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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "presentationDate": "2017-06-15 00:00:00",
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      "text": "We know now that the Georgia plant has not performed up to expectations and been a drag on margins.",
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      "text": "Q4'14 Results (Feb 2015) 51\nCompany Issues FY15 Guidance, expects continued growth\nTaking into consideration, among other items, current exchange rates and the temporary inefficiencies associated with opening its new U.S. manufacturing facility, it expects its 2015 revenues to be in the range of $515 million to $525 million, and adjusted EBITDA to be in the range of $123 million to $129 million\nStock moves higher",
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      "text": "Q2'15 Results (August 2015) 52\nReiterates. Full Year Adjusted EBITDA Guidance on lower revenue expectations\nThe Company's U.S. manufacturing facility in Richmond Hill, Georgia remains on track, with the first line in the U.S. now operational, and the second line in the U.S. expected to begin production in the fourth quarter of 2015.\nThe Company today reiterated its guidance for full-year adjusted EBITDA of $123 to $129 million and commented that it now expects to achieve that range with better than previously expected margins.\nAs a result of slightly lower-than-expected U.S. growth and the further negative impact of foreign exchange rates, the Company moderated its full-year revenue guidance to a new range of $495 million to $505 million as compared to its prior range of $515 million to $525 million.\nThe stock corrects lower significantly.\nSpruce Point report follows.",
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      "text": "Q4'15 Results (Feb 2016) 53\nIssues disappointing guidance.\nSays “The Company is ramping up its U.S. manufacturing facility in Richmond Hill, Georgia with both lines operating at a higher pace. This ramp will enable the Company to better serve the U.S. market and support the Company's ongoing growth.”",
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      "text": "CSTE has materially missed its capex costs for the Georgia facility and continually revised earnings lower.",
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      "text": "Stifel analysts recently (March 2017) upgraded the stock after their last earnings report. CSTE has guided for lower earnings power this year, yet the stock is up significantly YTD. These are the same analysts who said “buy” in early 2015 the peak prices.",
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      "text": "Slide 13 of Spruce Point report50 details the repeated raising of capex guidance associated with the Georgia plant. We know now that the Georgia plant has not performed up to expectations and been a drag on margins.",
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      "text": "The Company is ramping up its U.S. manufacturing facility in Richmond Hill, Georgia with both lines operating at a higher pace. This ramp will enable the Company to better serve the U.S. market and support the Company's ongoing growth. — Caesarstone Q4'15 Results (Feb 2016)",
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      "text": "50 http://www.sprucepointcap.com/cste-ltd-followup/\n51 https://www.sec.gov/Archives/edgar/data/1504379/000117891315000414/exhibit 99-1.htm\n52 https://www.sec.gov/Archives/edgar/data/1504379/000117891315002495/exhibit 99-1.htm\n53 https://www.sec.gov/Archives/edgar/data/1504379/000117891316004262/exhibit 99-1.htm",
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      "text": "12. Market Highlights, some key points investors should be aware of.",
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