Tel Aviv, Israel
November 20, 2016
- Strong performance sees Q3 sales up 6.5% to $741 million, with growth across all regions
‒ Significant 8.4% increase in volumes in Q3, up 5.6% year-to-date
‒ Year-to-date sales of $2.4 billion, up 4.1% in constant currencies and in line with last year in USD terms
‒ Driven by launches of new, differentiated products in many markets
‒ Leading sector performance in spite of ongoing subdued agricultural market conditions
- Significant growth in all profit and profitability metrics, with 73% growth in operating income, lead to all-time Q3 record gross profit and EBITDA, as well as record-high EBITDA in the year-to-date
‒ Gross profit up 26%: Q3 gross profit increased 26% to a record $260 million, with an increase of 5.5 percentage points in gross margin to 35.1%. Gross profit in the year-to-date increased 7% to $827 million, with an increase of 2.3 percentage points in gross margin to 34.4%
‒ Operating income up 73%: Q3 operating income increased 73% to $85 million, with an increase of 4.4 percentage points in operating margin to 11.5%. Operating income in the year-to-date increased 15% to reach $313 million, with an increase of 1.7 percentage points in operating margin to 13.0%
‒ EBITDA up 44%: Q3 EBITDA increased 44% to a record $132 million, with an increase of 4.6 percentage points in EBITDA margin to 17.8%. EBITDA in the year-to-date increased 12% to a record $446 million, with an increase of 2.1 percentage points in EBITDA margin to 18.6%
‒ Net Income up 32% YTD: Q3 net income of $33 million, with a net income margin of 4.5%, compared to a loss of $5 million in the third quarter last year. Net income in the year-to-date increased 32% to $191 million, with an increase of 1.9 percentage points in net income margin to 7.9%
- Strong free cash flow of $234 million in the year-to-date, up $182 million over the same period last year
‒ Q3 free cash flow of $120 million, double last year's level
‒ Reduction of $116 million in inventory from a year ago
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