PR Newswire
TEL AVIV, Israel, Nov. 12, 2020
TEL AVIV, Israel, Nov. 12, 2020 /PRNewswire/ -- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, today reported its financial results for the third quarter ended September 30, 2020.
Highlights for the Third Quarter of 2020
ICL's President & CEO, Raviv Zoller, stated "ICL's ability to execute on strategic priorities is reflected in our consistent delivery of positive results in all operating segments, as well as continuous solid cash generation, while commodity prices remain at cyclically low levels and dislocations persist in many of our end markets. The diversity and breadth of our products, as well as our continued cost efficiency initiatives, partly offset the impact of COVID-19 and lower commodity prices in the third quarter of 2020. Despite these ongoing challenges, we remain focused on important growth initiatives across our segments, as we announced in our recent capital markets day, and are pleased with the progress we are making. ICL's strong financial position and balanced capital priorities will help us navigate through the current global market challenges and position ICL to execute on timely opportunities, as we have demonstrated with our recently announced agreement to acquire Fertiláqua, one of Brazil's leading specialty plant nutrition companies. This acquisition will unlock immediate synergies for distribution in Brazil and further expands ICL's product portfolio with higher margin products, and we intend to continue executing on our specialty businesses' growth strategy, both organically and inorganically. Although COVID-19 may continue to impact our results in the near term, we are very well-positioned for the future. As conditions begin to normalize, which we expect to occur during 2021, we will see further benefits from our strategic efficiency plans, which were accelerated by COVID-19 and implemented across all of our business segments and will result in annualized savings of about $50 million, driving margin expansion and cash flow generation."
Results for the third quarter of 2020 were impacted by the COVID-19 pandemic and the resulting decline in industrial activity and crude oil production, as well as continued lower prices of commodity fertilizers, which impacted sales and operating income. Notwithstanding the market environment, ICL maintained profitability in each of its operating segments due to its diverse business mix, the impact of cost efficiency initiatives and ICL's ongoing focus on increasing its specialties businesses. In the Phosphate Solutions segment, operating income from phosphate specialties increased by 13% compared to the third quarter of 2019, reaching a record level. The recent increase in phosphate commodity market prices and an optimized geographical sales mix, as well as record operating profits from the YPH JV in China, decreased the operating loss from phosphate commodities by $16 million compared to the prior quarter. In the Potash segment, total production from ICL Dead Sea reached a record level for the first nine months of the year, offsetting decreased production from ICL Iberia and positively contributing to the segment's results. Our Industrial Products segment was impacted by lower sales volumes of bromine-based flame retardants due the impact of COVID-19 on global industrial activity and by lower demand for clear brine fluids due to lower oil and gas drilling activity. Demand in certain end markets, including building and construction and electronics manufacturing began to recover towards the end of the third quarter of 2020. The IAS segment reported its third consecutive quarterly year-over-year increase in operating income, due to higher sales volumes, lower costs of raw materials and the continuous implementation of efficiency and cost reduction initiatives.
Financial Figures and Non-GAAP Financial Measures
| 7-9/2020 | 7-9/2019 ARIVA.DE Börsen-GeflüsterAnzeige Aktie im Fokus
Supertrend im Tech-Sektor identifiziert – Chancen auf Kurs-Vervielfachung Kurse
| 1-9/2020 | 1-9/2019 | 1-12/2019 | |||||||
| $ millions | % of sales | $ millions | % of sales | $ millions | % of sales | $ millions | % of sales | $ millions | % of sales | ||
| | | | | | | | | | | ||
| | | | | | | | | | | ||
| | | | | | | | | | | ||
Sales | 1,204 | - | 1,325 | - | 3,726 | - | 4,165 | - | 5,271 | - | ||
Gross profit | 365 | 30 | 472 | 36 | 1,085 | 29 | 1,481 | 36 | 1,817 | 34 | ||
Operating income | 100 | 8 | 201 | 15 | 63 | 2 | 668 | 16 | 756 | 14 | ||
Adjusted operating | 106 | 9 | 201 | 15 | 366 | 10 | 672 | 16 | 760 | 14 | ||
Net income (loss) - | 54 | 4 | 130 | 10 | (54) | (1) | 427 | 10 | 475 | 9 | ||
Adjusted net income - | 58 | 5 | 130 | 10 | 190 | 5 | 431 | 10 | 479 | 9 | ||
Diluted earnings (loss) per share (in dollars) | 0.04 Werbung Mehr Nachrichten zur Israel Chemicals Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 ![]() Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. |