Caesarstone Sdot-Yam Q2 Profit Down; Lifts 2014 Revenue Guidance - Quick Facts

(RTTNews) - Caesarstone Sdot-Yam Ltd. (CSTE), a manufacturer of high quality engineered quartz surfaces, reported net income attributable to controlling interest for the second quarter of 2014 of $18.2 million down from $19.7 million in the same quarter in the prior year. Net income per share for the second quarter was $0.51 compared to $0.56 per share in the prior year's second quarter.

On an adjusted basis, net income in the second quarter was $20.7 million, or $0.58 per share compared to $18.6 million, or $0.53 per share in the same quarter of the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues in the second quarter of 2014 increased by 30.4% to $116.1 million compared to $89.0 million in the same quarter of the prior year. This was a record for any quarter. On a constant currency basis, second quarter revenue growth was 32.3% compared to the same period last year. Growth in revenues was primarily driven by continued increases in the United States, which grew 55.0% to $47.9 million, as well as contributions from Australia, Canada and other regions. Wall Street analysts had a consensus revenue estimate of $105.15 million for the quarter.

Following a strong second quarter and to reflect an improvement in both inventory and manufacturing throughput, the Company increased its revenue guidance for the full year of 2014 to a new range of $435 to $445 million as compared to its prior range of $420 million to $430 million. Wall Street expects revenues of $429.22 million for fiscal 2014.

The company also increased its expected range of adjusted EBITDA for the full year to $112 million to $117 million as compared to its prior expected range of $108 million to $113 million.