ICL posts net income of $633 Mn in Q3 FY22-23

ICL’s consolidated sales of $2,519 million were up 41 per cent year-over-year versus $1,790 million.

Israel-based leading global specialty minerals company, ICL reported its financial results for the third quarter ended September 30, 2022. Consolidated sales of $2,519 million were up 41 per cent year-over-year versus $1,790 million. Operating income of $935 million was up 191 per cent versus $321 million, while adjusted operating income of $928 million was up 195 per cent versus $315 million. Net income of $633 million was up 181 per cent, while adjusted net income of $628 million was up 192 per cent. Adjusted EBITDA of $1,049 million was up 139 per cent versus $438 million. Adjusted EBITDA margin of 41.6 per cent was up versus 24 per cent. Earnings per share of $0.49 were up 188 per cent versus $0.17.

Once again, ICL’s focus on long-term specialties solutions benefitted the company, as did additional upside from commodity prices, which began to ease following record-setting rates in the first half of the year.

“ICL delivered another quarter of record results, with record third quarter and year-to-date sales, operating income, EBITDA, operating cash flow and net profit, as well as a new production record at our Dead Sea site and year-to-date records for free cash flow and EPS. All three of our specialties businesses delivered record third quarter results, even with shifts in demand and continued global supply chain challenges,” said Raviv Zoller, president and CEO of ICL. “Our third quarter results reinforce our recent investor day message, which stressed our commitment to growing our leadership position across our differentiated businesses, as these represent significant long-term opportunities for ICL to deliver sustainable shareholder value.”

ICL's consolidated sales of $2,519 million were