Quaker Chemical (KWR) Tops Q3 EPS by 15c

Quaker Chemical (NYSE: KWR) reported Q3 EPS of $1.56, $0.15 better than the analyst estimate of $1.41. Revenue for the quarter came in at $325 million versus the consensus estimate of $324.92 million.

Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "We experienced challenging market conditions in the third quarter. Our sales were negatively impacted by weaker end market conditions and more significant foreign exchange headwinds than projected last quarter. This was largely driven by the compounding conditions of a weak global automotive market, a generally weaker industrial environment in most parts of the world, some customer inventory corrections and the continued strength of the U.S. dollar. However, there are positives as well. We continued to take market share which partially offset the declines in our markets, we achieved our targeted gross margin, and we have made good progress with our integration and are on track to achieve our targeted integration cost synergies. Despite the 7% decrease in our pro forma net sales, these positive developments all contributed to our pro forma adjusted EBITDA growing 3% in the third quarter compared to the prior year. Overall, I continue to be confident in our future as Quaker Houghton and we remain committed to delivering on our two-year targets for synergies, adjusted EBITDA and leverage. Also, I reaffirm our previous guidance for the full year 2019 pro forma Quaker Houghton adjusted EBITDA, which results in expected pro forma adjusted EBITDA in the fourth quarter to be in the range of between $52 million and $59 million."

For earnings history and earnings-related data on Quaker Chemical (KWR) click here.

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