Israel Chemicals Reports Rise in Quarterly Profit, Though Strike Harmed Sales
ICL has exclusive permits to extract minerals from the Dead Sea.
REUTERS - Israel Chemicals (ICL) reported a higher-than-expected rise in quarterly net profit, boosted by the sale of non-core businesses that offset the impact of a strike that lowered sales.
ICL, which has exclusive permits to extract minerals from the Dead Sea, said on Wednesday it earned $193 million excluding one-time items in the first quarter, up from $189 million a year earlier.
Revenue fell 13 percent to $1.4 billion due to the ongoing strike at two of its plants.
The company was forecast to record adjusted net profit of $144 million on revenue of $1.37 million, in a Reuters poll of analysts.
ICL, one of the three largest suppliers of the crop nutrient potash to China, India and Europe, said that after the strike ends it would recover most of the delayed potash sales.
ICL said it would pay a first quarter dividend of $151 million. (Reporting by Steven Scheer)
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