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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) will release its third quarter earnings on November 4, 2021, after market close. The investor call is scheduled for November 5, 2021, at 8:30 a.m. ET. Investors can participate via phone or listen to a live audio webcast on the company's investor relations website. The conference call can be accessed by dialing +1-877-269-7756 (toll-free) or +1-201-689-7817 (toll). A digital replay will be available until November 11, 2021, and archived webcasts can also be accessed through the investor relations page.
Quaker Houghton (NYSE: KWR) announces Andrew Tometich as the new CEO and President, effective December 1, 2021, succeeding Michael F. Barry, who will retire after over 23 years at the company. Tometich brings extensive experience, having led global specialty chemical businesses and successfully realigned teams at H.B. Fuller during COVID-19 challenges. Joseph A. Berquist has been promoted to Executive Vice President, Chief Strategy Officer, enhancing strategic initiatives including M&A and sustainability efforts.
Quaker Houghton (NYSE: KWR) and its subsidiary SIFCO ASC are set to showcase their innovative solutions for the mining industry at MINExpo 2021 in Las Vegas from September 13-15. With increasing pressures on mining operations to ensure safety and reduce environmental impacts, Quaker Houghton is promoting products such as QUINTOLUBRIC® fire-resistant hydraulic fluids, DUSTGRIP® dust suppressants, and MINETECH™ ground control agents. Their advanced technologies aim to enhance operational efficiency while addressing critical challenges faced by mining companies today.
Quaker Houghton (NYSE: KWR) announced a quarterly dividend of $0.415 per share, marking a 5.1% increase from the previous dividend. The dividend is payable on October 29, 2021, to shareholders of record by October 15, 2021. This represents the company's 12th consecutive dividend increase and the 45th increase since its public listing in 1972, highlighting a strong track record of 50 years of uninterrupted dividends. The Board expressed confidence in future cash flow despite increased investments in working capital.
Quaker Houghton (NYSE: KWR) reported strong Q2 2021 results, with net sales soaring to $435.3 million, a 52% increase from $286.0 million in Q2 2020. The company achieved net income of $33.6 million ($1.88 per diluted share) compared to a loss of $7.7 million in the same quarter last year. This growth was driven by a 40% increase in sales volumes, supported by strategic acquisitions and favorable currency impacts. However, raw material costs and supply chain pressures negatively affected gross margins, which decreased to 35.5% from 36.3% in Q1 2021. Looking ahead, Quaker anticipates continued strong demand amid expected challenges in automotive sectors due to semiconductor shortages.
Quaker Houghton (NYSE: KWR) will showcase its industrial process fluid solutions at FABTECH 2021 from September 13-16 in Chicago. The company will exhibit pre-treatment and surface finishing products from its subsidiaries, Coral Chemical and SIFCO ASC. Attendees at booth D45762 can watch live demonstrations of the SIFCO Process® for selective electroplating. Key technologies highlighted include QUAKERCOOL® series coolants and QUAKERCOAT® protective coatings. Quaker Houghton emphasizes improving productivity and reducing operating costs through its innovative solutions.
Quaker Houghton (NYSE: KWR) announced its second quarter earnings release for August 3, 2021, after market close. An investor teleconference is scheduled for August 4, 2021, at 7:30 a.m. ET. Interested participants can join the call via phone or live audio webcast on their website. For those unable to attend live, digital replay options will be available until August 10, 2021. This earnings release comes as Quaker Houghton continues to serve a diverse clientele in industrial process fluids across various sectors, employing about 4,200 professionals globally.
Quaker Houghton (NYSE: KWR), a leader in industrial process fluids, will showcase its innovative and sustainable steel process fluid solutions at AISTech 2021 from June 29 to July 1 in Nashville. Featured products include hydraulic fluids, lubricants, and fire-resistant fluids designed for efficiency and safety in steel manufacturing. The company also sponsors the AIST President's Reception, highlighting its commitment to the steel industry. Visit their booth 1603 for insights into improving productivity and minimizing waste.
Quaker Houghton (NYSE: KWR) will showcase its advanced technologies at Aeromat 2021 from May 24-26, 2021, focusing on comprehensive solutions for the aerospace industry. Highlights include HOCUT® 795 B, a leading coolant for machining, and AQUA-QUENCH® 260, an oil-free quenchant. The company will also present QH FLUIDTREND™, a cloud-based software for real-time monitoring. On May 25, Ron Weigel will host a webinar on enhancing productivity through advanced fluids and monitoring solutions.
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