QUAKER HOUGHTON ANNOUNCES FIRST QUARTER 2026 RESULTS
Rhea-AI Summary
Quaker Houghton (NYSE: KWR) reported Q1 2026 net sales of $480.5M, up 8% year-over-year, with net income of $19.7M and diluted EPS of $1.13. Adjusted EBITDA was $72.5M (+5% Y/Y). Organic volumes rose 3% driven by ~4% new business wins. The company amended its credit agreement to extend the nearest maturity to April 2031 and launched a global transformation program targeting $20–$30M annual savings by 2028.
Positive
- Net sales +8% Y/Y to $480.5 million in Q1 2026
- Adjusted EBITDA +5% Y/Y to $72.5 million
- Organic sales volumes +3% Y/Y; ~4% new business wins
- Credit agreement amended; nearest maturity extended to April 2031
- Transformation program targeting $20–$30M annual savings by 2028
Negative
- Decline in selling price and product mix of 3% Y/Y
- Americas segment operating earnings decreased versus prior year
- Operating margins declined, partially offsetting revenue gains
- Expected raw material inflation beginning in Q2 2026 may pressure margins
Key Figures
Market Reality Check
Peers on Argus
KWR fell 4.32% while key specialty chemical peers were positive, including ASH up 8.71%, CC up 2.24%, NGVT up 3.35%, IOSP up 1.56%, and MTX up 2.54%, pointing to a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 23 | Q4/FY25 earnings | Neutral | -6.9% | Q4 2025 sales growth but full‑year net loss driven by large impairment. |
| Oct 30 | Q3 2025 earnings | Positive | +10.5% | Q3 2025 strong sales, higher non‑GAAP EPS, and solid adjusted EBITDA. |
| Jul 31 | Q2 2025 earnings | Neutral | +3.0% | Q2 2025 growth with goodwill impairment driving a reported net loss. |
| May 01 | Q1 2025 earnings | Negative | -2.4% | Q1 2025 sales and earnings declines versus prior year amid softer demand. |
| Feb 24 | Q4/FY24 earnings | Positive | +2.6% | Q4 2024 results with strong full‑year cash flow and shareholder returns. |
Earnings releases have typically produced modest, generally aligned moves, with an average change of 1.37% and no clear history of persistent divergence from fundamentals.
Over the past several earnings cycles, Quaker Houghton reported steady sales growth and active portfolio management. Q4 2024 delivered $1.84B in sales and strong cash generation, while 2025 results showed acquisitions, cost programs, and occasional impairment-driven losses. Quarterly net sales have generally grown in the mid‑single‑digit range, with adjusted EBITDA expanding in several periods. Price reactions around these reports ranged from about -6.86% to +10.46%, indicating that earnings have been meaningful catalysts for KWR shares.
Historical Comparison
In the past five earnings releases, KWR moved an average of 1.37%. Today’s -4.32% reaction to Q1 2026 results is more negative than the typical earnings response.
Earnings reports show a progression from Q4 2024 stability to mixed 2025 results with impairments, followed by continued revenue and adjusted EBITDA growth into Q1 2026 supported by acquisitions and cost actions.
Market Pulse Summary
This announcement details Q1 2026 growth with net sales of $480.5M, organic volume up 3%, adjusted EBITDA of $72.5M, and non‑GAAP EPS of $1.63. Management extended its nearest debt maturity to 2031 and ended the quarter with $875.0M in gross debt and $169.7M in cash. A new global transformation and cost program targeting $20–$30M of annualized savings adds another lever investors may track alongside margins and cash flow.
Key Terms
adjusted ebitda financial
non-gaap financial
revolving credit facility financial
ebitda financial
hyper-inflationary economies technical
trailing twelve months adjusted ebitda financial
AI-generated analysis. Not financial advice.
