and cash equivalents and short-term bank deposits

    $

    101,288

    $

    114,248

    Short-term available for sale marketable securities

     

    13,246

     

    8,112

    Trade receivables, net

     

    86,970

     

    84,822

    Other accounts receivable and prepaid expenses

     

    39,609

     

    26,481

    Inventories

     

    167,495

     

    152,073

     
    Total current assets

     

    408,608

     

    385,736

     
    LONG-TERM ASSETS:
     
    Severance pay fund

     

    3,932

     

    4,007

    Long-term deposits

     

    3,763

     

    3,837

    Deferred tax assets, net

     

    9,034

     

    8,359

    Other long-term receivables

     

    404

     

    1,675

    Operating lease right-of-use assets

     

    119,829

     

    123,928

    Long-term available for sale marketable securities

     

    6,596

     

    10,926

    Property, plant and equipment, net

     

    218,562

     

    222,883

    Goodwill and intangible assets, net

     

    57,743

     

    59,570

     
    Total long-term assets

     

    419,863

     

    435,185

     
    Total assets

    $

    828,471

    $

    820,921

     
    LIABILITIES AND EQUITY
     
    CURRENT LIABILITIES:
     
    Short-term bank credit

    $

    13,314

    $

    13,122

    Trade payables

     

    73,844

     

    55,063

    Related parties and other loans

     

    2,229

     

    2,221

    Short term legal settlements and loss contingencies

     

    23,361

     

    31,039

    Accrued expenses and other liabilities

     

    58,670

     

    55,570

     
    Total current liabilities

     

    171,418

     

    157,015

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

     

    6,597

     

    20,706

    Legal settlements and loss contingencies long-term

     

    25,770

     

    21,910

    Deferred tax liabilities, net

     

    6,025

     

    6,943

    Long-term lease liabilities

     

    107,978

     

    112,719

    Accrued severance pay

     

    5,296

     

    5,303

    Long-term warranty provision

     

    1,283

     

    1,274

     
    Total long-term liabilities

     

    152,949

     

    168,855

     
    REDEEMABLE NON-CONTROLLING INTEREST

     

    7,111

     

    7,701

     
    EQUITY:
     
    Ordinary shares

     

    371

     

    371

    Treasury shares - at cost

     

    (39,430)

     

    (39,430)

    Additional paid-in capital

     

    161,079

     

    160,083

    Capital fund related to non-controlling interest

     

    (5,587)

     

    (5,587)

    Accumulated other comprehensive loss

     

    1,306

     

    1,083

    Retained earnings

     

    379,254

     

    370,830

     
    Total equity

     

    496,993

     

    487,350

     
    Total liabilities and equity

    $

    828,471

    $

    820,921

    Caesarstone Ltd. and its subsidiaries
    Condensed consolidated statements of income

    Three months ended June 30,

    Six months ended June 30,

    U.S. dollars in thousands (except per share data)

    2021

    2020

    2021

    2020

    (Unaudited)

    (Unaudited)

     
    Revenues

    $

    163,462

    $

    99,037

    $

    309,494

    $

    225,594

    Cost of revenues

     

    117,678

     

    78,865

     

    220,408

     

    169,021

     
    Gross profit

     

    45,784

     

    20,172

     

    89,086

     

    56,573

     
    Operating expenses:
    Research and development

     

    1,114

     

    763

     

    2,219

     

    1,543

    Marketing and selling

     

    23,594

     

    11,435

     

    41,870

     

    30,064

    General and administrative

     

    11,794

     

    9,241

     

    24,937

     

    21,108

    Legal settlements and loss contingencies, net

     

    4,109

     

    1,637

     

    4,849

     

    4,475

     
    Total operating expenses

     

    40,611

     

    23,076

     

    73,875

     

    57,190

     
    Operating income (loss)

     

    5,173

     

    (2,904)

     

    15,211

     

    (617)

    Finance expenses (income), net

     

    3,095

     

    2,507

     

    (2,238)

     

    1,638

     
    Income (loss) before taxes

     

    2,078

     

    (5,411)

     

    17,449

     

    (2,255)

    Taxes on income

     

    598

     

