ICL Group, a leading global specialty minerals company, saw its stock price plummet 6.05% in pre-market trading on Wednesday, following the release of its fourth-quarter 2024 earnings results that missed analyst estimates and were impacted by lower potash prices.
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. ICL Group's average 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 significantly impacted the company's operating income in the potash segment, offsetting the positive impact of higher sales volumes in certain other segments.
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.