ICL, a leading global specialty minerals company, today reported its financial results for the third quarter ended September 30, 2023. Consolidated sales were US$1.9 billion versus US$2.5 billion, while operating income was US$227 million versus US$935 million in the third quarter of last year. Operating cash flow was US$407 million vs. US$606 million, and adjusted EBITDA was US$346 million versus US$1,049 million.

“ICL delivered solid results, while continuing to target long-term growth and consistently strong cash generation, enhanced by efficiency initiatives. While some competitive pressures remain in certain end-markets, demand recovery is on the horizon for our specialty businesses, and we are expecting a return to a more stabilized growth trajectory during 2024,” said Raviv Zoller, President and CEO of ICL. “Despite the unprecedented October 7 attack on Israel, ICL operations there continue to function without significant disruption. While we have faced some headwinds, we remain committed to our customers, to our focused long-term growth strategy and, before all else, to our employees, their families and the communities where we do business.”

The company reaffirmed its guidance for full year adjusted EBITDA, now expected at the middle of the previously announced range of between $1.6 billion to $1.8 billion, with the company’s specialties focused businesses expected at approximately $0.7 billion.