- Q1'26 net sales of
$480.5 million 8% Y/Y, net income of$19.7 million $1.13 - Organic sales volumes increased
3% Y/Y driven by new business wins of approximately4% - Delivered Q1'26 adjusted EBITDA of
$72.5 million 5% increase Y/Y - Q1'26 non-GAAP net income of
$28.4 million $1.63 3% increase Y/Y - Amended credit agreement, extending nearest-term debt maturity to 2031 and increasing available credit with improved terms
- New global transformation and cost program targeting
$20 $30 million $10M
Three Months Ended | |||
($ in thousands, except per share data) | 2026 | 2025 | |
Net sales | $ 480,479 | $ 442,914 | |
Net income attributable to Quaker Chemical Corporation | 19,669 | 12,922 | |
Net income attributable to Quaker Chemical Corporation common shareholders – diluted | 1.13 | 0.73 | |
Non-GAAP net income * | 28,374 | 28,028 | |
Non-GAAP Earnings per diluted share * | 1.63 | 1.58 | |
Adjusted EBITDA * | 72,530 | 69,047 | |
* | Refer to the Non-GAAP Measures and Reconciliations section below for additional information |
First Quarter 2026 Consolidated Results
Net sales in the first quarter of 2026 were
The Company reported net income in the first quarter of 2026 of
Joe Berquist, Chief Executive Officer and President, commented, "We achieved
Looking ahead we expect demand to improve incrementally with normal seasonality, even with volatility and current uncertainty in the market. We expect to incur raw material inflation beginning in the second quarter and have implemented price recovery and cost actions to mitigate the impact; however, some lag will temporarily impact gross margins in the second quarter. We expect to fully recover margins to reach our target range as we exit the year. While recent geopolitical events have created additional near-term uncertainty, we expect to achieve year-over-year revenue and adjusted EBITDA growth in 2026 assuming no significant deterioration in our end markets as a result of the
First Quarter 2026 Segment Results
The Company's first quarter of 2026 operating performance for each of its three reportable segments: (i)
Three Months Ended | |||
2026 | 2025 | ||
Net Sales * | |||
$ 213,728 | $ 213,711 | ||
EMEA | 142,083 | 129,278 | |
124,668 | 99,925 | ||
Total net sales | $ 480,479 | $ 442,914 | |
Segment operating earnings * | |||
$ 53,947 | $ 58,462 | ||
EMEA | 25,561 | 23,393 | |
34,276 | 25,930 | ||
Total segment operating earnings | $ 113,784 | $ 107,785 | |
* | Refer to the Segment Measures and Reconciliations section below for additional information |
The following table summarizes the sales variances by reportable segment and consolidated operations in the first quarter of 2026 compared to the first quarter of 2025:
Sales volumes | Selling price & | Foreign | Acquisition & | Total | |||||
(2) % | (1) % | 1 % | 2 % | — % | |||||
EMEA | 2 % | (4) % | 10 % | 2 % | 10 % | ||||
10 % | (2) % | 3 % | 14 % | 25 % | |||||
Consolidated | 3 % | (3) % | 4 % | 4 % | 8 % |
Net sales in the
New business wins were strong across all segments in the first quarter of 2026 despite softer underlying end market activity compared to prior year levels. The decline in selling price and product mix in the first quarter of 2026 compared to the same period in 2025 reflects changes in the mix of products, services and geographies, and the impact of our index-based customer contracts.
