Icl Group Ltd (NYSE:ICL), a leading global specialty minerals company, stock fell 2.85% (As on November 12, 11:22:25 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 24. Operating income was $214 million, with adjusted operating income of $243 million, versus $227 million of operating income in the third quarter of last year. Adjusted EBITDA was $383 million versus $346 million. Flame retardants sales increased, as higher volumes for both brominated- and phosphorous-based solutions offset lower prices overall, while demand from both the electronics and construction end-markets remained soft. Elemental bromine higher volumes drove an increase in sales, offsetting lower prices. Clear brine fluids sales declined, despite strength in the Gulf of Mexico, as oil and gas demand in the Eastern Hemisphere was lower, due to the normal pattern of the drilling operations cycle. Specialty minerals increased sales were driven by higher volumes for industrial applications, while prices were lower. ICL’s available cash resources, which are comprised of cash and deposits, unutilized revolving credit facility, and unutilized securitization, totaled $1,749 million, as of September 30, 2024.

ICL in the third quarter of FY 24 has reported the adjusted earnings per share of 11 cents, beating the analysts’ estimates for the adjusted earnings per share of 8 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $1.75 billion in the third quarter of FY 24, missing the analysts’ estimates for revenue of $1.85 billion. Potash third quarter 2024 sales of $389 million vs. $526 million. Grain Price Index decreased 19.6% year-over-year, with corn, rice, soybeans and wheat down 27.2%, 4.3%, 26.4% and 29.0%, respectively.

Additionally, the company has declared a dividend of 5.27 cents per share, or approximately $68 million, versus 5.31 cents per share, or approximately $68 million, in the third quarter of last year. The dividend will be payable on December 18, 2024, to shareholders of record as of December 4, 2024.

The company raised its guidance for full year 2024 and now expects specialties-driven EBITDA of between $0.95 billion to $1.05 billion, an increase from previous guidance of $0.8 billion to $1.0 billion. The company intends to limit its total 2024 annual potash sales volumes to 4.6 million metric tons, already committed, which is in-line with 2023 sales volumes and in expectation of improved conditions in 2025.