Company’s operating income was $465 million versus $902 million, while adjusted operating income was $480 million versus $880 million in the first quarter of last year.

ICL, Israel-based a leading global specialty minerals company, reported its financial results for the first quarter ended March 31, 2023. Consolidated sales were $2.1 billion versus $2.5 billion. Operating income was $465 million versus $902 million, while adjusted operating income was $480 million versus $880 million in the first quarter of last year. Adjusted EBITDA was $610 million versus $1,002 million. Earnings per share were $0.22 versus $0.49, and adjusted diluted EPS was $0.23 versus $0.48.

“ICL delivered another solid first quarter, even as prices pulled back significantly from last year’s peak levels. We are working to leverage opportunities created by geopolitical developments, global sustainability challenges and the current capital markets backdrop, to strengthen long-term value creation through innovative food security and battery materials solutions, while maintaining our focus on consistent cash generation and on driving cost efficiencies,” said Raviv Zoller, president and CEO of ICL. “For the first quarter, we continued to return value to shareholders, as we delivered record operating cash flow of $382 million and announced a dividend of $0.11 per share.”

The company also reiterated its guidance for full year adjusted EBITDA of between $2.2 billion to $2.4 billion, with approximately $1.1 billion of this amount estimated to come from the company’s specialties focused businesses. (1a).

First quarter 2023 summary

• Sales of $564 million vs. $566 million.
• EBITDA of $45 million vs. $110 million.
• Margin decreased, due to destocking during a declining price environment.

Key developments

• Specialty agriculture: Sales declined versus the prior year, as lower volumes offset higher prices achieved through new product launches.
• Turf and ornamental: Results softened year-over-year, as higher prices from new product launches were unable to offset weaker ornamental and horticulture sales volumes.
• Brazil: Sales increased versus the prior year, while profit was impacted by higher-cost inventory.
• Polysulphate: Sales and profit increased year-over-year, with record production at Boulby of 259,000 metric tons.