News out, and what a great buy this stock is right now at almost a 52 week low. This one is a definite keeper with frequent dividends and a recession proof product!!
Israel Chemicals Ltd. (TASE: ICL) reported double-digit revenue and profit growth for the third quarter of 2011, and will distribute a $300 million dividend. Net profit attributable to majority shareholders rose 80% to $436.3 million for the third quarter from $242.9 million for the corresponding quarter.
Revenue rose 36% to $1.9 billion for the third quarter from $1.39 billion for the corresponding quarter of 2010.
Fertilizer (potash and phosphates) sales rose 50% to $1.13 billion for the third quarter (51% of total sales) from $753.3 million for the corresponding quarter. Potash sales totaled 1.12 million tons, 9% more than the 1.01 million tons sold during the corresponding quarter. During the third quarter, the company signed new contracts with India, China and other customers for the delivery of 750,000 tons of potash during the second half of 2011.
Industrial products sales rose 21% to $380.7 million for the third quarter from $315.5 million for the corresponding quarter, and performance products sales rose 15% to $403.1 million from $351.9 million.
Israel Chemicals' share price rose 1.1% in early trading to NIS 40.50, giving a market cap of NIS 51 billion.
