Brief: Caesarstone Reports Q1 Adjusted Earnings Per Share $0.13

Caesarstone

06/05/2020 12:20

May 6 (Reuters) - Caesarstone Ltd  19C.F :
    * CAESARSTONE REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.13
    * Q1 EARNINGS PER SHARE $0.08
    * Q1 REVENUE $126.6 MILLION VERSUS $128.2 MILLION
    * WITHDRAWS FULL YEAR 2020 OUTLOOK DUE TO COVID-19 RELATED
DEMAND
UNCERTAINTY
    * CASH POSITION OF $131.9 MILLION AS OF MARCH 31 WITH ZERO
FINANCIAL DEBT
    * SIGNIFICANTLY LIMITING CAPITAL EXPENDITURES AND DELAYING
MAJORITY OF INVESTMENTS RELATED TO CO'S GLOBAL GROWTH
ACCELERATION PLAN
    * FURLOUGHING A PORTION OF SALARIED EMPLOYEES AND FREEZING
HIRING
    * REDUCING SALARIES OF SENIOR MANAGEMENT AND BOARD MEMBERS
BY
15-20% THROUGH YEAR END, INCLUDING A 20% REDUCTION FOR COMPANY'S
CEO
    * DOES NOT INTEND TO PAY A DIVIDEND FOR Q1 OF 2020, BASED ON
ITS
REPORTED NET INCOME FOR PERIOD
    * BEGAN TO EXPERIENCE SIGNIFICANT SOFTENING OF DEMAND FOR
PRODUCTS
AS A RESULT OF COVID DURING MONTH OF APRIL

Source text for Eikon:  ID:nBwbYcwF9a 
Further company coverage:  19C.F 

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