QUAKER HOUGHTON ANNOUNCES THIRD QUARTER 2024 RESULTS
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) ha riportato i risultati finanziari del terzo trimestre del 2024 con vendite nette di 462,3 milioni di dollari, in calo del 6% rispetto al terzo trimestre del 2023. L'azienda ha registrato un utile netto di 32,3 milioni di dollari e un utile per azione diluita di 1,81 dollari. L'EBITDA rettificato è stato di 78,6 milioni di dollari con un margine del 17,0%. Il calo delle vendite è stato attribuito a una diminuzione del 4% nei prezzi di vendita e nella combinazione dei prodotti, a un calo del 1% dei volumi di vendita dovuto a condizioni di mercato sfavorevoli e a un impatto negativo dell'1% dalla traduzione delle valute estere. L'azienda ha mantenuto un forte flusso di cassa, generando 141,5 milioni di dollari da inizio anno, con un rapporto di indebitamento netto di 1,6x.
Quaker Houghton (NYSE: KWR) reportó resultados financieros del tercer trimestre de 2024 con ventas netas de 462,3 millones de dólares, una caída del 6% respecto al tercer trimestre de 2023. La compañía reportó una ganancia neta de 32,3 millones de dólares y ganancias por acción diluida de 1,81 dólares. El EBITDA ajustado fue de 78,6 millones de dólares con un margen del 17,0%. La disminución en las ventas se atribuyó a una caída del 4% en los precios de venta y la mezcla de productos, una disminución del 1% en los volúmenes de ventas debido a condiciones de mercado suaves y un impacto desfavorable del 1% debido a la traducción de monedas extranjeras. La empresa mantuvo un fuerte flujo de efectivo, generando 141,5 millones de dólares desde el inicio del año, con un ratio de apalancamiento neto de 1,6x.
Quaker Houghton (NYSE: KWR)은 2024년 3분기 재무 결과를 보고하며 순매출이 4억 6,230만 달러로 2023년 3분기 대비 6% 감소했습니다. 이 회사는 순이익 3,230만 달러와 희석 주당순이익이 1.81달러를 기록했습니다. 조정된 EBITDA는 7,860만 달러였으며, 마진은 17.0%였습니다. 매출 감소는 판매 가격과 제품 조합의 4% 감소, 시장 조건 부진으로 인한 판매량 1% 감소, 외환 환산에서의 1% 불리한 영향을 받았기 때문입니다. 회사는 연초부터 강한 현금흐름을 유지하며 1억 4,150만 달러를 창출하였고, 순 부채비율은 1.6배였습니다.
Quaker Houghton (NYSE: KWR) a annoncé ses résultats financiers pour le troisième trimestre 2024 avec des ventes nettes de 462,3 millions de dollars, en baisse de 6% par rapport au troisième trimestre 2023. L'entreprise a enregistré un revenu net de 32,3 millions de dollars et un bénéfice par action diluée de 1,81 dollar. L'EBITDA ajusté s'élevait à 78,6 millions de dollars avec une marge de 17,0%. La baisse des ventes a été attribuée à une diminution de 4% des prix de vente et de la combinaison des produits, à une baisse de 1% des volumes de vente en raison de conditions de marché difficiles et à un impact défavorable de 1% dû à la conversion des devises étrangères. L'entreprise a maintenu un flux de trésorerie solide, générant 141,5 millions de dollars depuis le début de l'année, avec un ratio d'endettement net de 1,6x.
Quaker Houghton (NYSE: KWR) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit Nettoumsätzen von 462,3 Millionen Dollar, was einem Rückgang von 6% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettogewinn von 32,3 Millionen Dollar und einen Gewinn je verwässerter Aktie von 1,81 Dollar. Das bereinigte EBITDA betrug 78,6 Millionen Dollar mit einer Marge von 17,0%. Der Rückgang der Umsätze wurde auf einen Preisrückgang von 4% und eine Veränderung der Produktmischung, einen Rückgang des Verkaufsvolumens um 1% aufgrund schwacher Marktbedingungen und einen ungünstigen Einfluss von 1% durch Währungsumrechnungen zurückgeführt. Das Unternehmen behielt einen starken Cashflow bei und erwirtschaftete seit Jahresbeginn 141,5 Millionen Dollar, mit einem Netto-Verschuldungsgrad von 1,6x.
