TEL AVIV - ICL (NYSE: ICL), a global specialty minerals company, announced its financial outcomes for the fourth quarter, surpassing analyst expectations for adjusted earnings per share (EPS) but aligning with revenue forecasts.
The company reported an adjusted EPS of $0.10, exceeding the analyst estimate of $0.08. Revenue for the quarter was reported at $1.69 billion, meeting the consensus estimate of $1.68 billion. ICL shares were trading up 0.39% Wednesday morning.
The company's performance in the fourth quarter reflects resilience in the face of challenging market conditions, as noted by Raviv Zoller, president and CEO of ICL. He highlighted the company's strategic expansion into new markets, efficiency measures, and strong cash generation as key factors in delivering value to shareholders.
ICL's full-year performance also demonstrated a robust financial position, with annual sales reaching $7,536 million. However, this was a decrease compared to the previous year's record sales of $10,015 million. The company's net income for the year stood at $647 million, a significant drop from $2,159 million in the prior year, with adjusted net income at $715 million compared to $2,350 million.
Looking ahead to 2024, ICL anticipates the specialties-driven segments to achieve an adjusted EBITDA between $0.7 billion to $0.9 billion. For its potash segment, the company expects sales volumes to range from 4.6 million to 4.9 million metric tons. ICL also noted that each $20 change in the average potash CIF price could lead to a $100 million annual impact on EBITDA.
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