NEW YORK (TheStreet) -- Shares of Caesarstone Sdot-Yam Ltd (CSTE) are up 10.91% to $48.70 after the Israeli-based quartz manufacturer reported better than expected second quarter earnings and increased its guidance for the third quarter.
The company reported adjusted net income in the second quarter of $20.7 million, or 58 cents per share, compared to $18.6 million, or 53 cents per share in the same quarter of the prior year, beating analysts' estimates of 57 cents per share.
Revenue for the quarter increased by 30.4% to $116.1 million compared to $89.0 million in the same quarter of 2013, surpassing the $105.15 million analysts expected in large part due to the 55% increase in U.S. sales.
Following a strong second quarter, Caesarstone increased its revenue guidance for the full year of 2014 to a range of $435 to $445 million, up from its previous range of $420 million to $430 million, and higher than what analysts expect at $429.22 million.
Separately, TheStreet Ratings team rates CAESARSTONE SDOT-YAM LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CAESARSTONE SDOT-YAM LTD (CSTE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
- You can view the full analysis from the report here: CSTE Ratings Report