US Market News
1月前
QUAKER HOUGHTON ANNOUNCES FIRST QUARTER 2026 RESULTSApril 30, 2026 4:30 PM
PR Newswire (US)
Q1'26 net sales of $480.5 million, an increase of 8% Y/Y, net income of $19.7 million and earnings per diluted share of $1.13Organic sales volumes increased 3% Y/Y driven by new business wins of approximately 4%Delivered Q1'26 adjusted EBITDA of $72.5 million, a 5% increase Y/YQ1'26 non-GAAP net income of $28.4 million and non-GAAP earnings per diluted share of $1.63, a 3% increase Y/YAmended credit agreement, extending nearest-term debt maturity to 2031 and increasing available credit with improved termsNew global transformation and cost program targeting $20 to $30 million savings, with run rate of $10M by end of 2026CONSHOHOCKEN, Pa., April 30, 2026 /PRNewswire/ -- Quaker Houghton ("the Company") (NYSE: KWR), the global leader in industrial process fluids, announced its first quarter 2026 results today.
Three Months Ended
March 31,($ in thousands, except per share data)2026
2025Net sales$ 480,479
$ 442,914Net income attributable to Quaker Chemical Corporation19,669
12,922Net income attributable to Quaker Chemical Corporation common shareholders – diluted1.13
0.73Non-GAAP net income *28,374
28,028Non-GAAP Earnings per diluted share *1.63
1.58Adjusted EBITDA *72,530
69,047*Refer to the Non-GAAP Measures and Reconciliations section below for additional informationFirst Quarter 2026 Consolidated ResultsNet sales in the first quarter of 2026 were $480.5 million, an increase of 8% compared to $442.9 million in the first quarter of 2025. This increase was primarily driven by an increase in organic sales volumes of 3%, a contribution from acquisitions of 4%, and a favorable impact from foreign currency translation of 4%, partially offset by a decline in selling price and product mix of 3%. The increase in organic sales volumes compared to the prior year was the result of net 4% new business wins across all segments and strong growth in the Asia/Pacific segment.The Company reported net income in the first quarter of 2026 of $19.7 million, or $1.13 per diluted share, compared to $12.9 million, or $0.73 per diluted share, in the first quarter of 2025. Excluding non-recurring and non-core items in each period, the Company's non-GAAP net income and non-GAAP earnings per diluted share were $28.4 million and $1.63, respectively, in the first quarter of 2026 compared to $28.0 million and $1.58, respectively, in the first quarter of 2025. The Company generated adjusted EBITDA of $72.5 million in the first quarter of 2026, an increase of approximately 5% compared to $69.0 million in the first quarter of 2025, driven by the increase in net sales, partially offset by a decrease in operating margins. See the Non-GAAP Measures and Reconciliations section below for additional information.Joe Berquist, Chief Executive Officer and President, commented, "We achieved 3% year-over-year organic volume growth despite challenging markets, resulting in our third consecutive quarter of profitability improvement compared to prior year. The volume growth was driven by new business wins in all regions, led again by the Asia/Pacific region. Our disciplined approach to sales execution and serving the customer is enabling us to outperform soft end markets, which we estimate were down a low-single-digit percentage in the quarter. Gross margins improved as expected in the first quarter, driving higher earnings, with adjusted EBITDA up 5% compared to prior year.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 Middle East conflict. I am proud of the resilience and unwavering commitment to our customers demonstrated by the entire Quaker Houghton team in an exceptionally volatile environment."First Quarter 2026 Segment ResultsThe Company's first quarter of 2026 operating performance for each of its three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific, is further described below.
