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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 (KWR) reported Q4 2022 net sales of $484.8 million, an 8% increase from Q4 2021, primarily driven by higher selling prices. However, the company posted a net loss of $76.0 million, or $4.24 per diluted share, due to a $93.0 million impairment charge. Non-GAAP net income for the quarter was $25.0 million, with adjusted EBITDA of $67.9 million, a 12% increase year-over-year. Full-year net sales reached $1.9 billion, showing resilience amid inflation and market challenges. The CEO emphasized a focus on margin recovery and strategic initiatives for long-term growth during 2023.
The Board of Directors of Quaker Houghton (NYSE: KWR) has declared a quarterly cash dividend of $0.435 per share. This dividend is payable on April 28, 2023, to shareholders of record by the close of business on April 14, 2023. As a global leader in industrial process fluids, Quaker Houghton operates in over 25 countries and partners with various advanced industries. The company emphasizes its commitment to providing high-performing, innovative, and sustainable solutions to enhance customer operations.
Quaker Houghton (NYSE: KWR) will release its fourth quarter and full year 2022 earnings on February 23, 2023, after market close. An investor call is scheduled for February 24, 2023, at 8:30 a.m. ET. Investors can participate via phone or through a live audio webcast. Dial-in options include +1-877-269-7756 (toll-free) and +1-201-689-7817 (toll). A digital replay will be available until March 6, 2023 using Conference ID No. 13736037. Quaker Houghton is a global leader in industrial process fluids, operating in over 25 countries with approximately 4,700 employees.
Quaker Houghton (NYSE: KWR) has partnered with Constellation to purchase Renewable Energy Certificates (RECs) that will cover approximately 50% of its U.S. electricity needs. This initiative is part of Quaker Houghton's commitment to sustainability and achieving its greenhouse gas emissions targets by 2030. The RECs are certified by Green-e® Energy and sourced from renewable energy generators in the contiguous U.S. The company's CEO, Andy Tometich, emphasized the importance of sustainability in Quaker Houghton's long-term strategy, while Constellation supports its clients' sustainability goals.
On November 16, 2022, Quaker Houghton (NYSE: KWR) declared a quarterly cash dividend of $0.435 per share, payable on January 31, 2023. Shareholders of record will be those holding shares by the close of business on January 17, 2023. Quaker Houghton is a global leader in industrial process fluids, serving numerous industries with innovative and sustainable solutions. The company employs approximately 4,700 people across over 25 countries, focusing on enhancing operational efficiency for advanced manufacturing sectors.
Quaker Houghton reported Q3 2022 net sales of $492.2 million, a 10% increase from Q3 2021, driven by price increases and acquisitions. Net income was $25.9 million ($1.44 per diluted share), down from $31.1 million in the prior year. Non-GAAP measures showed net income of $31.2 million and EBITDA of $70.3 million, a 6% rise from Q3 2021. Challenges included a 9% decline in organic volumes and foreign currency impacts. Despite this, the CEO expressed optimism about margin improvements and strategic growth initiatives moving forward.
Quaker Houghton will showcase its expertise in Tube & Pipe, Metal Surface Finishing, and Metal Forming at FABTECH 2022, held from November 8-10 in Atlanta, Georgia. The company will exhibit at booth B5159, featuring live demonstrations of the SIFCO Process®, a selective electroplating solution, and a range of industrial products including QUAKERCOOL® coolants and HOUGHTO-DRAW® fluids. With a focus on optimizing process fluids, Quaker Houghton aims to support operational efficiency and sustainability for its customers.
Quaker Houghton (NYSE: KWR) has scheduled its third quarter 2022 earnings release for November 3, 2022, after market close, followed by a teleconference on November 4, 2022, at 8:30 a.m. ET. Investors can listen to the call via phone at +1-877-269-7756 (toll-free) or +1-201-689-7817 (toll). For those unable to attend, a digital replay will be available through November 12, 2022. The company specializes in industrial process fluids and operates globally, supporting various sectors including automotive and aerospace.
Quaker Houghton reported record Q2 2022 net sales of $492.4 million, a 13% increase year-over-year, driven by rising selling prices despite a 6% foreign currency impact and 4% decrease in organic sales volumes. Net income dropped to $14.3 million or $0.80 per diluted share, down from $33.6 million in Q2 2021. Adjusted EBITDA fell to $58.5 million. The company amended its credit agreement, extending maturity to June 2027. CEO Andy Tometich emphasized a focus on pricing strategies to counter inflation and expected sequential gross margin expansion in H2 2022.
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