Israel Chemicals Ltd. (TASE: ICL) today reported double-digit revenue and profit growth for the second quarter of 2011, beating the analysts' forecasts. Revenue rose 29% to $1.93 billion from $1.49 billion for the corresponding quarter of 2010, beating the analysts' consensus of $1.78 billion.
Net profit rose 44% to $426.2 million for the second quarter from $295.9 million for the corresponding quarter, beating the analysts' consensus of $327 million.
Sales rose in all markets: domestic sales rose to $95.5 million (5% of total sales) in the second quarter from $85.7 million in corresponding quarter; North American sales rose to $415.8 million (22%) from $283.1 million; South American sales rose 10% to $226 million (17%) from $207.7 million; European sales rose by a third to $666.9 million (35%) from $442.3 million; and Asian sales, principally to India and China, rose to $471.1 million (24%) from $457.1 million.
Fertilizers - potash - sales rose by a quarter to $1.1 billion (54% of total sales) for the second quarter from $826 million for the corresponding quarter; industrial products sales, including bromine flame retardants, rose to $424.4 million (21% of total sales) from $358.9 million); and sales of phosphoric acid-based performance products for the food industry and wildfire fighting, rose to $408.2 million (20%) from $341.8 million.
Israel Chemicals, headed by president and CEO Akiva Mozes, will distribute a $298 million dividend.
Israel Chemicals' share price rose 0.7% in morning trading to NIS 50.30, giving a market cap of NIS 63.5 billion.
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