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