ICL Group, a leading global specialty minerals company, saw its stock price plummet 6.67% in the 24-hour trading session on Wednesday. The sharp decline was primarily driven by the company's fourth-quarter earnings results, which missed analyst estimates, and lower potash prices that weighed on its performance.
In the fourth quarter of 2024, ICL Group reported adjusted earnings per share of $0.08, in line with analyst consensus estimates. However, the company's sales of $1.60 billion fell short of expectations, missing the analyst estimate of $1.65 billion by 3.17%.
A key factor contributing to the weaker-than-expected performance was the decline in potash prices. ICL Group's potash price (CIF) per tonne dropped to $285 in the fourth quarter, marking a 17% decrease compared to the same period in 2023. This decline in potash prices negatively impacted the company's operating income, offsetting the positive impact of higher sales volumes in certain segments.