Three Months Ended
March 31,
2026
2025Net Sales *
Americas$ 213,728
$ 213,711EMEA142,083
129,278Asia/Pacific124,668
99,925Total net sales$ 480,479
$ 442,914Segment operating earnings *
Americas$ 53,947
$ 58,462EMEA25,561
23,393Asia/Pacific34,276
25,930Total segment operating earnings$ 113,784
$ 107,785*Refer to the Segment Measures and Reconciliations section below for additional informationThe 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 &
product mix
Foreign
currency
Acquisition &
other
TotalAmericas(2) %
(1) %
1 %
2 %
— %EMEA2 %
(4) %
10 %
2 %
10 %Asia/Pacific10 %
(2) %
3 %
14 %
25 %Consolidated3 %
(3) %
4 %
4 %
8 %Net sales in the Asia/Pacific segment increased 25% in the first quarter of 2026 compared to the same period in 2025, as an increase in organic sales volumes, a contribution in sales from acquisitions, primarily Dipsol, and a favorable impact of foreign currency translation, was partially offset by a decrease in selling price and product and geographic mix. Net sales in the EMEA segment increased 10% in the first quarter of 2026 compared to the same period in 2025, due to an increase in organic sales volumes, an increase in sales from acquisitions, and a favorable impact of foreign currency translation, partially offset by a decrease in selling price and product and geographic mix. Net sales in the Americas segment in the first quarter of 2026 were consistent with the same period in 2025, as the contribution in sales from acquisitions and favorable impact from foreign currency translation was offset by a decrease in organic sales volumes and a decrease in selling price and product and geographic mix.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 3% compared to the fourth quarter of 2025, driven by an increase in organic sales volumes and a favorable impact from foreign currency translation, partially offset by a decrease in selling price and product and geographic mix. Net sales increased in the Americas segment compared to the fourth quarter of 2025 driven by an increase in organic sales volumes and new business wins, despite a continuation of soft underlying end market activity, partially offset by a decrease in selling price and product and geographic mix. Net sales increased in the EMEA segment compared to the fourth quarter of 2025 driven by an increase in organic sales volumes and new business wins, and an increase in selling price and product and geographic mix. Net sales in the Asia/Pacific segment decreased compared to the fourth quarter of 2025 primarily due to a decrease in selling price and product and geographic mix. Foreign currency translation was favorable to sales across all segments in the first quarter of 2026 compared to the fourth quarter of 2025.Segment operating earnings increased in the EMEA and Asia/Pacific segments in the first quarter of 2026 compared to the prior year period primarily due to the improvement in net sales and a decrease in raw material costs, partially offset by an increase in SG&A expenses. Segment operating earnings decreased in the Americas segment in the first quarter of 2026 compared to the prior year due to a decrease in segment operating margins resulting from a decrease in price and product mix and higher SG&A expenses. Segment operating earnings increased in all three segments in the first quarter of 2026 compared to the fourth quarter of 2025, primarily driven by an increase in net sales in the Americas and EMEA segments and improved operating margins in all three segments.Cash Flow and Liquidity HighlightsNet cash provided by operating activities was $3.8 million for the three months ended March 31, 2026, compared to net cash used by operating activities of $3.1 million for the same period in 2025. The Company's increase in operating cash flow year-over-year primarily reflects improved operating performance and lower cash outflows from restructuring activities and working capital.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 $875.0 million and its cash and cash equivalents was $169.7 million, which resulted in net debt of approximately $705.3 million. The Company's net debt divided by its trailing twelve months adjusted EBITDA was approximately 2.3x.The Company also announced the initiation of a global business transformation and cost savings program, which is expected to generate at least $20 million to $30 million of annualized cost savings by 2028.Non-GAAP Measures and ReconciliationsThe 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 U.S. GAAP measure because it is unable to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measures without unreasonable effort. These items include, but are not limited to, certain non-recurring or non-core items the Company may record that could materially impact net income. These items are uncertain, depend on various factors, and could have a material impact on the U.S. GAAP reported results for the guidance period. 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 $302.7 million, which consists of (i) the three months ended March 31, 2026 adjusted EBITDA of $72.5 million, as presented in the non-GAAP reconciliations below, and (ii) the twelve months ended December 31, 2025 adjusted EBITDA of $299.2 million, as presented in the non-GAAP reconciliations included in the Company's fourth quarter and full year 2025 results press release dated February 23, 2026 less (iii) the three months ended March 31, 2025 adjusted EBITDA of $69.0 million, as presented in the non-GAAP reconciliations below. Certain of the prior period non-GAAP financial measures presented in the following tables have been adjusted to conform with current period presentation. The following tables reconcile the Company's non-GAAP financial measures (unaudited) to their most directly comparable GAAP (unaudited) financial measures (dollars in thousands unless otherwise noted, except per share amounts):Non-GAAP Operating Income and Margin ReconciliationsThree Months Ended
