Commodities
ICL

Israel's ICL Q2 profit, revenue fall as COVID-19 hurts demand

Credit: REUTERS/AMIR COHEN

Israel's ICL reported lower quarterly earnings that topped estimates by a cent, as sales fell on low commodity prices and a decline in demand for clear brine fluids and some flame retardants.

TEL AVIV, July 29 (Reuters) - Israel's ICL ICL.TA reported lower quarterly earnings that topped estimates by a cent, as sales fell on low commodity prices and a decline in demand for clear brine fluids and some flame retardants.

"The results for the second quarter of 2020 were impacted by the COVID-19 pandemic and the resulting decline in demand for oil," ICL ICL.N said on Wednesday. Clear brine fluids are used in the oil and gas industry.

ICL posted diluted adjusted earnings per share of 6 cents in the second quarter, down from 12 cents a year earlier. Sales declined to $1.2 billion from $1.43 billion.

Analysts on average forecast adjusted EPS of 5 cents on sales of $1.24 billion, according to I/B/E/S data from Refinitiv.

The company said it would pay a quarterly dividend of $36 million, up from $30 million in the first quarter.

(Reporting by Tova Cohen Editing by Gareth Jones)

((tova.cohen@thomsonreuters.com; +972-9-899-0222; Reuters Messaging: tova.cohen.thomsonreuters.com@reuters.net))

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