Caesarstone Ltd. reported full year 2024 revenue of $443.2 million, representing a 21.5% decrease year-over-year on a constant currency basis, primarily driven by lower volumes. Despite the revenue decline, the company's gross margin improved significantly to 21.8% for the full year, up from 16.3% in the prior year, attributed to the benefits of an improved production footprint. Adjusted gross margin also rose to 22.1% from 17.0% in the prior year.
For the fourth quarter of 2024, revenue was $97.9 million, a 23.8% decline year-over-year on a constant currency basis. The company recorded an Adjusted EBITDA loss of $8.0 million for Q4 2024, contributing to a full-year Adjusted EBITDA loss of $11.5 million, compared to a loss of $9.4 million in 2023. Operating loss for the full year improved to $41.9 million from $88.0 million in the prior year, reflecting lower restructuring and impairment expenses.
Caesarstone generated positive operating cash flow of $31.9 million for the full year 2024, demonstrating effective working capital management. The company maintained a strong balance sheet with a net cash position of $101.8 million as of December 31, 2024. As of the same date, the company was subject to lawsuits involving 296 injured persons alleging injuries from respirable crystalline silica dust, with a provision of $50.0 million recorded and insurance receivables totaling $32.2 million. Management expects a modest improvement in full year 2025 adjusted EBITDA compared to 2024, driven by cost optimization initiatives and strategic investments.
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