ICL Group Ltd. on Aug. 14 reported total second-quarter sales of $1.75 billion, down 6% from the $1.87 billion reported last year. Operating income was $211 million for the quarter, down from $300 million, while adjusted EBITDA dropped 15%, to $377 million from $441 million in last year’s second quarter.
Potash sales totaled $422 million, down 27% year-over-year, fueled by a 26% decline in potash prices over that period. Sales volumes were also lower at 1.15 million mt, down from 1.28 million mt last year. The potash segment generated $118 million in EBITDA for the quarter, down from $213 million last year.
“ICL delivered sequentially improving EBITDA for the third consecutive quarter, as we continued to build momentum by focusing on the areas under our control, including the introduction of innovative solutions and continued cost efficiencies, while managing the risks associated with geopolitical uncertainties,” said Raviv Zoller, President and CEO of ICL.
“All three of our specialties-driven segments were up versus the second quarter of 2023 and contributed to the sequential increase in adjusted EBITDA and margins,” Zoller added. “While we were ahead of our expectations in the first half of the year, we remain cautious regarding short-term expectations for some of the end markets we serve, including electronics, housing and construction, and food.”
ICL increased its guidance for full-year 2024 and now expects specialties-driven EBITDA of $0.8-$1.0 billion, an increase from previous guidance of $0.7-$0.9 billion, without any change to expected potash sales volumes.