    471

     

    2,127

     

    949

     
    Net income (loss)

    $

    1,480

    $

    (5,882)

    $

    15,322

    $

    (3,204)

     
    Net loss attributable to non-controlling interest

     

    225

     

    -

     

    573

     

    -

     
    Net income (loss) attributable to controlling interest

    $

    1,705

    $

    (5,882)

    $

    15,895

    $

    (3,204)

    Basic net income (loss) per ordinary share (*)

    $

    0.05

    $

    (0.17)

    $

    0.45

    $

    (0.09)

    Diluted net income (loss) per ordinary share (*)

    $

    0.05

    $

    (0.17)

    $

    0.45

    $

    (0.09)

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

     

    34,451,071

     

    34,412,369

     

    34,449,483

     

    34,406,107

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

     

    34,539,958

     

    34,412,369

     

    34,525,127

     

    34,406,107

     
    (*) The numerator for the calculation of net income per share for the three and six months ended June 30, 2021 has been decreased by approximately $0.1 and $0.2 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

     

    Six months ended June 30,

    U.S. dollars in thousands

    2021

    2020

    (Unaudited)

    Cash flows from operating activities:
     
    Net income (loss)

    $

    15,322

    $

    (3,204)

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

     

    17,689

     

    14,102

    Share-based compensation expense

     

    996

     

    1,707

    Accrued severance pay, net

     

    72

     

    7

    Changes in deferred tax, net

     

    (1,856)

     

    (640)

    Capital (gain) loss

     

    (4)

     

    22

    Legal settlemnets and loss contingencies, net

     

    4,849

     

    4,475

    Decrease (increase) in trade receivables

     

    (2,307)

     

    9,942

    Decrease (increase) in other accounts receivable and prepaid expenses

     

    (8,985)

     

    3,172

    Increase in inventories

     

    (15,383)

     

    (12,621)

    Increase (decrease) in trade payables

     

    19,049

     

    (16,117)

    Increase (decrease) in warranty provision

     

    16

     

    (98)

    Changes in right of use assets

     

    3,987

     

    (1,347)

    Changes in lease liabilities

     

    (4,277)

     

    1,554

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

     

    204

     

    6

    Changes in Accrued interest related to Marketable Securities

     

    27

     

    (8)

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

     

    (6,311)

     

    4,173

     
    Net cash provided by operating activities

     

    23,088

     

    5,125

     
     
    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

     

    (12,472)

     

    (12,459)

    Proceeds from sale of property, plant and equipment

     

    5

     

    6

    Investment in marketable securities, net

     

    (1,042)

     

    (13,002)

    Decrease (increase) in long term deposits

     

    40

     

    (711)

     
    Net cash used in investing activities

     

    (17,215)

     

    (26,166)

     
     
    Cash flows from financing activities:
     
    Dividend paid

     

    (7,234)

     

    -

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

     

    (10,983)

     

    (459)

    Repayment of a financing leaseback related to Bar-Lev transaction

     

    (650)

     

    (610)

     
    Net cash used in financing activities

     

    (18,867)

     

    (1,069)

     
     
    Effect of exchange rate differences on cash and cash equivalents

     

    34

     

    (198)

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

     

    (12,960)

     

    (22,308)

    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

    $

    101,288

    $

    117,064

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

     

    (316)

     

    (954)

    Caesarstone Ltd. and its subsidiaries

     

    Three months ended June 30,

    Six months ended June 30,

    U.S. dollars in thousands

    2021

    2020

    2021

    2020

    (Unaudited)

    (Unaudited)

    Reconciliation of Gross profit to Adjusted Gross profit:
    Gross profit

    $

    45,784

    $

    20,172

    $

    89,086

    $

    56,573

    Share-based compensation expense (a)

     

    37

     

    122

     

    142

     

    253

    Amortization of assets related to acquisitions

     

    160

     

    -

     

    694

     

    -

    Adjusted Gross profit (Non-GAAP)

    $

    45,981

    $

    20,294

    $

    89,922

    $

    56,826

     

    (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 June 30,

    Six months ended June 30,

    U.S. dollars in thousands

    2021

    2020

    2021

    2020

    (Unaudited)

