Increased Prices, Higher Potash Volumes Boost ICL’s 2Q
Israel Chemicals Ltd. (ICL), Tel Aviv, reported second-quarter net income attributable to shareholders of $158 million ($0.12 per diluted share) on sales of $1.43 billion, against a year-ago $101 million ($0.08 per diluted share) and $1.37 billion, respectively.
However, net income adjusted for non-recurring items, came in at $151 million ($0.12 per diluted share) versus the year-earlier $113 million ($0.09 per diluted share).
The adjusted earnings per share beat the average analyst estimate of $0.10, Bloomberg reported (range $0.09 to $0.12, Bloomberg data).
Adjusted EBITDA increased 15 percent over the prior-year, to $340 million, up from $296 million.
Sales were up 4 percent year-on-year.
The company attributed the increase in adjusted net income to increased selling prices of potash, phosphate fertilizers, phosphate-based acids, salts and food additives, together with a positive price impact throughout most of the Industrial Products division’s business lines. Higher sales volumes in the Potash division also contributed.