Quaker Chemical announces fourth quarter and full year 2012 results

Pennsylvania-based Quaker Chemical Corporation announced net sales and earnings per diluted share of US$172.9 million and US$0.99 per diluted share for the fourth quarter of 2012, respectively, compared to fourth quarter 2011 net sales and earnings per diluted share of US$173.3 million and US$0.80 per diluted share, respectively. Net income for the fourth quarter of 2012 was US$13.0 million, compared to net income of US$10.4 million for the fourth quarter of 2011.
Full year net sales and earnings per diluted share were US$708.2 million and US$3.63 per diluted share for 2012, respectively, compared to net sales and earnings per diluted share of US$683.2 million and US$3.66 per diluted share for 2011, respectively. Full year 2012 net income was US$47.4 million compared to 2011 net income of US$45.9 million.
Michael F. Barry, chairman, chief executive officer and president, commented, “We are pleased to report solid results in the fourth quarter despite weak market conditions in Europe and Brazil as well as typical seasonal trends at year end. Overall, we experienced gross margin improvement based on stabilizing raw material costs.”
Barry also noted, “[g]oing into 2013, we will continue to face challenging economic environments in various parts of the world, especially Europe. In addition, we are likely to see higher raw material costs from current levels due to increasing crude oil pricing. However, we also expect a continued recovery in North America and China, as well as growth due to our strategic initiatives and further leverage from our acquisitions. In summary, I remain confident in our future and expect 2013 to be another good year for Quaker.”
(March 23, 2013)