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Caesarstone Lowers Profit Outlook as Costs Keep Climbing

TheMotleyFool

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Caesarstone Lowers Profit Outlook as Costs Keep ClimbingPhoto, wide shot, wide-angle lens, Toy manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/2788fcd3-d339-4592-8f5c-a3b9125dc61f.png

Caesarstone Lowers Profit Outlook as Costs Keep Climbing

Caesarstone (NASDAQ: CSTE) has been hoping to boost profitability by expanding its manufacturing base beyond Israel and into the key U.S. market. The initiative has had the opposite effect so far, though.

In earnings results announced this week, the company lowered its full-year profit outlook for the second straight quarter due to stubbornly high production expenses in its Richmond Hill, Georgia, plant.

More on that outlook in a moment. First, here's how the third-quarter results stacked up against the prior-year period:

Source: Fool.com