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Quaker Houghton (NYSE: KWR) is a global leader in the development, production, and application of industrial process fluids, lubricants, and coatings. Headquartered in Conshohocken, Pennsylvania, the company operates in over 25 countries, employing approximately 4,600 associates worldwide. Quaker Houghton serves a diverse array of industries, including steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking. Their comprehensive product portfolio encompasses metal removal fluids, cleaning fluids, corrosion inhibitors, metal drawing and forming fluids, die-cast mold releases, heat treatment and quenchants, metal forging fluids, hydraulic fluids, specialty greases, offshore sub-sea energy control fluids, rolling lubricants, rod and wire drawing fluids, and surface treatment chemicals.
In the second quarter of 2023, Quaker Houghton reported net sales of $495.4 million, reflecting a 1% increase from the previous year's quarter. This growth was driven by a strategic increase in selling prices and an enhanced product mix, despite a 10% decline in sales volumes primarily due to challenging market conditions and geopolitical impacts. The company achieved a net income of $29.3 million, or $1.63 per diluted share, a significant rise from $14.3 million or $0.80 per diluted share in the same quarter of 2022. Adjusted EBITDA for the quarter was $80.2 million, marking a 37% increase year-over-year.
Quaker Houghton continues to navigate a complex operating environment, as indicated by their third quarter of 2023 results. Net sales were slightly down at $490.6 million, but the company reported a net income increase to $33.7 million, or $1.87 per diluted share. This performance highlights the company's resilience and effective margin management, leading to a 20% rise in adjusted EBITDA to $84.4 million from $70.3 million in the prior year.
Strategically, Quaker Houghton has reorganized its executive management team to align with its three primary geographic segments: Americas, EMEA, and Asia/Pacific. This restructuring has allowed for more targeted regional strategies and better alignment of resources, which was evident in their fourth quarter and full year 2023 results. Despite a 4% decline in net sales to $467.1 million for the quarter, the company posted a net income of $20.2 million, a turnaround from the net loss in the prior year period.
Quaker Houghton is committed to innovation and sustainability, as seen in their continuous investments in technology and process improvements. This dedication is crucial for maintaining their status as industry leaders and meeting the evolving needs of their customers. The company also focuses on strategic acquisitions to bolster their market position and enhance their product offerings. A recent example is the acquisition of I.K.V. Tribologie IKVT, which specializes in high-performance lubricants and greases, further expanding Quaker Houghton's capabilities in the automotive, aerospace, electronics, and other industrial markets.
Overall, Quaker Houghton’s strategic initiatives, robust product portfolio, and commitment to customer success position them well for continued growth and industry leadership.
Quaker Houghton (NYSE: KWR) has declared a quarterly cash dividend of $0.485 per share. The dividend will be paid on January 31, 2025, to shareholders who are on record as of the close of business on January 17, 2025. This announcement comes following a decision by the company's Board of Directors.
Quaker Houghton (NYSE: KWR) has appointed Joseph Berquist as Chief Executive Officer, President, and Board member, succeeding Andy Tometich effective immediately. Berquist, previously Executive Vice President and Chief Commercial Officer, brings over 25 years of company experience. Since joining in 1997, he has been important in driving growth, including co-leading the 2019 Quaker Houghton combination that generated over $80M in synergies. As Managing Director North America from 2008, he achieved consecutive years of revenue and profitability improvement and has been involved in 24 company acquisitions.
Quaker Houghton (NYSE: KWR) reported Q3 2024 financial results with net sales of $462.3 million, down 6% from Q3 2023. The company posted net income of $32.3 million and earnings per diluted share of $1.81. Adjusted EBITDA was $78.6 million with a 17.0% margin. The decline in sales was attributed to a 4% decrease in selling price and product mix, 1% decline in sales volumes due to soft market conditions, and 1% unfavorable impact from foreign currency translation. The company maintained strong cash flow, generating $141.5 million year-to-date, with a net leverage ratio of 1.6x.
Quaker Houghton (NYSE: KWR) has announced its schedule for the third quarter 2024 earnings release and investor call. The earnings release will be available on Thursday, October 31, 2024, after market close, on the company's investor relations website. A teleconference will be held on Friday, November 1, 2024, at 8:30 a.m. (ET).