    (Unaudited)

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

    $

    1,480

    $

    (5,882)

    $

    15,322

    $

    (3,204)

    Finance expenses (income), net

     

    3,095

     

    2,507

     

    (2,238)

     

    1,638

    Taxes on income

     

    598

     

    471

     

    2,127

     

    949

    Depreciation and amortization related to acquisitions

     

    8,781

     

    6,987

     

    17,689

     

    14,102

    Legal settlements and loss contingencies, net (a)

     

    4,109

     

    1,637

     

    4,849

     

    4,475

    Contingent consideration adjustment related to acquisition

     

    284

     

    -

     

    284

     

    -

    Share-based compensation expense (b)

     

    429

     

    801

     

    996

     

    1,707

     
    Adjusted EBITDA (Non-GAAP)

    $

    18,776

    $

    6,521

    $

    39,029

    $

    19,667

     
     

    (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 June 30,

    Six months ended June 30,

    U.S. dollars in thousands (except per share data)

    2021

    2020

    2021

    2020

    (Unaudited)

    (Unaudited)

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

    $

    1,705

    $

    (5,882)

    $

    15,895

    $

    (3,204)

    Legal settlements and loss contingencies, net (a)

     

    4,109

     

    1,637

     

    4,849

     

    4,475

    Contingent consideration adjustment related to acquisition

     

    284

     

    -

     

    284

     

    -

    Amortization of assets related to acquisitions, net of tax

     

    561

     

    -

     

    1,387

     

    -

    Share-based compensation expense (b)

     

    429

     

    801

     

    996

     

    1,707

    Non cash revaluation of lease liabilities (c)

     

    889

     

    1,256

     

    (973)

     

    (215)

    Total adjustments

     

    6,272

     

    3,694

     

    6,543

     

    5,967

    Less tax on non-tax adjustments (d)

     

    770

     

    1,310

     

    797

     

    2,116

    Total adjustments after tax

     

    5,502

     

    2,384

     

    5,746

     

    3,851

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

    $

    7,207

    $

    (3,498)

    $

    21,641

    $

    647

    Adjusted diluted EPS (e)

    $

    0.21

    $

    (0.10)

    $

    0.63

    $

    0.02

     
     

    (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 three and six months ended June 30, 2021 and 2020, based on the effective tax rates.

    (e)

    In calculating adjusted diluted (Non-GAAP) EPS for the three and six months ended June 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 June 30,

    Six months ended June 30,

    U.S. dollars in thousands

    2021

    2020

    2021

    2020

    (Unaudited)

    (Unaudited)

     
    USA

    $

    77,844

    $

    41,726

    $

    148,675

    $

    101,781

    Canada

     

    21,946

     

    14,435

     

    39,725

     

    32,993

    Latin America

     

    741

     

    132

     

    1,599

     

    638

    America's

     

    100,531

     

    56,293

     

    189,999

     

    135,412

     
    Australia

     

    31,597

     

    23,534

     

    58,769

     

    45,888

    Asia

     

    7,370

     

    1,732

     

    15,147

     

    4,563

    APAC

     

    38,967

     

    25,266

     

    73,916

     

    50,451

     
    EMEA

     

    15,852

     

    8,031

     

    28,570

     

    19,371

     
    Israel

     

    8,112

     

    9,447

     

    17,009

     

    20,360

     
    Total Revenues

    $

    163,462

    $

    99,037

    $

    309,494

    $

    225,594

    Caesarstone Ltd. and its subsidiaries

    Geographic breakdown of revenues by region - Supplemental data

     

    Three months ended

    U.S. dollars in thousands

    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

    $

    77,844

    $

    70,831

    $

    53,618

    $

    52,097

    $

    41,726

    $

    60,055

    $

    64,659

    $

    64,805

    $

    64,590

    Canada

     

    21,946

     

    17,779

     

    20,325

     

    19,174

     

    14,435

     

    18,558

     

    20,575

     

    21,881

     

    23,341

    Latin America

     

    741

     

    858

     

    1,387

     

    124

     

    132

     

    506

     

    735

     

    1,434

     

