Quaker Houghton reports developments for an industrial process fluids business serving steel, aluminum, automotive, aerospace, offshore, container, mining and metalworking customers. News commonly covers quarterly and annual results, sales volume and pricing trends, adjusted EBITDA, cash flow, segment activity across the Americas, EMEA and Asia/Pacific, and demand tied to metalworking and industrial end markets.
Company updates also include dividend declarations, share repurchases, acquisitions, credit agreement amendments, debt maturity and liquidity actions, cost and transformation programs, and corporate responsibility recognition. Product themes include metal removal and forming fluids, cleaners, corrosion inhibitors, die-cast mold releases, quenchants, hydraulic fluids, specialty greases, rolling lubricants, and surface treatment chemicals.
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Quaker Houghton (NYSE: KWR) has declared a quarterly dividend of $0.415 per share, scheduled for payment on January 31, 2022. Shareholders on record as of January 17, 2022 will receive this dividend. Quaker Houghton is a global leader in industrial process fluids, operating in over 25 countries and serving various advanced industries including steel, aluminum, automotive, and aerospace. The company, headquartered in Conshohocken, Pennsylvania, employs approximately 4,200 professionals, providing innovative solutions and customized services to enhance operational efficiency.
Quaker Houghton (NYSE: KWR) reported a strong third quarter for 2021, achieving net sales of $449.1 million, a 22% increase year-over-year. Net income rose to $31.1 million, or $1.73 per diluted share, compared to $27.3 million in the prior year. The company noted a significant impact from raw material cost increases and supply chain disruptions, leading to lower gross margins of 32.3%. Despite challenges, Quaker Houghton expects continued demand and plans further price increases to mitigate rising costs. Recent acquisitions are projected to add approximately $15 million in annual net sales.
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.
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