- Strong cash flow generation of $141.5 million YTD
- Healthy net leverage ratio of 1.6x
- Maintained consistent volumes through new business wins
- Improved segment operating margins year-to-date
- 6% decline in net sales to $462.3 million
- 4% decrease in selling price and product mix
- 7% decrease in adjusted EBITDA to $78.6 million
- Continued soft end market conditions affecting Americas and EMEA segments
Insights
The Q3 2024 results show mixed signals for Quaker Houghton. Net sales declined
The company's portfolio simplification and cost discipline strategies are yielding results, evidenced by improved segment operating margins year-to-date. The balance sheet remains robust with
While near-term challenges persist in end markets, particularly in automotive and industrial applications, new business wins are helping offset volume declines. The company's strategic focus on efficiency and productivity improvements positions it well for market recovery.
Regional performance analysis reveals strategic insights: Asia/Pacific showing resilience with volume growth and new business wins, while Americas and EMEA face headwinds from softer industrial demand. The
The company's market position remains strong in industrial process fluids, with geographic diversification providing some buffer against regional weaknesses. The continuation of soft end market conditions through year-end may pressure near-term results, but the company's focus on new business development and operational efficiency should support sustainable growth as markets recover.
- Q3'24 net sales of
, net income of$462.3 million and earnings per diluted share of$32.3 million $1.81 - Q3'24 non-GAAP net income of
and non-GAAP earnings per diluted share of$34.0 million $1.89 - Delivered adjusted EBITDA and adjusted EBITDA margins of
and$78.6 million 17.0% respectively in Q3'24 - Generated
of operating cash flow YTD; Net leverage ratio of 1.6x$141.5 million
Three Months Ended | Nine Months Ended | ||||||
($ in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Net sales | $ 462,274 | $ 490,612 | $ 1,395,600 | $ 1,486,204 | |||
Net income attributable to Quaker Chemical Corporation | 32,346 | 33,670 | 102,458 | 92,550 | |||
Net income attributable to Quaker Chemical Corporation common shareholders – diluted | 1.81 | 1.87 | 5.70 | 5.14 | |||
Non-GAAP net income * | 33,981 | 36,928 | 109,886 | 105,694 | |||
Non-GAAP Earnings per diluted share * | 1.89 | 2.05 | 6.11 | 5.87 | |||
Adjusted EBITDA * | 78,562 | 84,381 | 246,135 | 243,414 |
* Refer to the Non-GAAP Measures and Reconciliations section below for additional information |
Third Quarter 2024 Consolidated Results
Net sales in the third quarter of 2024 were
The Company reported net income in the third quarter of 2024 of
Andy Tometich, Chief Executive Officer and President, commented, "The third quarter once again highlighted the resilience of Quaker Houghton. While end market conditions softened compared to the second quarter of 2024, our volumes remained consistent, driven by new business wins across our portfolio. We continue to perform well on our financial and operational priorities. Our segment operating margins have improved year-to-date, as we simplify our portfolio, and remain disciplined with our costs and investments, balancing our long-term objectives with the near-term market environment.
"Looking ahead, we anticipate the current difficult market conditions will likely persist through the end of the year. Our focus remains on executing on what we can control, driving efficiencies and productivity for our Company and our customers. We are confident in the long-term positive fundamentals of the industry we serve and will further advance our enterprise strategy. Our investments will strengthen our ability to continue to deliver above market growth, especially as end markets recover. Additionally, our balance sheet and cash generation remain strong, providing avenues to accelerate our growth and enhance shareholder value."