Investors can participate in the call via phone or listen to a live audio webcast through the company's website. The dial-in numbers are +1-877-269-7756 (toll-free) and +1-201-689-7817 (toll). No password is required, but callers are advised to join 5-10 minutes before the scheduled start.
For those unable to attend live, a digital replay will be available through November 15, 2024, accessible by calling +1-877-660-6853 (toll-free) or +1-201-612-7415 (toll) with Conference ID No. 13748501. An archived webcast will also be available on the company's investor relations website.
Quaker Houghton (NYSE: KWR) announced Q2 2024 results with net sales of $463.6M, a 6% decline from Q2 2023. The company reported a net income of $34.9M and EPS of $1.94, up from $29.3M and $1.63 respectively in Q2 2023.
Non-GAAP net income was $38.2M with an EPS of $2.13. The adjusted EBITDA increased by 5% to $84.3M, driven by an improvement in gross margins.
Despite a drop in sales due to lower selling prices, product mix, and soft market conditions in EMEA and Americas, the Asia/Pacific segment saw volume growth. Operating cash flow for YTD was $73.5M and cash dividends increased by 6.6%.
CEO Andy Tometich emphasized resilience and growth, projecting further earnings growth for 2024. The company remains focused on enhancing its product portfolio and operational efficiencies.
Quaker Houghton (NYSE: KWR) has announced a 7% increase in its quarterly cash dividend to $0.485 per share. The dividend will be payable on October 31, 2024, to shareholders of record as of October 17, 2024. This marks the company's 15th consecutive year of dividend increases and its 48th increase since going public in 1972. CEO Andy Tometich expressed confidence in the company's long-term fundamentals and cash generation capabilities, emphasizing their commitment to enhancing shareholder value through a disciplined capital allocation strategy.
Quaker Houghton (NYSE: KWR), a global leader in industrial process fluids, has appointed two new independent directors to its Board of Directors: Nandita Bakhshi and Lucrèce Foufopoulos-De Ridder. Both are experienced global executives with extensive operational and strategic backgrounds across diverse industries.
Ms. Bakhshi, former President and CEO of Bank of the West, brings expertise from the financial sector. Ms. Foufopoulos-De Ridder has 30 years of experience in the specialty chemicals and materials industry, most recently as Executive VP at Borealis Group. These appointments aim to provide valuable perspectives as Quaker Houghton advances its growth strategy and focuses on delivering long-term shareholder value.
Quaker Houghton (NYSE: KWR) has announced its schedule for the second quarter 2024 earnings release and investor call. The earnings release is set for Monday, August 5, 2024, after market close. The teleconference will take place on Tuesday, August 6, 2024, at 8:30 a.m. (ET). Investors can participate via phone or listen to a live audio webcast through the company's investor relations website.
The dial-in numbers for the call are +1-877-269-7756 (toll-free) and +1-201-689-7817 (toll). No password is required, but participants are advised to call 5-10 minutes before the scheduled start. A digital replay will be available until August 20, 2024, and an archived webcast will be accessible on the company's investor relations website.
Quaker Houghton (NYSE: KWR), a global leader in industrial process fluids, has begun construction on a new manufacturing facility in Zhangjiagang, China. This state-of-the-art facility aims to enhance the company's production capabilities in the Asia-Pacific region, with operations expected to commence in Q2 2026.
Jeff Fleck, Chief Supply Chain Officer, emphasized the importance of this facility in solidifying Quaker Houghton's global supply chain. Chief Commercial Officer Joseph Berquist highlighted the strategic investment as a response to the growing demand in key industrial sectors like steel, aluminum, automotive, and wind power.
Quaker Houghton announced the appointment of Tom Coler as the new CFO effective June 10, 2024, succeeding Shane Hostetter. Coler brings extensive financial experience from global companies across various industries. Hostetter will remain until August 4, 2024, to ensure a smooth transition. CEO Andy Tometich praised Coler's financial expertise and leadership skills, expressing confidence in his ability to drive growth and create long-term shareholder value.
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