In addition to this, the company also reported operating income of US$985 million compared to US$116 million in 1Q17, which includes a capital gain from the previously announced sale of the company’s oil additives and fire safety businesses. Excluding the gain, the company showed improvement across all financial metrics, with gross profit, adjusted operating income and adjusted net income increasing by 20%, 30% and 56%, respectively. Growth was supported by a 36% increase in the company’s essential minerals segment profit, as well as by increased prices in ICL’s specialty solutions segment. Adjusted EBITDA for 1Q18 was US$251 million, compared to US$218 million in 1Q17.
Asher Grinbaum, ICL’s Acting CEO, said: “I am proud to report that ICL recorded strong revenue and profit gains during the first quarter. These results were supported by the positive potash environment and the growth of our Specialty Fertilizers business line in our Essential Minerals segment, as well as by the value-oriented pricing approach of our Specialty Solutions segment. The Q1 results also reflect the strategic efforts of the company over the past two years, during which time ICL has stabilised its financial position, divested low-synergy assets for net proceeds in excess of a billion dollars, reduced its debt, implemented efficiency measures, reduced its cost structure and CAPEX, and optimised its cash flow management.
“As I hand over the management of the company to incoming CEO, Raviv Zoller, in the next few days, I am proud of ICL's many accomplishments, despite market and other challenges during the past two years in which I have served as Acting CEO. I am also grateful for having had the opportunity to serve the company for 45 years in a variety of capacities and to have worked with ICL's talented and dedicated team of managers and employees in Israel and throughout the world. They are the strength of this company, and I am confident that under Mr. Zoller's leadership, ICL will continue to grow and flourish.”
Read the article online at: https://www.worldfertilizer.com/nitrogen/10052018/icl-releases-financial-results-for-1q18/