Consolidated net sales increased approximately
Segment operating earnings increased in the EMEA and
Cash Flow and Liquidity Highlights
Net cash provided by operating activities was
Subsequent to the first quarter end, the Company successfully amended its credit agreement, extending its nearest-term maturity from June 2027 to April 2031 and expanding the availability under its revolving credit facility. As of March 31, 2026, the Company's total gross debt was
The Company also announced the initiation of a global business transformation and cost savings program, which is expected to generate at least
Non-GAAP Measures and Reconciliations
The information 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 financial performance of the Company, facilitate a comparison among fiscal periods, and exclude items that management believes are not indicative of future operating performance or 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 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, 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 management believes are not indicative of future operating performance or 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 management believes are not indicative of future operating performance or considered core to the Company's operations. In addition, the Company presents non-GAAP Adjusted EBITDA margin and non-GAAP operating margin, which are calculated as the percentage of adjusted EBITDA and non-GAAP operating income, respectively. The Company believes these non-GAAP measures provide transparent and useful information and are widely used by analysts, investors, and competitors 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, 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 analysts, investors, and competitors in our industry as well as by management in assessing the 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 March 31, 2026 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):
Non-GAAP Operating Income and Margin Reconciliations | Three Months Ended | ||
2026 | 2025 | ||
Operating income | $ 33,589 | $ 27,624 | |
Restructuring and related charges, net | 7,381 | 14,590 | |
Acquisition-related expenses | 715 | 3,329 | |
Business transformation costs | 1,659 | — | |
Acquisition-related depreciation and amortization | 1,608 | — | |
Other charges | 397 | 226 | |
Non-GAAP operating income | $ 45,349 | $ 45,769 | |
Non-GAAP operating margin (%) | 9.4 % | 10.3 % | |
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Non-GAAP Net Income | Three Months Ended | ||
2026 | 2025 | ||
Net income attributable to Quaker Chemical Corporation | $ 19,669 | $ 12,922 | |
Depreciation and amortization (a) | 25,870 | 20,830 | |
Interest expense | 9,879 | 9,545 | |
Taxes on income before equity in net income of associated companies (b) | 7,145 | 7,542 | |
EBITDA | 62,563 | 50,839 | |
Equity income in a captive insurance company | (607) | (671) | |
Restructuring and related charges, net | 7,381 | 14,590 | |
Acquisition-related expenses | 715 | 3,329 | |
Business transformation costs | 1,659 | — | |
Pension and postretirement benefit costs, non-service components | 251 | 433 | |
Currency conversion impacts of hyper-inflationary economies | 171 | 535 | |
Loss on acquisition-related hedges | — | 1,943 | |
Gain on sale of assets | — | (2,177) | |
Other charges | 397 | 226 | |
Adjusted EBITDA | $ 72,530 | $ 69,047 | |
Adjusted EBITDA margin (%) | 15.1 % | 15.6 % | |
Adjusted EBITDA | $ 72,530 | $ 69,047 | |
Less: Depreciation and amortization (a) | 25,870 | 20,830 | |
Less: Interest expense | 9,879 | 9,545 | |
Less: Taxes on income before equity in net income of associated companies - adjusted (b) | 10,015 | 10,644 | |
Plus: Acquisition-related depreciation and amortization | 1,608 | — | |
Non-GAAP net income | $ 28,374 | $ 28,028 | |
Three Months Ended | |||
Non-GAAP Earnings per Diluted Share Reconciliations | 2026 | 2025 | |
GAAP earnings per diluted share attributable to Quaker Chemical Corporation common | $ 1.13 | $ 0.73 | |
Equity income in a captive insurance company | (0.03) | (0.04) | |
Restructuring and related charges, net | 0.32 | 0.62 | |
Acquisition-related expenses | 0.03 | 0.14 | |
Business transformation costs | 0.07 | — | |
Pension and postretirement benefit costs, non-service components | 0.01 | 0.02 | |
Currency conversion impacts of hyper-inflationary economies | 0.01 | 0.03 | |
Loss on acquisition-related hedges | — | 0.08 | |
Gain on sale of assets | — | (0.09) | |
Other charges | 0.01 | 0.01 | |
Discrete tax items | 0.02 | 0.08 | |
Acquisition-related depreciation and amortization | 0.06 | — | |
Non-GAAP earnings per diluted share | $ 1.63 | $ 1.58 | |
a. | Depreciation and amortization for the three months ended March 31, 2026 and 2025 each 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 for the three months ended March 31, 2026 and 2025. |
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 product costs and other segment items. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company's reportable segments include Interest expense and Other expense, net.
