Caesarstone Ltd. (CSTE) Announces Earnings Results, Misses Estimates By $0.22 EPS
Caesarstone Ltd. (NASDAQ:CSTE) posted its quarterly earnings results on Wednesday. The construction company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.22), Briefing.com reports. The company had revenue of $154.68 million during the quarter, compared to analyst estimates of $153.75 million. Caesarstone had a net margin of 11.21% and a return on equity of 14.21%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS.
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A number of research analysts recently commented on CSTE shares. Zacks Investment Research raised Caesarstone from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. J P Morgan Chase & Co downgraded Caesarstone from a “neutral” rating to an “underweight” rating in a research note on Thursday. BidaskClub downgraded Caesarstone from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $47.00 price target on shares of Caesarstone in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Caesarstone presently has an average rating of “Hold” and a consensus price target of $38.20.
Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.
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