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Revenue was $898.5 million, 41 percent less than the corresponding quarter of 2008.
Israel chemicals results were influenced by a global slowdown, especially in the fertilizer market, where sales quantities fell. Toward the end of the first quarter, there was a pickup in activity in Brazil and other markets.
ICL announced a dividend payment of a total of $100 million, payable on June 17.
Citi Investment Research analysts were disappointed that ICL's fertilizers division reported far worse profits than Citi had expected, falling 66 percent to $139 million earnings before interest and taxes, compared with Citi's $171 million estimate. Potash sales volumes, which dropped 77 percent, fell far more than expected .
Offsetting the weak fertilizer result, ICL's performance products division held up better than expected, benefiting from margin expansion as raw material costs fell faster than selling prices.
The dividend represents a payout ratio of 63 percent. Citi says, "The generous dividend policy remains a key attraction of the shares. "
Citi reiterated its "Hold" rating, saying that the shares are fully valued at the current share price, though the generous dividend policy remains supportive.
Shares in ICL rose 3.2 percent by late morning. The company's share price is up 62 percent so far this year.
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