ICL Group, a leading global specialty minerals company, saw its stock plummet 6.51% in pre-market trading on Wednesday following a disappointing fourth-quarter earnings report. The company missed analyst estimates for revenue and was impacted by lower potash prices during the quarter.
For the fourth quarter of 2024, ICL Group reported adjusted earnings per share of $0.08, in line with 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, with ICL Group's average potash price (CIF) per tonne dropping to $285, marking a 17% decrease compared to the same period in 2023.
ICL Group's CEO Raviv Zoller acknowledged the challenges faced during the quarter, stating, "Amidst persistent potash price declines and geopolitical challenges, we achieved strong profitability and cashflow." Zoller highlighted the company's focus on cost savings, efficiency efforts, and growing its specialties-driven businesses, which contributed 70% of the company's adjusted EBITDA for the year.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.