March 31,
2026
2025Operating income$ 33,589
$ 27,624Restructuring and related charges, net 7,381
14,590Acquisition-related expenses 715
3,329Business transformation costs 1,659
—Acquisition-related depreciation and amortization 1,608
—Other charges 397
226Non-GAAP operating income$ 45,349
$ 45,769Non-GAAP operating margin (%)9.4 %
10.3 % EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Non-GAAP Net Income
ReconciliationsThree Months Ended
March 31,2026
2025Net income attributable to Quaker Chemical Corporation$ 19,669
$ 12,922Depreciation and amortization (a)25,870
20,830Interest expense9,879
9,545Taxes on income before equity in net income of associated companies (b)7,145
7,542EBITDA62,563
50,839Equity income in a captive insurance company (607)
(671)Restructuring and related charges, net 7,381
14,590Acquisition-related expenses 715
3,329Business transformation costs 1,659
—Pension and postretirement benefit costs, non-service components 251
433Currency conversion impacts of hyper-inflationary economies 171
535Loss on acquisition-related hedges —
1,943Gain on sale of assets —
(2,177)Other charges397
226Adjusted EBITDA$ 72,530
$ 69,047Adjusted EBITDA margin (%)15.1 %
15.6 %
Adjusted EBITDA$ 72,530
$ 69,047Less: Depreciation and amortization (a)25,870
20,830Less: Interest expense9,879
9,545Less: Taxes on income before equity in net income of associated companies - adjusted (b)10,015
10,644Plus: Acquisition-related depreciation and amortization1,608
—Non-GAAP net income$ 28,374
$ 28,028
Three Months Ended
March 31,Non-GAAP Earnings per Diluted Share Reconciliations2026
2025GAAP earnings per diluted share attributable to Quaker Chemical Corporation common
shareholders$ 1.13
$ 0.73Equity income in a captive insurance company (0.03)
(0.04)Restructuring and related charges, net 0.32
0.62Acquisition-related expenses 0.03
0.14Business transformation costs 0.07
—Pension and postretirement benefit costs, non-service components 0.01
0.02Currency conversion impacts of hyper-inflationary economies 0.01
0.03Loss on acquisition-related hedges —
0.08Gain on sale of assets —
(0.09)Other charges0.01
0.01Discrete tax items 0.02
0.08Acquisition-related depreciation and amortization 0.06
—Non-GAAP earnings per diluted share$ 1.63
$ 1.58a.Depreciation and amortization for the three months ended March 31, 2026 and 2025 each includes approximately $0.2 million of amortization expense recorded within equity in net income of associated companies in the Company's Condensed Consolidated Statements of Operations. This is attributable to the amortization of the fair value purchase accounting step-up in connection with the acquisition of the Company's 50% equity interest in Korea Houghton Corporation.
b.Taxes on income before equity in net income of associated companies – adjusted includes the Company's tax expense adjusted for the impact of any current and deferred income tax expense (benefit), as applicable, of the reconciling items presented in the reconciliation of Net income attributable to Quaker Chemical Corporation to adjusted EBITDA, above, determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred, subject to deductibility. This caption also includes the impact of specific tax charges and benefits for the three months ended March 31, 2026 and 2025.Segment Measures and ReconciliationsSegment operating earnings for each of the Company's reportable segments are comprised of the segment's net sales less directly related product costs and other segment items. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company's reportable segments include Interest expense and Other expense, net. The following table presents information about the performance of the Company's reportable segments (dollars in thousands):
Three Months Ended
March 31,
2026
2025Net Sales
Americas$ 213,728
$ 213,711EMEA142,083
129,278Asia/Pacific124,668
99,925Total net sales$ 480,479
$ 442,914Segment operating earnings
Americas$ 53,947
$ 58,462EMEA25,561
23,393Asia/Pacific34,276
25,930Total segment operating earnings113,784
107,785Restructuring 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
27,624Other expense, net(23)
(709)Interest expense(9,879)
(9,545)Income before taxes and equity in net income of associated companies$ 23,687
