ICL Group's (ICL) Earnings and Revenues Beat Estimates in Q2

Core Insights - ICL Group Ltd reported a profit of $115 million or 9 cents per share in Q2 2024, a decrease from $163 million or 13 cents in the same quarter last year, but adjusted earnings per share of 10 cents exceeded the Zacks Consensus Estimate of 9 cents [1] - Sales declined approximately 6% year-over-year to $1,752 million, surpassing the Zacks Consensus Estimate of $1,733.2 million [1] Segment Highlights - Industrial Products segment sales increased by 5% year-over-year to $315 million, with flat EBITDA at $74 million, marking the third consecutive quarter of sequential EBITDA improvement [2] - Potash segment sales fell by 27.5% year-over-year to $422 million, with EBITDA down 44% year-over-year to $118 million [2] - Phosphate Solutions segment sales rose by 1% year-over-year to $572 million, with EBITDA increasing by 13% year-over-year to $146 million, indicating a second consecutive quarter of sequential sales improvement [3] - Growing Solutions segment sales grew by 3% year-over-year to $494 million, with EBITDA nearly doubling from $22 million to $45 million [4] Financials - At the end of the quarter, ICL had cash and cash equivalents of $287 million, a decrease of around 23% year-over-year, while long-term debt was $1,850 million, down nearly 13% year-over-year [5] - Cash provided by operating activities was $316 million in the reported quarter [5] Guidance - The company updated its full-year 2024 guidance, projecting specialties-driven EBITDA of $0.8 billion to $1 billion, an increase from the previous guidance of $0.7 billion to $0.9 billion, with expected potash sales volumes remaining unchanged at 4.6-4.9 million metric tons [6] Price Performance - ICL's shares have declined by 31.1% over the past year, compared to a 23.9% decline in the industry [7]