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ICL Group (ICL) Earnings and Revenues Surpass Estimates in Q1
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ICL Group Ltd (ICL - Free Report) logged profits of $632 million or 49 cents per share for the first quarter of 2022, up from a profit of $135 million or 11 cents per share a year ago.
Barring one-time items, adjusted earnings were 48 cents per share for the quarter. It topped the Zacks Consensus Estimate of 33 cents.
The company raked in revenues of $2,525 million for the quarter, up around 67% year over year. It surpassed the Zacks Consensus Estimate of $2,118.6 million.
The company’s performance was driven by higher demand and increased prices in most markets, offsetting higher overall costs and global supply chain challenges.
Revenues from the Industrial Products segment went up 24% year over year to a record $494 million in the reported quarter. The company saw higher year-over-year pricing while certain end-markets continued to moderate as supply chain and raw material supply issues along with higher costs continued to affect the global marketplace in the quarter.
The Potash unit logged revenues of $795 million, surging around 128% year over year. Average potash realized price per ton jumped 134% year-over-year, led by prices increases on the back of global disruptions in fertilizer availability, exacerbated by the Russia-Ukraine conflict.
Revenues from Phosphate Solutions rose 59% year over year to $798 million on record sales of Phosphate specialties and Phosphate commodities. Commodity market prices continued to trend higher along with raw material prices in the quarter.
The Innovative Ag Solutions unit recorded sales of $566 million, up 66% year over year. Commodity prices increased driven by Russia’s invasion of Ukraine. Raw material prices also increased while supply chain issues continued in the reported quarter.
Financials
The company ended the quarter with cash and cash equivalents of roughly $439 million, up roughly 180% the year-ago quarter. Long-term debt and debentures were $2,402 million, up 13% year over year.
Outlook
The company raised its expectations for full year adjusted EBITDA to a range of $3,500-$3,750 million, with $1,300-$1,400 million coming from its specialties focused businesses. The revision is based on strong first-quarter results and significant changes in market dynamics.
Price Performance
ICL Group’s shares are up 65.4% over a year compared with a 21.5% decline recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
ICL Group carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , Commercial Metals Company (CMC - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Steel Dynamics, sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 18.5% for the current year. The Zacks Consensus Estimate for STLD's current-year earnings has been revised 32.5% upward over the last 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics beat the Zacks Consensus Estimate for earnings in each of the last four quarters, the average being roughly 2.5%. STLD has gained around 17% in a year.
Commercial Metals, carrying a Zacks Rank #1, has a projected earnings growth rate of 78.2% for the current fiscal year. The Zacks Consensus Estimate for CMC's current fiscal year earnings has been revised 31.9% upward over the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missed once. It has a trailing four-quarter earnings surprise of roughly 16%, on average. CMC has gained around 13% in a year.
Nutrien, sporting a Zacks Rank #1, has an expected earnings growth rate of 161.9% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 38.8% upward over the last 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missed once. It has a trailing four-quarter earnings surprise of roughly 5.8%, on average. NTR has rallied around 58% in a year.
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ICL Group (ICL) Earnings and Revenues Surpass Estimates in Q1
ICL Group Ltd (ICL - Free Report) logged profits of $632 million or 49 cents per share for the first quarter of 2022, up from a profit of $135 million or 11 cents per share a year ago.
Barring one-time items, adjusted earnings were 48 cents per share for the quarter. It topped the Zacks Consensus Estimate of 33 cents.
The company raked in revenues of $2,525 million for the quarter, up around 67% year over year. It surpassed the Zacks Consensus Estimate of $2,118.6 million.
The company’s performance was driven by higher demand and increased prices in most markets, offsetting higher overall costs and global supply chain challenges.
ICL Group Ltd. Price, Consensus and EPS Surprise
ICL Group Ltd. price-consensus-eps-surprise-chart | ICL Group Ltd. Quote
Segment Highlights
Revenues from the Industrial Products segment went up 24% year over year to a record $494 million in the reported quarter. The company saw higher year-over-year pricing while certain end-markets continued to moderate as supply chain and raw material supply issues along with higher costs continued to affect the global marketplace in the quarter.
The Potash unit logged revenues of $795 million, surging around 128% year over year. Average potash realized price per ton jumped 134% year-over-year, led by prices increases on the back of global disruptions in fertilizer availability, exacerbated by the Russia-Ukraine conflict.
Revenues from Phosphate Solutions rose 59% year over year to $798 million on record sales of Phosphate specialties and Phosphate commodities. Commodity market prices continued to trend higher along with raw material prices in the quarter.
The Innovative Ag Solutions unit recorded sales of $566 million, up 66% year over year. Commodity prices increased driven by Russia’s invasion of Ukraine. Raw material prices also increased while supply chain issues continued in the reported quarter.
Financials
The company ended the quarter with cash and cash equivalents of roughly $439 million, up roughly 180% the year-ago quarter. Long-term debt and debentures were $2,402 million, up 13% year over year.
Outlook
The company raised its expectations for full year adjusted EBITDA to a range of $3,500-$3,750 million, with $1,300-$1,400 million coming from its specialties focused businesses. The revision is based on strong first-quarter results and significant changes in market dynamics.
Price Performance
ICL Group’s shares are up 65.4% over a year compared with a 21.5% decline recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
ICL Group carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , Commercial Metals Company (CMC - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Steel Dynamics, sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 18.5% for the current year. The Zacks Consensus Estimate for STLD's current-year earnings has been revised 32.5% upward over the last 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics beat the Zacks Consensus Estimate for earnings in each of the last four quarters, the average being roughly 2.5%. STLD has gained around 17% in a year.
Commercial Metals, carrying a Zacks Rank #1, has a projected earnings growth rate of 78.2% for the current fiscal year. The Zacks Consensus Estimate for CMC's current fiscal year earnings has been revised 31.9% upward over the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missed once. It has a trailing four-quarter earnings surprise of roughly 16%, on average. CMC has gained around 13% in a year.
Nutrien, sporting a Zacks Rank #1, has an expected earnings growth rate of 161.9% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 38.8% upward over the last 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missed once. It has a trailing four-quarter earnings surprise of roughly 5.8%, on average. NTR has rallied around 58% in a year.