Third Quarter 2024 Segment Results
The Company's third quarter 2024 operating performance for each of its three reportable segments: (i)
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net Sales * | |||||||
$ 220,275 | $ 245,899 | $ 673,546 | $ 750,531 | ||||
EMEA | 134,135 | 139,620 | 410,558 | 435,602 | |||
107,864 | 105,093 | 311,496 | 300,071 | ||||
Total net sales | $ 462,274 | $ 490,612 | $ 1,395,600 | $ 1,486,204 | |||
Segment operating earnings * | |||||||
$ 62,121 | $ 69,148 | $ 193,027 | $ 204,280 | ||||
EMEA | 24,644 | 27,922 | 80,867 | 81,076 | |||
30,656 | 30,963 | 92,033 | 86,604 | ||||
Total segment operating earnings | $ 117,421 | $ 128,033 | $ 365,927 | $ 371,960 |
* Refer to the Segment Measures and Reconciliations section below for additional information |
Net sales in the
The decline in selling price and product mix in the third quarter of 2024 compared to the same period in 2023 primarily reflects the impact of our index-based customer contracts. Sales volumes increased in the
Compared to the second quarter of 2024, net sales in the
Operating earnings decreased in all segments in the third quarter of 2024 compared to the prior year. Segment operating margins increased in the
Cash Flow and Liquidity Highlights
Net cash provided by operating activities was
As of September 30, 2024, the Company's total gross debt was
Non-GAAP Measures and Reconciliations
The information included in this press release includes non-GAAP (unaudited) financial information that includes EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income and non-GAAP earnings per diluted share. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they enhance a reader's understanding of the Company's financial performance and facilitate a comparison among fiscal periods, as the non-GAAP financial measures exclude items that are not indicative of future operating performance or not considered core to the Company's operations. Non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP. In addition, our definitions of EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income and non-GAAP earnings per diluted share as discussed and reconciled below to the most comparable respective GAAP measures, may not be comparable to similarly named measures reported by other companies.
The Company presents EBITDA which is calculated as net income attributable to the Company before depreciation and amortization, interest expense, net, and taxes on income before equity in net income of associated companies. The Company also presents adjusted EBITDA which is calculated as EBITDA plus or minus certain items that are not indicative of future operating performance or not considered core to the Company's operations. In addition, the Company presents non-GAAP operating income which is calculated as operating income plus or minus certain items that are not considered indicative of future operating performance or not considered core to the Company's operations. Adjusted EBITDA margin and non-GAAP operating margin are calculated as the percentage of adjusted EBITDA and non-GAAP operating income to consolidated net sales, respectively. The Company believes these non-GAAP measures provide transparent and useful information and are widely used by investors, analysts, and peers in our industry as well as by management in assessing the operating performance of the Company on a consistent basis.
Additionally, the Company presents non-GAAP net income and non-GAAP earnings per diluted share as additional performance measures. Non-GAAP net income is calculated as adjusted EBITDA, defined above, less depreciation and amortization, interest expense, net, and taxes on income before equity in net income of associated companies, in each case adjusted, as applicable, for any depreciation, amortization, interest or tax impacts resulting from the non-core items identified in the reconciliation of net income attributable to the Company to adjusted EBITDA. Non-GAAP earnings per diluted share is calculated as non-GAAP net income per diluted share as accounted for under the "two-class share method." The Company believes that non-GAAP net income and non-GAAP earnings per diluted share provide transparent and useful information and are widely used by investors, analysts, and peers in our industry as well as by management in assessing the operating performance of the Company on a consistent basis.
As it relates to future projections for the Company as well as other forward-looking information contained in this press release, the Company has not provided guidance for comparable GAAP measures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable
The Company's reference to trailing twelve months adjusted EBITDA within this press release refers to the twelve month period ended September 30, 2024 adjusted EBITDA of
Certain of the prior period non-GAAP financial measures presented in the following tables have been adjusted to conform with current period presentation. The following tables reconcile the Company's non-GAAP financial measures (unaudited) to their most directly comparable GAAP (unaudited) financial measures (dollars in thousands unless otherwise noted, except per share amounts):
