ICL Group reported first-quarter net income attributable to shareholders of $109 million on sales of $1.74 billion, down 61% from the year-ago $280 million and $2.1 billion, respectively. Operating income was down at $203 million from $465 million, while adjusted EBITDA was $362 million, down from $610 million.
“ICL delivered solid first quarter results, with sequential improvement in quarterly sales and adjusted EBITDA, as global demand stabilized and the majority of our end-markets began to show signs of recovery,” said President and CEO Raviv Zoller. “Additionally, we have been able to limit the impact for most of the war-related disruptions.”
Zoller said the company continued to focus on innovation during the first quarter, expanding its specialties product portfolio and entering into new strategic partnerships, while executing its efficiency program and achieving further cost reductions.
“These efforts help us to provide consistent strong cash generation and industry leading dividend distributions to our shareholders,” he said.
The company reiterated its guidance for full-year 2024, which calls for the specialties-driven segment’s adjusted EBITDA to be between $0.7-$0.9 billion. For potash, the company continues to expect 2024 sales volumes of 4.6-4.9 million mt.
First-quarter Potash segment sales volumes were 1.084 million mt, up more than 120,000 mt from the year-ago quarter. The average price was $324/mt CIF, which was down 6% sequentially but 40% year-over-year. EBITDA was $124 million on sales of $423 million, down from the year-ago $298 million and $600 million, respectively.
Phosphate Solutions EBITDA were $131 million on sales of $559 million, down from the year-ago $171 million and $675 million, respectively. The company said there was increased competition for most markets, including North and South America, China, and Europe.
The Growing Solutions segment reported EBITDA of $42 million on sales of $479 million, down from the year-ago $45 million and $564 million, respectively. ICL said specialty agriculture sales decreased versus the prior year, as stronger volumes were offset by lower prices.
Turf and ornamental saw a recovery in ornamental horticulture, with good
demand, while turf saw some impact from a wet spring in Europe. The polysulfate
market remained challenged, as lower prices impacted profitability in Europe
and North America due to lower overall volumes and higher logistics costs.
Industrial Products reported EBITDA of $72 million on sales of $335 million,
down from $105 million and $361 million, respectively.