Israeli specialty minerals company ICL (TASE: ICL: NYSE: ICL) today reported strong financial results for the fourth quarter of 2021, beating the analysts’ forecasts on both revenue and profit.
Fourth quarter revenue was $2.038 billion, up 55% from the corresponding quarter of 2020. Net profit was $283 million up 335% from the fourth quarter of 2020, and adjusted EBITDA was $575 million, up 115%. Earnings per share was $0.26, beating the analysts’ forecast by $0.10. Revenue was $120 million higher than the analysts’ estimates.
ICL profit quadruples
For the full year, revenue in 2021 was $6.955 billion, up 38% from $5.043 billion in 2020. Adjusted net profit in 2021 was $824 million, up 219% from 2020 and djusted EBITDA was $1.642 billion, up 66% from 2020.
ICL president and CEO Raviv Zoller said, “The fourth quarter was a remarkable end to 2021, with sales of more than $2 billion and all-time record adjusted fourth quarter EBITDA of $575 million. In fact, all three of our specialty businesses delivered all-time record fourth quarter and annual results. We continued to benefit from our strategic focus on growing our long-term specialty solutions businesses, as performance in the quarter was also supported by increased demand and higher prices in most markets and continued commodity upside momentum.”
ICL full year 2022 adjusted EBITDA is expected to be within a range of $1.850 billion to $2.050 billion. The company’s fourth quarter 2021 dividend of $13.18 per share, or approximately $169 million, will be payable on March 8, 2022, to shareholders of record as of February 23, 2022.
ICL’s share price was up 2.13% in premarket trading, after rising 2.39% yesterday to $9.84, giving a market cap of $12.666 billion.
Published by Globes, Israel business news – en.globes.co.il – on February 9, 2022.
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