Three Months Ended | Nine Months Ended | ||||||
Non-GAAP Operating Income and Margin Reconciliations: | 2024 | 2023 | 2024 | 2023 | |||
Operating income | $ 51,718 | $ 59,518 | $ 165,693 | $ 166,242 | |||
Restructuring and related charges, net | 2,610 | 1,019 | 4,787 | 6,034 | |||
Strategic planning (credits) expenses | (181) | 1,093 | (290) | 3,759 | |||
Customer insolvency costs | — | — | 1,522 | — | |||
Other charges | 43 | 206 | 1,535 | 855 | |||
Non-GAAP operating income | $ 54,190 | $ 61,836 | $ 173,247 | $ 176,890 | |||
Non-GAAP operating margin (%) | 11.7 % | 12.6 % | 12.4 % | 11.9 % |
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and | Three Months Ended | Nine Months Ended | |||||
2024 | 2023 | 2024 | 2023 | ||||
Net income attributable to Quaker Chemical Corporation | $ 32,346 | $ 33,670 | $ 102,458 | $ 92,550 | |||
Depreciation and amortization (a) | 21,423 | 20,866 | 63,907 | 62,210 | |||
Interest expense, net | 10,347 | 12,781 | 31,925 | 38,744 | |||
Taxes on income before equity in net income of associated companies (b) | 12,167 | 13,593 | 40,453 | 36,956 | |||
EBITDA | 76,283 | 80,910 | 238,743 | 230,460 | |||
Equity income in a captive insurance company | (285) | (756) | (1,266) | (748) | |||
Restructuring and related charges, net | 2,610 | 1,019 | 4,787 | 6,034 | |||
Strategic planning (credits) expenses | (181) | 1,093 | (290) | 3,759 | |||
Customer insolvency costs | — | — | 1,522 | — | |||
Facility remediation recoveries | — | — | — | (1,014) | |||
Product liability claim costs | — | — | 896 | — | |||
Business interruption insurance proceeds | (1,000) | — | (1,000) | — | |||
Currency conversion impacts of hyper-inflationary economies | 624 | 1,229 | 333 | 2,869 | |||
Other charges | 511 | 886 | 2,410 | 2,054 | |||
Adjusted EBITDA | $ 78,562 | $ 84,381 | $ 246,135 | $ 243,414 | |||
Adjusted EBITDA margin (%) | 17.0 % | 17.2 % | 17.6 % | 16.4 % | |||
Adjusted EBITDA | $ 78,562 | $ 84,381 | $ 246,135 | $ 243,414 | |||
Less: Depreciation and amortization (a) | 21,423 | 20,866 | 63,907 | 62,210 | |||
Less: Interest expense, net | 10,347 | 12,781 | 31,925 | 38,744 | |||
Less: Taxes on income before equity in net income of associated companies - adjusted (b) | 12,811 | 13,806 | 40,417 | 36,766 | |||
Non-GAAP net income | $ 33,981 | $ 36,928 | $ 109,886 | $ 105,694 |
Three Months Ended | Nine Months Ended | ||||||
Non-GAAP Earnings per Diluted Share Reconciliations: | 2024 | 2023 | 2024 | 2023 | |||
GAAP earnings per diluted share attributable to Quaker Chemical Corporation common shareholders | $ 1.81 | $ 1.87 | $ 5.70 | $ 5.14 | |||
Equity income in a captive insurance company per diluted share | (0.02) | (0.04) | (0.07) | (0.04) | |||
Restructuring and related charges, net per diluted share | 0.11 | 0.04 | 0.20 | 0.25 | |||
Strategic planning (credits) expenses per diluted share | (0.01) | 0.04 | (0.01) | 0.17 | |||
Customer insolvency costs per diluted share | — | — | 0.06 | — | |||
Facility remediation recoveries per diluted share | — | — | — | (0.05) | |||
Product liability claim costs per diluted share | — | — | 0.04 | — | |||
Business interruption insurance proceeds per diluted share | (0.04) | — | (0.04) | — | |||
Currency conversion impacts of hyper-inflationary economies per diluted share | 0.04 | 0.07 | 0.02 | 0.16 | |||
Other charges per diluted share | 0.02 | 0.04 | 0.10 | 0.08 | |||
Impact of certain discrete tax items per diluted share | (0.02) | 0.03 | 0.11 | 0.16 | |||
Non-GAAP earnings per diluted share | $ 1.89 | $ 2.05 | $ 6.11 | $ 5.87 |
a. | Depreciation and amortization for the three and nine months ended September 30, 2024 and 2023 includes approximately |
b. | Taxes on income before equity in net income of associated companies – adjusted includes the Company's tax expense adjusted for the impact of any current and deferred income tax expense (benefit), as applicable, of the reconciling items presented in the reconciliation of Net income attributable to Quaker Chemical Corporation to adjusted EBITDA, above, determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred, subject to deductibility. This caption also includes the impact of specific tax charges and benefits in the nine months ended September 30, 2024 and 2023, which the Company does not consider core to the Company's operations or indicative of future performance. |
Segment Measures and Reconciliations
Segment operating earnings for each of the Company's reportable segments are comprised of the segment's net sales less directly related Cost of goods sold ("COGS") and Selling, general and administrative expenses ("SG&A"). Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and Restructuring and related charges, net, are not included in segment operating earnings. Other items not specifically identified with the Company's reportable segments include Interest expense, net and Other income (expense), net.
