Brief: Caesarstone Reports Q1 Loss Per Share Of $0.01

Caesarstone

01/05/2019 12:14

May 1 (Reuters) - Caesarstone Ltd  CSTE.O :
    * REITERATES FULL YEAR 2019 OUTLOOK
    * CAESARSTONE REPORTS 2019 FIRST QUARTER FINANCIAL RESULTS
AND
ANNOUNCES GLOBAL GROWTH ACCELERATION PLAN
    * Q1 ADJUSTED EARNINGS PER SHARE $0.08
    * Q1 LOSS PER SHARE $0.01
    * Q1 REVENUE $128.2 MILLION VERSUS REFINITIV IBES ESTIMATE
OF
$132.7 MILLION
    * SEES FY 2019 REVENUE $580 MILLION TO $600 MILLION
    * Q1 EARNINGS PER SHARE ESTIMATE $0.08 -- REFINITIV IBES
DATA
    * COMPANY ANNOUNCES ITS GLOBAL GROWTH ACCELERATION PLAN
    * ANNOUNCED AN IMMEDIATE REDUCTION IN ITS GLOBAL HEADCOUNT
BY
APPROXIMATELY 7% ACROSS ALL BUSINESS UNITS AND REGIONS
    * AS PART OF HEADCOUNT REDUCTIONS, CO WILL TEMPORARILY
REDUCE
EFFECTIVE CAPACITY AT ITS U.S. MANUFACTURING FACILITY BY 50%
    * CAESARSTONE - TEMPORARILY REDUCED CAPACITY AT U.S.
FACILITY TO
PROVIDE FOR INCREASED PRODUCTION EFFICIENCY AND REDUCED
INVENTORY LEVELS OVER NEXT 12 MONTHS
    * COMPANY PLANS TO EXPAND ITS US SALES FORCE BY 15-20% OVER
NEXT
TWELVE MONTHS
    * EXPECTS TO FUND ITS GROWTH AND OPERATIONAL INVESTMENTS
WITH A
PORTION OF ANTICIPATED SAVINGS FROM COST REDUCTION MEASURES
    * FINANCIAL IMPACT OF GLOBAL GROWTH ACCELERATION PLAN IS
REFLECTED
IN COMPANY'S UNCHANGED OUTLOOK FOR 2019
    * INTENDS TO INCUR A ONE-TIME CHARGE OF APPROXIMATELY $1
MILLION,
INCLUDING SEVERANCE, IN Q2 OF 2019
    * FY2019 REVENUE VIEW $584.0 MILLION -- REFINITIV IBES DATA

Source text for Eikon:  ID:nBw3mPBNta 
Further company coverage:  CSTE.O 
    
    

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