CaesarStone Sdot-yam (CSTE) has released an update.
CaesarStone Sdot-yam reported a revenue of $118.3 million in the first quarter of 2024, a significant dip from the previous year, amidst global economic challenges and competitive pressures. Despite these headwinds, the company showed an improved gross margin of 24.5% and a strong balance sheet with a net cash position of $89.4 million. CaesarStone remains optimistic, reaffirming its 2024 outlook for positive adjusted EBITDA and operating cash flow while continuing its strategic restructuring to enhance profitability.
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