The following table presents information about the performance of the Company's reportable segments (dollars in thousands):
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net Sales | |||||||
$ 220,275 | $ 245,899 | $ 673,546 | $ 750,531 | ||||
EMEA | 134,135 | 139,620 | 410,558 | $ 435,602 | |||
107,864 | 105,093 | 311,496 | $ 300,071 | ||||
Total net sales | $ 462,274 | $ 490,612 | $ 1,395,600 | $ 1,486,204 | |||
Segment operating earnings | |||||||
$ 62,121 | $ 69,148 | $ 193,027 | $ 204,280 | ||||
EMEA | 24,644 | 27,922 | 80,867 | $ 81,076 | |||
30,656 | 30,963 | 92,033 | $ 86,604 | ||||
Total segment operating earnings | 117,421 | 128,033 | 365,927 | 371,960 | |||
Restructuring and related charges, net | (2,610) | (1,019) | (4,787) | (6,034) | |||
Non-operating and administrative expenses | (47,778) | (52,280) | (149,538) | (154,001) | |||
Depreciation of corporate assets and amortization | (15,315) | (15,216) | (45,909) | (45,683) | |||
Operating income | 51,718 | 59,518 | 165,693 | 166,242 | |||
Other income (expense), net | 783 | (2,713) | 2,285 | (8,558) | |||
Interest expense, net | (10,347) | (12,781) | (31,925) | (38,744) | |||
Income before taxes and equity in net income of associated companies | $ 42,154 | $ 44,024 | $ 136,053 | $ 118,940 |
Forward-Looking Statements
This press release contains "forward-looking statements" that fall under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Act of 1933, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have based these forward-looking statements on assumptions, projections and expectations about future events that we believe are reasonable based on currently available information, including statements regarding the potential effects of the conflicts in
Conference Call
As previously announced, the Company's investor conference call to discuss its third quarter of 2024 performance is scheduled for Friday, November 1, 2024 at 8:30 a.m. ET. A live webcast of the conference call, together with supplemental information, can be accessed through the Company's Investor Relations website at investors.quakerhoughton.com. You can also access the conference call by dialing 877-269-7756.
About Quaker Houghton
Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,400 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken,
Quaker Chemical Corporation | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ 462,274 | $ 490,612 | $ 1,395,600 | $ 1,486,204 | |||
Cost of goods sold | 289,725 | 307,265 | 865,770 | 951,716 | |||
Gross profit | 172,549 | 183,347 | 529,830 | 534,488 | |||
Selling, general and administrative expenses | 118,221 | 122,810 | 359,350 | 362,212 | |||
Restructuring and related charges, net | 2,610 | 1,019 | 4,787 | 6,034 | |||
Operating income | 51,718 | 59,518 | 165,693 | 166,242 | |||
Other income (expense), net | 783 | (2,713) | 2,285 | (8,558) | |||
Interest expense, net | (10,347) | (12,781) | (31,925) | (38,744) | |||
Income before taxes and equity in net income of associated companies | 42,154 | 44,024 | 136,053 | 118,940 | |||
Taxes on income before equity in net income of associated companies | 12,167 | 13,593 | 40,453 | 36,956 | |||
Income before equity in net income of associated companies | 29,987 | 30,431 | 95,600 | 81,984 | |||
Equity in net income of associated companies | 2,385 | 3,279 | 6,940 | 10,660 | |||
Net income | 32,372 | 33,710 | 102,540 | 92,644 | |||
Less: Net income attributable to noncontrolling interest | 26 | 40 | 82 | 94 | |||
Net income attributable to Quaker Chemical Corporation | $ 32,346 | $ 33,670 | $ 102,458 | $ 92,550 | |||
Per share data: | |||||||
Net income attributable to Quaker Chemical Corporation common shareholders – basic | $ 1.81 | $ 1.87 | $ 5.71 | $ 5.15 | |||
Net income attributable to Quaker Chemical Corporation common shareholders – diluted | $ 1.81 | $ 1.87 | $ 5.70 | $ 5.14 | |||
Basic weighted average common shares outstanding | 17,837,858 | 17,908,754 | 17,889,168 | 17,889,444 | |||
Diluted weighted average common shares outstanding | 17,864,335 | 17,921,274 | 17,909,967 | 17,906,153 |
Quaker Chemical Corporation | |||