$ 17,370Forward-Looking StatementsThis 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 Ukraine and the Middle East as well as economic, political and governmental actions taken by various governments and government organizations in response; economic and political disruptions particularly in light of numerous elections globally and the possibility of regime changes; the possibility of economic recession; legislative and regulatory developments including changes to existing laws and regulations, or the way they are interpreted, applied or enforced; tariffs, trade restrictions, and the economic and other sanctions imposed by other nations on Russia and Belarus and/or other government organizations; suspensions of activities in Russia by many multinational companies; foreign currency fluctuations; significant changes in applicable tax rates and regulations and the potential impacts therefrom, including those arising from H.R.1, commonly known as the "One Big Beautiful Bill Act"; terrorist attacks and other acts of violence; the impacts of consolidation in our industry, including loss or consolidation of a major customer, the effects of climate change, fires, or other natural disasters; and the potential occurrence of cyber-security breaches, cyber-security attacks and other technology outages and security incidents. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, aluminum and durable goods industries. Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. All forward-looking statements included in this press release, including expectations about future periods, are based upon information available to the Company as of the date of this press release, which may change. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.Conference CallAs 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 HoughtonQuaker 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 Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.Quaker Chemical CorporationCondensed Consolidated Statements of Operations(Unaudited; Dollars in thousands, except per share data)
Three Months Ended
March 31,
2026
2025Net sales$ 480,479
$ 442,914Cost of goods sold303,744
281,654Gross profit176,735
161,260Selling, general and administrative expenses135,765
119,046Restructuring and related charges, net7,381
14,590Operating income33,589
27,624Other expense, net(23)
(709)Interest expense(9,879)
(9,545)Income before taxes and equity in net income of associated companies23,687
17,370Taxes on income before equity in net income of associated companies7,145
7,542Income before equity in net income of associated companies16,542
9,828Equity in net income of associated companies3,200
3,089Net income19,742
12,917Less: Net income (loss) attributable to noncontrolling interest73
(5)Net income attributable to Quaker Chemical Corporation$ 19,669
$ 12,922Per share data:
Net income attributable to Quaker Chemical Corporation common shareholders – basic$ 1.13
$ 0.73Net income attributable to Quaker Chemical Corporation common shareholders – diluted$ 1.13
$ 0.73Basic weighted average common shares outstanding17,326,847
17,639,764Diluted weighted average common shares outstanding17,411,094
17,669,965 Quaker Chemical CorporationCondensed Consolidated Balance Sheets(Unaudited; Dollars in thousands, except par value)
March 31,
2026
December 31,
2025ASSETS
Current assets
Cash and cash equivalents$ 169,728
$ 179,829Accounts receivable, net441,167
417,157Inventories282,508
265,776Prepaid expenses and other current assets59,196
58,428Total current assets952,599
921,190
Property, plant and equipment, net311,422
313,423Right-of-use lease assets38,534
38,737Goodwill502,005
501,720Other intangible assets, net847,994
873,540Investments in associated companies106,192
106,915Deferred tax assets12,182
12,128Other non-current assets30,999
30,283Total assets$ 2,801,927
$ 2,797,936
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt$ 37,301
$ 35,657Accounts payable205,386
198,929Dividends payable8,822
8,804Accrued compensation30,299
41,192Accrued restructuring9,482
8,351Accrued pension and postretirement benefits2,119
2,126Other accrued liabilities95,086
85,097Total current liabilities388,495
380,156
Long-term debt837,132
834,901Long-term lease liabilities22,134
22,759Deferred tax liabilities131,922
140,814Non-current accrued pension and postretirement benefits20,191
20,615Other non-current liabilities22,902
22,192Total liabilities1,422,776
1,421,437
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding March 31, 2026 – 17,365,508 shares; December 31, 2025 – 17,331,779 shares17,366
17,332Capital in excess of par value876,213
874,826Retained earnings607,463
596,616Accumulated other comprehensive loss(125,359)
(115,661)Total Quaker shareholders' equity1,375,683
1,373,113Noncontrolling interest3,468
3,386Total equity1,379,151
1,376,499Total liabilities and equity$ 2,801,927
$ 2,797,936 Quaker Chemical CorporationCondensed Consolidated Statements of Cash Flows(Unaudited; Dollars in thousands)
Three Months Ended
March 31,
2026
2025Cash flows from operating activities
Net income$ 19,742
$ 12,917Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization25,640
20,599Equity in undistributed earnings of associated companies, net of dividends(2,830)
(2,769)Deferred income taxes(7,517)
(3,340)Share-based compensation3,170
3,182Restructuring and related charges, net7,381
14,590Gain on disposal of property, plant and equipment and other assets—
(2,148)Other adjustments492
2,190Increase (decrease) in cash from changes in current assets and current liabilities, net of
acquisitions:
Accounts receivable(25,480)
(10,302)Inventories(18,437)
(13,457)Prepaid expenses and other current assets(1,340)
245Accrued restructuring(3,880)
(9,045)Accounts payable and accrued liabilities6,845
(15,712)Net cash provided by (used in) operating activities3,786
(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—
2,900Other investing activities1,126