    1,351

    America's

     

    100,531

     

    89,468

     

    75,330

     

    71,395

     

    56,293

     

    79,119

     

    85,969

     

    88,120

     

    89,282

     
    Australia

     

    31,597

     

    27,172

     

    29,953

     

    27,746

     

    23,534

     

    22,354

     

    26,000

     

    28,642

     

    28,294

    Asia

     

    7,370

     

    7,777

     

    7,122

     

    2,881

     

    1,732

     

    2,831

     

    3,932

     

    3,675

     

    3,311

    APAC

     

    38,967

     

    34,949

     

    37,075

     

    30,627

     

    25,266

     

    25,185

     

    29,932

     

    32,317

     

    31,605

     
    EMEA

     

    15,852

     

    12,718

     

    14,408

     

    11,422

     

    8,031

     

    11,340

     

    9,464

     

    11,719

     

    11,418

     
    Israel

     

    8,112

     

    8,897

     

    10,083

     

    10,478

     

    9,447

     

    10,913

     

    8,502

     

    10,683

     

    8,766

     
    Total Revenues

    $

    163,462

    $

    146,032

    $

    136,896

    $

    123,922

    $

    99,037

    $

    126,557

    $

    133,867

    $

    142,839

    $

    141,071

     
     

    Year-over-year % change

    6/30/2021

    3/31/2021

    12/31/2020

    9/30/2020

    6/30/2020

    (Unaudited)

     
    USA

     

    86.6%

     

    17.9%

     

    -17.1%

     

    -19.6%

     

    -35.4%

    Canada

     

    52.0%

     

    -4.2%

     

    -1.2%

     

    -12.4%

     

    -38.2%

    Latin America

     

    461.4%

     

    69.6%

     

    88.8%

     

    -91.4%

     

    -90.2%

    America's

     

    78.6%

     

    13.1%

     

    -12.4%

     

    -19.0%

     

    -36.9%

     
    Australia

     

    34.3%

     

    21.6%

     

    15.2%

     

    -3.1%

     

    -16.8%

    Asia

     

    325.5%

     

    174.7%

     

    81.1%

     

    -21.6%

     

    -47.7%

    APAC

     

    54.2%

     

    38.8%

     

    23.9%

     

    -5.2%

     

    -20.1%

     
    EMEA

     

    97.4%

     

    12.2%

     

    52.2%

     

    -2.5%

     

    -29.7%

     
    Israel

     

    -14.1%

     

    -18.5%

     

    18.6%

     

    -1.9%

     

    7.8%

     
    Total Revenues

     

    65.1%

     

    15.4%

     

    2.3%

     

    -13.2%

     

    -29.8%

     
     

    Year-over-year % change in constant currency (*)

    6/30/2021

    3/31/2021

    12/31/2020

    9/30/2020

    6/30/2020

    (Unaudited)

     
    USA

     

    86.6%

     

    17.9%

     

    -17.1%

     

    -19.6%

     

    -35.4%

    Canada

     

    35.1%

     

    -9.6%

     

    -2.4%

     

    -11.7%

     

    -36.0%

    Latin America

     

    460.5%

     

    69.8%

     

    88.7%

     

    -91.3%

     

    -90.2%

    America's

     

    74.2%

     

    11.8%

     

    -12.7%

     

    -18.8%

     

    -36.4%

     
    Australia

     

    14.6%

     

    2.8%

     

    7.9%

     

    -7.1%

     

    -11.5%

    Asia

     

    312.8%

     

    169.5%

     

    80.7%

     

    -21.2%

     

    -45.9%

    APAC

     

    35.1%

     

    21.5%

     

    17.5%

     

    -8.7%

     

    -15.1%

     
    EMEA

     

    77.6%

     

    3.3%

     

    45.8%

     

    -5.9%

     

    -26.9%

     
    Israel

     

    -20.5%

     

    -24.6%

     

    9.4%

     

    -4.5%

     

    4.5%

     
    Total Revenues

     

    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.

     



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    Caesarstone Reports Second Quarter 2021 Financial Results Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its second quarter ended June 30, 2021. “I am very pleased with our ability to deliver record sales …