Israel Chemicals Q4 Profit Tops Forecast

Profits of ICL, which has exclusive permits to extract minerals from the Dead Sea, boosted by higher potash sales, cost cutting measures and lower financing expenses.

Reuters
Reuters
Send in e-mailSend in e-mail
Send in e-mailSend in e-mail
An employee watches as red potash is deposited onto storage mounds inside a warehouse at ICL Fertilizer's Dead Sea Works, part of Israel Chemicals Group, on the Dead Sea, Israel, May 6, 2013.
An employee watches red potash deposited onto storage mounds inside a warehouse at ICL Fertilizer's Dead Sea Works, part of Israel Chemicals Group, on the Dead Sea, Israel, May 6, 2013.Credit: Bloomberg
Reuters
Reuters

Israel Chemicals (ICL) reported higher quarterly profit that beat estimates on Tuesday, boosted by higher potash sales, cost cutting measures and lower financing expenses.

ICL, which has exclusive permits to extract minerals from the Dead Sea, earned 14 cents per diluted share excluding one-time items in the fourth quarter, up from 9 cents a year earlier.

Quarterly sales were up 1.7 percent to $1.43 billion.

ICL, one of the three largest suppliers of the crop nutrient potash to China, India and Europe, was forecast to record adjusted EPS of 11 cents on sales of $1.41 billion, according to Thomson Reuters I/B/E/S.

"Efficiency initiatives, which we expect to continue beyond 2016, reduced our production costs and led to record potash production at ICL Dead Sea and drove incremental profitability despite a difficult operating environment," said Stefan Borgas, ICL's chief executive.

"In 2016, we will continue to create greater balance between our commodity and specialty businesses in order to optimally position ICL for further growth and profitability."

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

Subscribe today and save 40%

SUBSCRIBE
Already signed up? LOG IN

ICYMI

Trump and Netanyahu at the White House in Washington, in 2020.

Three Years Later, Israelis Find Out What Trump Really Thought of Netanyahu

German soldier.

The Rival Jewish Spies Who Almost Changed the Course of WWII

Rio. Not all Jewish men wear black hats.

What Does a Jew Look Like? The Brits Don't Seem to Know

Galon. “I’m coming to accomplish a specific mission: to increase Meretz’s strength and ensure that the party will not tread water around the electoral threshold. If Meretz will be large enough, it will be the basis for a Jewish-Arab partnership.” Daniel Tchetchik

'I Have No Illusions About Ending the Occupation, but the Government Needs the Left'

Soldiers using warfare devices made by the Israeli defense electronics company Elbit Systems.

Russia-Ukraine War Catapults Israeli Arms Industry to Global Stage

Flame and smoke rise during an Israeli air strike, amid Israel-Gaza fighting, in Gaza City August 6, 2022.

Israel Should End Gaza Operation Now, if It Can