—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, net14,053
30,000Borrowings (payments) on other debt, net1,857
(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)
10,956Effect of foreign exchange rate changes on cash(943)
2,849Net decrease in cash and cash equivalents(10,101)
(2,657)Cash and cash equivalents at the beginning of the period179,829
188,880Cash and cash equivalents at the end of the period$ 169,728
$ 186,223
View original content to download multimedia:https://www.prnewswire.com/news-releases/quaker-houghton-announces-first-quarter-2026-results-302758985.htmlSOURCE Quaker Chemical Corporation
Original: QUAKER HOUGHTON ANNOUNCES FIRST QUARTER 2026 RESULTS
US Market News
4月前
QUAKER HOUGHTON ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 23, 2026 4:30 PM
PR Newswire (US)
Q4'25 net sales of $468.5 million, an increase of 6% Y/Y, net income of $20.7 million and earnings per diluted share of $1.18Q4'25 non-GAAP net income of $28.9 million and non-GAAP earnings per diluted share of $1.65, an increase of 24% Y/YFull year net sales of $1.89 billion, net loss of $2.5 million and loss per diluted share of $0.14, which includes an $88.8 million impairment charge and $35.1 million of restructuring chargesFull year non-GAAP net income of $123.2 million and non-GAAP earnings per diluted share of $7.02Delivered Q4'25 adjusted EBITDA of $71.9 million, an 11% increase Y/Y, and full year adjusted EBITDA of $299.2 millionGenerated $136.5 million of operating cash flow in 2025, completed three strategic acquisitions, and returned $75.9 million to shareholders through dividends and share repurchasesCONSHOHOCKEN, Pa., Feb. 23, 2026 Quaker Houghton (the "Company") (NYSE: KWR), the global leader in industrial process fluids, announced its fourth quarter and full year 2025 results today.
Three Months Ended
December 31,Twelve Months Ended
December 31,($ in thousands, except per share data)2025202420252024Net sales$ 468,478$ 444,086$ 1,888,634$ 1,839,686Net income (loss) attributable to Quaker Chemical Corporation20,70114,186(2,488)116,644Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – diluted1.180.81(0.14)6.51Non-GAAP net income *28,85723,570123,155133,456Non-GAAP earnings per diluted share *1.651.337.027.44Adjusted EBITDA *71,86164,783299,238310,918
* Refer to the Non-GAAP Measures and Reconciliations section below for additional information.Fourth Quarter 2025 Consolidated ResultsNet sales in the fourth quarter of 2025 were $468.5 million, an increase of 6% compared to $444.1 million in the fourth quarter of 2024. This increase was primarily driven by a contribution from acquisitions of 6% and a favorable impact from foreign currency translation of 2%, partially offset by a decline in selling price and product mix of 1% and a decline in organic sales volumes of 1%. The decline in organic sales volumes was primarily driven by a continuation of soft market conditions and customer order patterns, particularly in the Americas and EMEA, partially offset by new business wins. The decrease in selling price and product mix was primarily attributable to the impact of the mix of products and geographies, and the impact of our index-based customer contracts.The Company reported net income in the fourth quarter of 2025 of $20.7 million, or $1.18 per diluted share, compared to $14.2 million or $0.81 per diluted share in the fourth quarter of 2024. As described in further detail in the Non-GAAP section below, excluding non-recurring and non-core items in each period, the Company's fourth quarter of 2025 non-GAAP net income and earnings per diluted share were $28.9 million and $1.65, respectively, compared to $23.6 million and $1.33, respectively, in the prior year period. The Company generated adjusted EBITDA of $71.9 million in the fourth quarter of 2025, an increase of approximately 11% compared to $64.8 million in the fourth quarter of 2024, primarily driven by the increase in net sales and improvement in operating margins.Joseph A. Berquist, Chief Executive Officer and President, commented, "We finished 2025 with our second consecutive quarter of year-over-year profitability improvement, as adjusted EBITDA increased 11% from the prior year. Total organic volume was down less than 1%, supported by strong organic volume growth in Asia Pacific of 4%. Net share gains globally were approximately 4%, offsetting weak underlying market conditions that we estimate were down low-to-mid single digits in aggregate. Acquisitions positively impacted revenue by 6%, and we continue to be pleased by the contribution of Dipsol. Fourth quarter gross margins were flat to the prior year, but are expected to improve in Q1 as seasonal absorption impacts, operational issues, and higher product disposal charges that occurred in the fourth quarter have been resolved.Looking ahead to 2026, we anticipate end markets to remain at similar levels through the first half of the year, with potential for incremental growth in the latter half of 2026. Given our proven track record to win new business, and our disciplined focus on operations and controlling costs, we are confident that we will deliver revenue and adjusted EBITDA growth in 2026."Fourth Quarter and Full Year 2025 Segment ResultsThe Company's fourth quarter and full year 2025 operating performance of each of its three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific are further described below.
