The red carpet may be where Hollywood's glitterati make their grand entrance to the Oscars gala. But the chic Architectural Digest 'Greenroom' lounge backstage is the hot spot where presenters and winners gather during the show.
The Israeli maker of quartz surfaces Caesarstone Sdot-Yam ( CSTE) helped create the ambiance in this year's Greenroom at the Oscars, from which celebrities such as Anne Hathaway, Channing Tatum and Kevin Spacey posted selfies on Twitter ( TWTR) as they watched the March 2 Academy Awards show. Caesarstone partnered with Hudson furniture to furnish the Greenroom, designed by architect David Rockwell, with a custom-made main bar. Caesarstone's other pieces included a buffet tabletop and minibar.
The company's fast-growing business reaches well beyond its work on the Oscars Greenroom, though.
Back At The Ranch House
Most of the quartz surfaces that Caesarstone makes are installed as countertops in residential kitchens. Other applications for its products include vanity tops, wall panels, back splashes and floor tiles.
Its collections of products - Classico, Supremo, Motivo and Concetto - are available in more than 40 countries. The company claims that it is the largest provider of quartz surfaces in Australia, Canada, Israel, France and South Africa, and it has 'significant market share' in the U.S. and Singapore.
Business has been thriving for the company as it benefits from a nice uptick in remodeling spending in the U.S. - where it has a strong position - amid a recovering housing market.
Caesarstone has enjoyed double-digit profit growth since its market debut on March 2012.
In its most recent fourth quarter, earnings rose 53% to 49 cents a share. Sales climbed 27% to $96.8 million. Followers see Caesarstone keeping up its momentum. Analysts polled by Thomson Reuters expect 2014 earnings to rise 22% to $2.22 a share. They expect a 17% jump in 2015.
Revenue growth continued its acceleration into year-end 2013, principally driven by growth in the U.S., the company's largest region, said CEO Yosef Shiran in a statement announcing the results. U.S. sales surged 59.2% from a year earlier.
'We believe these results demonstrate the realization of our quartz penetration vision and our robust position in the U.S. market,' Shiran said on the fourth-quarter conference call. 'We continue to see a very large growth opportunity as the adoption rate for quartz is still low, relative to our other key markets. We set a solid base in 2013 and believe we will also benefit from improving housing starts and remodeling activity.'
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