September 30, | December 31, | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 212,074 | $ 194,527 | |
Accounts receivable, net | 422,732 | 444,950 | |
Inventories | 244,988 | 233,857 | |
Prepaid expenses and other current assets | 62,059 | 54,555 | |
Total current assets | 941,853 | 927,889 | |
Property, plant and equipment, net | 215,555 | 207,811 | |
Right-of-use lease assets | 35,408 | 38,614 | |
Goodwill | 532,523 | 512,518 | |
Other intangible assets, net | 874,806 | 896,721 | |
Investments in associated companies | 103,444 | 101,151 | |
Deferred tax assets | 12,172 | 10,737 | |
Other non-current assets | 19,920 | 18,770 | |
Total assets | $ 2,735,681 | $ 2,714,211 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Short-term borrowings and current portion of long-term debt | $ 38,787 | $ 23,444 | |
Accounts payable | 191,788 | 184,813 | |
Dividends payable | 8,658 | 8,186 | |
Accrued compensation | 38,741 | 55,194 | |
Accrued restructuring | 1,727 | 3,350 | |
Accrued pension and postretirement benefits | 2,182 | 2,208 | |
Other accrued liabilities | 89,462 | 90,315 | |
Total current liabilities | 371,345 | 367,510 | |
Long-term debt | 700,648 | 730,623 | |
Long-term lease liabilities | 20,610 | 22,937 | |
Deferred tax liabilities | 143,219 | 146,957 | |
Non-current accrued pension and postretirement benefits | 25,752 | 29,457 | |
Other non-current liabilities | 27,837 | 31,805 | |
Total liabilities | 1,289,411 | 1,329,289 | |
Equity | |||
Common stock September 30, 2024 – 17,852,066 shares; December 31, 2023 – 17,991,988 shares | 17,852 | 17,992 | |
Capital in excess of par value | 928,156 | 940,101 | |
Retained earnings | 628,103 | 550,641 | |
Accumulated other comprehensive loss | (128,448) | (124,415) | |
Total Quaker shareholders' equity | 1,445,663 | 1,384,319 | |
Noncontrolling interest | 607 | 603 | |
Total equity | 1,446,270 | 1,384,922 | |
Total liabilities and equity | $ 2,735,681 | $ 2,714,211 |
Quaker Chemical Corporation | |||
Nine Months Ended | |||
2024 | 2023 | ||
Cash flows from operating activities | |||
Net income | $ 102,540 | $ 92,644 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Amortization of debt issuance costs | 1,059 | 1,059 | |
Depreciation and amortization | 63,159 | 61,434 | |
Equity in undistributed earnings of associated companies, net of dividends | 1,045 | (7,486) | |
Deferred income taxes | (7,934) | (1,591) | |
Deferred compensation and other, net | (1,428) | 1,076 | |
Share-based compensation | 12,413 | 11,189 | |
Restructuring and related charges, net | 4,787 | 6,034 | |
Pension and other postretirement benefits | (3,956) | (2,000) | |
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions: | |||
Accounts receivable | 20,625 | 22,133 | |
Inventories | (10,875) | 30,607 | |
Prepaid expenses and other current assets | (7,912) | (9,771) | |
Accrued restructuring | (6,397) | (7,914) | |
Accounts payable and accrued liabilities | (25,612) | 2,046 | |
Net cash provided by operating activities | 141,514 | 199,460 | |
Cash flows from investing activities | |||
Investments in property, plant and equipment | (19,337) | (25,794) | |
Payments related to acquisitions, net of cash acquired | (39,302) | — | |
Proceeds from disposition of assets | 2,798 | — | |
Net cash used in investing activities | (55,841) | (25,794) | |
Cash flows from financing activities | |||
Payments of long-term debt | (48,600) | (14,075) | |
Borrowings (payments) on revolving credit facilities, net | 30,500 | (112,835) | |
(Payments) borrowings on other debt, net | (842) | 797 | |
Dividends paid | (24,523) | (23,459) | |
Shares purchased under share repurchase programs | (22,906) | — | |
Other stock related activity | (631) | (953) | |
Net cash used in financing activities | (67,002) | (150,525) | |
Effect of foreign exchange rate changes on cash | (1,124) | (5,746) | |
Net increase in cash and cash equivalents | 17,547 | 17,395 | |
Cash and cash equivalents at the beginning of the period | 194,527 | 180,963 | |
Cash and cash equivalents at the end of the period | $ 212,074 | $ 198,358 |
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SOURCE Quaker Chemical Corporation
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