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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 dividend of $0.395 per share, payable on July 30, 2021. Shareholders of record as of July 16, 2021 will receive this dividend. The company, a global leader in industrial process fluids, operates in over 25 countries and serves numerous advanced sectors, including automotive and aerospace. With approximately 4,200 employees, Quaker Houghton emphasizes innovative and sustainable solutions, enhancing operational efficiency for its diverse clientele.
Quaker Houghton (NYSE: KWR) reported first-quarter 2021 net sales of $429.8 million, a 14% increase from $378.6 million in the prior year, driven by higher volumes and acquisitions. Net income rose to $38.6 million or $2.15 per diluted share, recovering from a net loss of $28.4 million in Q1 2020. Adjusted EBITDA improved 28% to $77.1 million. Despite strong demand, the company anticipates lower second-quarter results due to rising raw material costs and a lag in pricing adjustments.
Quaker Houghton (NYSE: KWR) will release its first-quarter earnings on May 6, 2021, after market close. The investor call is scheduled for May 7, 2021, at 8:30 a.m. ET. Investors can participate via phone or through a live audio webcast available on the company's investor relations website. Dial-in information includes a toll-free number, and digital replay options will be available until May 13, 2021. For more details, visit Quaker Houghton's investor relations page.
Quaker Houghton (NYSE: KWR) has announced an exclusive joint venture with Grindaix GmbH, specializing in coolant control systems for machining processes. This collaboration aims to enhance system automation and optimization, aligning with Industry 4.0 trends. Grindaix's technology focuses on improving coolant efficiencies in metalworking, which aligns with Quaker Houghton's strategy to provide competitive advantages to its customers. The partnership is expected to broaden Quaker Houghton’s solutions portfolio and strengthen its market position in industrial process fluids.
Quaker Houghton (NYSE: KWR) announced its commitment to achieving carbon neutrality globally by 2030. The company aims to set science-based targets by 2030 to attain net zero emissions across its value chain by 2050. CEO Michael F. Barry highlighted key initiatives including energy efficiency, purchasing green power, and employing high-quality carbon offsets. The 2020 Sustainability Report outlines the company's governance and commitment to sustainability, and further environmental goals will be unveiled later in 2021.
Quaker Houghton (NYSE: KWR) announced that Mary Dean Hall, CFO, is leaving to join Ingevity Corporation (NYSE: NGVT) as CFO, effective April 19, 2021. Shane Hostetter will be promoted to CFO, bringing extensive financial experience from his tenure since 2011. Hall expressed confidence in the company’s future and plans to remain a shareholder. The leadership transition aims to maintain stability and support ongoing growth strategies.
Quaker Chemical Corporation (KWR) reported fourth quarter 2020 net sales of $385.9 million, a 1% decline year-over-year but an increase of 5% sequentially. Net income surged to $48.5 million from $15.2 million in Q4 2019, reflecting robust operational performance. Full year net sales reached $1.42 billion, a 25% increase from 2019, driven by acquisitions. Adjusted EBITDA for 2021 is projected to rise over 20% from $222 million in 2020. Despite challenges from COVID-19 and rising raw material costs, the company expects enhanced profitability through integration synergies and market share gains.
Quaker Houghton (NYSE: KWR) has declared a quarterly dividend of $0.395 per share, payable on April 30, 2021. Shareholders of record will be those on the books as of April 16, 2021. Operating in over 25 countries, Quaker Houghton is a global leader in industrial process fluids, catering to advanced sectors like steel, aluminum, automotive, and aerospace. With a workforce of 4,200 employees, the company emphasizes innovative, sustainable solutions to enhance operational efficiency for its extensive customer base.
Quaker Houghton (NYSE: KWR) announces its earnings release for the fourth quarter and full year 2020, scheduled for February 25, 2021, after market close. The investor call will take place on February 26, 2021, at 8:30 a.m. (ET). Participants can join via phone or webcast through Quaker Houghton's investor relations site. Digital replay will be accessible until March 4, 2021, and archived webcasts are also available. With operations in over 25 countries, Quaker Houghton is a leader in industrial process fluids, providing technological and customized solutions.
The Board of Directors of Quaker Houghton (NYSE: KWR) declared a quarterly dividend of $0.395 per share, set to be paid on January 29, 2021. Shareholders on record by the close of business on January 15, 2021 will receive this payment. Quaker Houghton is recognized as the global leader in industrial process fluids, with operations in over 25 countries and a workforce of approximately 4,500 employees. The company aims to enhance its customers' operational efficiency through innovative and sustainable solutions.
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