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Tuesday, November 24, 2009

Israel Chemicals 3rd-qtr Net Off 67%

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- Israel Chemicals Ltd., the Tel Aviv provider of fertilizer and specialty chemicals, reported third-quarter net income fell 67% on 38% lower sales. Net income was $256.6 million compared with $778.6 million in the year-earlier quarter. Adjusted earnings fell to $278.9 million from $846.1 million. Sales declined to $1.35 billion from $2.18 billion. The drop reflects the year-ago quarter's "exceptional demand and prices" in the fertilizer industry, ICL said in a statement on Tuesday. "The steady sequential increase in sales may be an indication that ICL's markets have begun to recover and that demand has begun a return to normal levels." Gross-profit margin in the third quarter was 42.7%, narrowed from 57% a year earlier and wider than second-quarter 2009's 35.3%. In early notes, the investment banks Leader Capital Markets and Excellence Nessuah said ICL's report was stronger than expected as potash sales of 939,000 tons exceeded their estimates. They said the average selling price was disappointing at a bit more than $460 a ton; Leader was expecting $510. Excellence affirmed a market-perform rating on the stock.

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