Tel Aviv—Israel Chemicals Ltd.’s ICL Fertilizer segment reported operating income of $180 million on sales of $933 million for the first quarter ending March 31, compared to the year-ago $293 million and $1 billion, respectively. ICL reported record sales of potash and phosphates during the quarter on a volume basis, but this was offset by lower prices. In addition, there was continued growth in specialty fertilizer sales. ICL said lower potash and phosphate prices, increased cost of sales, and operating expenses were partially offset by a drop in energy prices due to the greater use of natural gas. ICL said that the labor dispute at Rotem Amfert, which included a three-week strike, had a $7 million impact on operating income and would have an additional $11 million impact in 2014. ICL sold a record 1.47 million mt of potash in the first quarter, compared to the year-ago 1.31 million mt, which was attributed to higher volume sales to China, Brazil, and Europe. Despite the strike at Rotem Amfert, it sold a record 525,000 mt of phosphate fertilizers in the first quarter. Phosphate sales were put at $465 million, up from $460 million. Company-wide, Israel Chemicals Ltd. had a 57 percent drop in first-quarter net income, to $131 million on revenues of $1.61 billion, compared to the year-ago $305 million and $1.64 billion, respectively.
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