The following table presents information about the performance of the Company's reportable segments (dollars in thousands):
Three Months Ended | |||
2026 | 2025 | ||
Net Sales | |||
$ 213,728 | $ 213,711 | ||
EMEA | 142,083 | 129,278 | |
124,668 | 99,925 | ||
Total net sales | $ 480,479 | $ 442,914 | |
Segment operating earnings | |||
$ 53,947 | $ 58,462 | ||
EMEA | 25,561 | 23,393 | |
34,276 | 25,930 | ||
Total segment operating earnings | 113,784 | 107,785 | |
Restructuring and related charges, net | (7,381) | (14,590) | |
Non-operating and administrative expenses | (55,087) | (50,717) | |
Depreciation of corporate assets and amortization | (17,727) | (14,854) | |
Operating income | 33,589 | 27,624 | |
Other expense, net | (23) | (709) | |
Interest expense | (9,879) | (9,545) | |
Income before taxes and equity in net income of associated companies | $ 23,687 | $ 17,370 | |
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 economic downturns; tariffs, including retaliatory tariffs, "trade wars" and uncertainty surrounding changes in tariffs; inflation and global supply chain constraints on the Company's business, results of operations, and financial condition; our expectation that we will maintain sufficient liquidity and remain in compliance with the terms of the Company's credit facility; expectations about future demand and raw material costs; and statements regarding the impact of increased raw material costs and pricing initiatives. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, which may differ materially from our actual results, including but not limited to the potential benefits of acquisitions and divestitures, the impacts on our business as a result of global supply chain constraints and other macroeconomic stresses and uncertainties, including political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions, and our current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "outlook," "target," "possible," "potential," "plan" or similar expressions. Such statements include information relating to current and future business activities, operational matters, capital spending, and financing sources. A major risk is that demand for the Company's products and services is largely derived from the demand for its customers' products, which subjects the Company to uncertainties related to downturns in a customer's business and unanticipated customer production slowdowns and shutdowns. Other major risks and uncertainties include, but are not limited to, inflationary pressures, including increases in raw material costs; supply chain constraints and the impacts of economic downturns; customer financial instability; high interest rates and their impact on our and our customers' business operations; the impacts from acts of war, terrorism and military conflicts, including those in
Conference Call
As previously announced, the Company's investor conference call to discuss its first quarter of 2026 performance is scheduled for Friday, May 1, 2026 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, can, 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 4,700 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
Quaker Chemical Corporation Condensed Consolidated Statements of Operations (Unaudited; Dollars in thousands, except per share data) | |||
Three Months Ended | |||
2026 | 2025 | ||
Net sales | $ 480,479 | $ 442,914 | |
Cost of goods sold | 303,744 | 281,654 | |
Gross profit | 176,735 | 161,260 | |
Selling, general and administrative expenses | 135,765 | 119,046 | |
Restructuring and related charges, net | 7,381 | 14,590 | |
Operating income | 33,589 | 27,624 | |
Other expense, net | (23) | (709) | |
Interest expense | (9,879) | (9,545) | |
Income before taxes and equity in net income of associated companies | 23,687 | 17,370 | |
Taxes on income before equity in net income of associated companies | 7,145 | 7,542 | |
Income before equity in net income of associated companies | 16,542 | 9,828 | |
Equity in net income of associated companies | 3,200 | 3,089 | |
Net income | 19,742 | 12,917 | |
Less: Net income (loss) attributable to noncontrolling interest | 73 | (5) | |
Net income attributable to Quaker Chemical Corporation | $ 19,669 | $ 12,922 | |
Per share data: | |||
Net income attributable to Quaker Chemical Corporation common shareholders – basic | $ 1.13 | $ 0.73 | |
Net income attributable to Quaker Chemical Corporation common shareholders – diluted | $ 1.13 | $ 0.73 | |
