Why Caesarstone Ltd. Shares Plunged 15% Today
Shares of counter manufacturer Caesarstone Ltd. (NASDAQ: CSTE) fell buy as much as 15.3% in trading on Wednesday morning after the company reported second-quarter earnings. At 11:05 a.m. EDT shares were still down 14.6% for the day.
Revenue was up 4.6% year over year to $148.9 million in the quarter, and on a constant-currency basis, it grew 5%. But gross margin fell from 42.1% a year ago to 34.9% on higher costs and lower volume, resulting in a 44.7% decline in net income to $14.9 million, or $0.42 per share.
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Source: Fool.com
