{"id":757090,"date":"2023-05-10T02:17:04","date_gmt":"2023-05-10T06:17:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/icl-reports-first-quarter-2023-results\/"},"modified":"2023-05-10T02:17:04","modified_gmt":"2023-05-10T06:17:04","slug":"icl-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/icl-reports-first-quarter-2023-results\/","title":{"rendered":"ICL Reports First Quarter 2023 Results"},"content":{"rendered":"

<\/p>\n

ICL Reports First Quarter 2023 Results<\/b><\/p>\n

Delivers sales of $2.1 billion, net income of $280 million, adjusted EBITDA of $610 million and <\/i>adjusted diluted EPS of $0.23<\/i><\/p>\n

TEL AVIV, Israel–(BUSINESS WIRE<\/a>)–ICL (NYSE: ICL) (TASE: ICL)<\/i><\/b>,<\/i> a leading global specialty minerals company, today reported its financial results for the first quarter ended March 31, 2023. Consolidated sales were $2.1 billion versus $2.5 billion. Operating income was $465 million versus $902 million, while adjusted operating income was $480 million versus $880 million in the first quarter of last year. Adjusted EBITDA was $610 million versus $1,002 million. Earnings per share were $0.22 versus $0.49, and adjusted diluted EPS was $0.23 versus $0.48.<\/p>\n

\n\u201cICL delivered another solid first quarter, even as prices pulled back significantly from last year\u2019s peak levels. We are working to leverage opportunities created by geopolitical developments, global sustainability challenges and the current capital markets backdrop, to strengthen long-term value creation through innovative food security and battery materials solutions, while maintaining our focus on consistent cash generation and on driving cost efficiencies,\u201d said Raviv Zoller, president and CEO of ICL. \u201cFor the first quarter, we continued to return value to shareholders, as we delivered record operating cash flow of $382 million and announced a dividend of $0.11 per share.\u201d<\/p>\n

\nThe company also reiterated its guidance for full year adjusted EBITDA of between $2.2 billion to $2.4 billion, with approximately $1.1 billion of this amount estimated to come from the company\u2019s specialties focused businesses. (1a)<\/i><\/p>\n

Key Financials<\/b><\/p>\n

\nFirst Quarter 2023<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nUS$M<\/p>\n

\nEx. per share data<\/p>\n<\/td>\n

\n

\n1Q’23<\/p>\n<\/td>\n

\n

\n1Q’22<\/p>\n<\/td>\n<\/tr>\n

\n

\nSales<\/p>\n<\/td>\n

\n

\n$2,098<\/p>\n<\/td>\n

\n

\n$2,525<\/p>\n<\/td>\n<\/tr>\n

\n

\nGross profit<\/p>\n<\/td>\n

\n

\n$828<\/p>\n<\/td>\n

\n

\n$1,245<\/p>\n<\/td>\n<\/tr>\n

\n

\nGross margin<\/p>\n<\/td>\n

\n

\n39%<\/p>\n<\/td>\n

\n

\n49%<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income<\/p>\n<\/td>\n

\n

\n$465<\/p>\n<\/td>\n

\n

\n$902<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted operating income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$480<\/p>\n<\/td>\n

\n

\n$880<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating margin<\/p>\n<\/td>\n

\n

\n22%<\/p>\n<\/td>\n

\n

\n36%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted operating margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n23%<\/p>\n<\/td>\n

\n

\n35%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to shareholders<\/p>\n<\/td>\n

\n

\n$280<\/p>\n<\/td>\n

\n

\n$632<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income attributable to shareholders (1)<\/sup><\/p>\n<\/td>\n

\n

\n$292<\/p>\n<\/td>\n

\n

\n$613<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n$610<\/p>\n<\/td>\n

\n

\n$1,002<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n29%<\/p>\n<\/td>\n

\n

\n40%<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings per share<\/p>\n<\/td>\n

\n

\n$0.22<\/p>\n<\/td>\n

\n

\n$0.49<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash flows from operating activities<\/p>\n<\/td>\n

\n

\n$382<\/p>\n<\/td>\n

\n

\n$325<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

(1)<\/i><\/p>\n<\/td>\n

\n

Adjusted operating income and margin, adjusted net income attributable to shareholders, and adjusted EBITDA and margin are non-GAAP financial measures. Please refer to the adjustments table and disclaimer.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Industrial Products<\/b><\/p>\n

\nFirst quarter 2023<\/p>\n