Basic weighted average common shares outstanding | 17,326,847 | 17,639,764 | |
Diluted weighted average common shares outstanding | 17,411,094 | 17,669,965 | |
Quaker Chemical Corporation Condensed Consolidated Balance Sheets (Unaudited; Dollars in thousands, except par value) | |||
March 31, | December 31, | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 169,728 | $ 179,829 | |
Accounts receivable, net | 441,167 | 417,157 | |
Inventories | 282,508 | 265,776 | |
Prepaid expenses and other current assets | 59,196 | 58,428 | |
Total current assets | 952,599 | 921,190 | |
Property, plant and equipment, net | 311,422 | 313,423 | |
Right-of-use lease assets | 38,534 | 38,737 | |
Goodwill | 502,005 | 501,720 | |
Other intangible assets, net | 847,994 | 873,540 | |
Investments in associated companies | 106,192 | 106,915 | |
Deferred tax assets | 12,182 | 12,128 | |
Other non-current assets | 30,999 | 30,283 | |
Total assets | $ 2,801,927 | $ 2,797,936 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Short-term borrowings and current portion of long-term debt | $ 37,301 | $ 35,657 | |
Accounts payable | 205,386 | 198,929 | |
Dividends payable | 8,822 | 8,804 | |
Accrued compensation | 30,299 | 41,192 | |
Accrued restructuring | 9,482 | 8,351 | |
Accrued pension and postretirement benefits | 2,119 | 2,126 | |
Other accrued liabilities | 95,086 | 85,097 | |
Total current liabilities | 388,495 | 380,156 | |
Long-term debt | 837,132 | 834,901 | |
Long-term lease liabilities | 22,134 | 22,759 | |
Deferred tax liabilities | 131,922 | 140,814 | |
Non-current accrued pension and postretirement benefits | 20,191 | 20,615 | |
Other non-current liabilities | 22,902 | 22,192 | |
Total liabilities | 1,422,776 | 1,421,437 | |
Equity | |||
Common stock March 31, 2026 – 17,365,508 shares; December 31, 2025 – 17,331,779 shares | 17,366 | 17,332 | |
Capital in excess of par value | 876,213 | 874,826 | |
Retained earnings | 607,463 | 596,616 | |
Accumulated other comprehensive loss | (125,359) | (115,661) | |
Total Quaker shareholders' equity | 1,375,683 | 1,373,113 | |
Noncontrolling interest | 3,468 | 3,386 | |
Total equity | 1,379,151 | 1,376,499 | |
Total liabilities and equity | $ 2,801,927 | $ 2,797,936 | |
Quaker Chemical Corporation Condensed Consolidated Statements of Cash Flows (Unaudited; Dollars in thousands) | |||
Three Months Ended | |||
2026 | 2025 | ||
Cash flows from operating activities | |||
Net income | $ 19,742 | $ 12,917 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 25,640 | 20,599 | |
Equity in undistributed earnings of associated companies, net of dividends | (2,830) | (2,769) | |
Deferred income taxes | (7,517) | (3,340) | |
Share-based compensation | 3,170 | 3,182 | |
Restructuring and related charges, net | 7,381 | 14,590 | |
Gain on disposal of property, plant and equipment and other assets | — | (2,148) | |
Other adjustments | 492 | 2,190 | |
Increase (decrease) in cash from changes in current assets and current liabilities, net of | |||
Accounts receivable | (25,480) | (10,302) | |
Inventories | (18,437) | (13,457) | |
Prepaid expenses and other current assets | (1,340) | 245 | |
Accrued restructuring | (3,880) | (9,045) | |
Accounts payable and accrued liabilities | 6,845 | (15,712) | |
Net cash provided by (used in) operating activities | 3,786 | (3,050) | |
Cash flows from investing activities | |||
Investments in property, plant and equipment | (10,656) | (12,329) | |
Payments related to acquisitions, net of cash acquired | — | (3,983) | |
Proceeds from disposition of assets | — | 2,900 | |
Other investing activities | 1,126 | — | |
Net cash used in investing activities | (9,530) | (13,412) | |
Cash flows from financing activities | |||
Payments of long-term debt | (8,770) | (8,523) | |
Borrowings on revolving credit facilities, net | 14,053 | 30,000 | |
Borrowings (payments) on other debt, net | 1,857 | (773) | |
Dividends paid | (8,805) | (8,572) | |
Other stock related activity | (1,749) | (1,176) | |
Net cash (used in) provided by financing activities | (3,414) | 10,956 | |
Effect of foreign exchange rate changes on cash | (943) | 2,849 | |
Net decrease in cash and cash equivalents | (10,101) | (2,657) | |
Cash and cash equivalents at the beginning of the period | 179,829 | 188,880 | |
Cash and cash equivalents at the end of the period | $ 169,728 | $ 186,223 | |
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SOURCE Quaker Chemical Corporation