Stock Track | ICL Group Soars 5% Pre-Market on Raised 2024 EBITDA Guidance

Stock Track11-11

Shares of ICL Group (NYSE: ICL), a leading global specialty minerals company, surged 5.07% in pre-market trading on Friday, November 11, 2024. The stock's pre-market rally came after the company raised its full-year 2024 guidance for specialties-driven EBITDA.

ICL Group is a global manufacturer of products based on unique minerals that fulfill essential needs in the agriculture, food, and engineered materials markets. The company's diversified operations span across the extraction of raw materials, production of end-products, and their marketing and sales worldwide.

In its third-quarter 2024 earnings release, ICL Group raised its guidance for full-year 2024 specialties-driven EBITDA to a range of $0.95 billion to $1.05 billion, up from the previous guidance of $0.8 billion to $1.0 billion. This upward revision in earnings outlook signaled the company's expectation of stronger financial performance in 2024, fueling investor optimism and driving the stock's pre-market surge.

Alongside the raised guidance, ICL Group reported mixed results for the third quarter of 2024. The company's adjusted earnings per share of $0.11 beat the analyst consensus estimate of $0.08, while revenue of $1.75 billion narrowly missed expectations of $1.79 billion. However, the focus remained on the improved full-year EBITDA guidance, which overshadowed the slight revenue miss.

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