Three Months Ended
December 31,Twelve Months Ended
December 31,
2025202420252024Net Sales *
Americas$ 207,772$ 208,585$ 865,332$ 882,131EMEA135,009125,877548,110536,435Asia/Pacific125,697109,624475,192421,120Total net sales$ 468,478$ 444,086$ 1,888,634$ 1,839,686Segment operating earnings *
Americas$ 51,218$ 50,930$ 227,569$ 243,957EMEA21,77318,55996,64099,426Asia/Pacific34,00930,705124,223122,738Total segment operating earnings $ 107,000$ 100,194$ 448,432$ 466,121
* 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 fourth quarter of 2025 compared to the fourth quarter of 2024:
Sales volumes Selling price & product mix Foreign currency Acquisition & other Total Americas(4) %— %2 %2 %
— %EMEA(2) %2 %4 %3 %
7 %Asia/Pacific4 %(4) %— %15 %
15 %Consolidated (1) %(1) %2 %6 %
6 %Net sales in the Asia/Pacific segment increased 15% in the fourth quarter of 2025 compared to the same period in 2024, as an increase in organic sales volumes and a further contribution in sales from acquisitions, primarily Dipsol, was partially offset by a decrease in selling price and product and geographic mix. Net sales in the EMEA segment increased 7% in the fourth quarter of 2025 compared to the same period in 2024, due to an increase in sales from acquisitions, an increase in selling price and product mix, and a favorable impact of foreign currency translation, partially offset by a decline in organic sales volumes. Net sales in the Americas segment was consistent in the fourth quarter of 2025 compared to the same period in 2024, as an increase in sales from acquisitions and a favorable impact of foreign currency translation was offset by a decline in organic sales volumes.Sales volumes increased in the Asia/Pacific segment in the fourth quarter of 2025 compared to the prior year period primarily due to continued new business wins. Volumes declined in the Americas and EMEA segments in the fourth quarter of 2025 compared to the prior year period primarily due to softer underlying end market activity, partially offset by new business wins.Consolidated net sales decreased approximately 5% compared to the third quarter of 2025, driven by a decrease in organic sales volumes and decline in selling price and product mix. Organic sales volumes decreased in all three segments in the fourth quarter of 2025 compared to the third quarter of 2025 primarily due to normal seasonal trends and weaker end market conditions, partially offset by new business wins. The decline in selling price and product mix in the fourth quarter of 2025 compared to the third quarter of 2025 reflects changes in the mix of products, services and geographies, and the impact of our index-based customer contracts.Segment operating earnings increased in all three segments in the fourth quarter of 2025 compared to the prior year period, primarily due to higher net sales in the EMEA and Asia/Pacific segments, along with improved segment operating margins in the EMEA and Americas segments. This favorability was partially offset by lower net sales in the Americas segment and lower operating margins in the Asia/Pacific segment.Cash Flow and Liquidity HighlightsNet cash provided by operating activities was $136.5 million for the year ended December 31, 2025, compared to net cash provided by operating activities of $204.6 million for the year ended December 31, 2024. The Company's decrease in operating cash flow primarily reflects lower operating performance and higher cash outflows from restructuring activities and working capital.As of December 31, 2025, the Company's total gross debt was $871.2 million and its cash and cash equivalents was $179.8 million, which resulted in net debt of $691.4 million. The Company's net debt divided by its trailing twelve months adjusted EBITDA was approximately 2.3x. In the fourth quarter of 2025, the Company repurchased 38,893 shares for approximately $5.0 million. In the full year of 2025, the Company repurchased 364,797 shares for approximately $41.5 million. In 2025, the Company returned approximately $75.9 million to shareholders through dividends and share repurchases.Non-GAAP Measures and ReconciliationsThe 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, 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 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, non-GAAP gross profit, non-GAAP gross margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income, and non-GAAP earnings per 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 core to the Company's operations. 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 core to the Company's operations. Additionally, the Company presents non-GAAP gross profit, which is calculated as gross profit plus or minus certain items that management believes are not indicative of future operating performance or core to the Company's operations. Adjusted EBITDA margin, non-GAAP operating margin, and non-GAAP gross margin are calculated as the percentage of adjusted EBITDA, non-GAAP operating income, and non-GAAP gross profit to consolidated net sales, 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 U.S. GAAP measure because it is unable to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measures without unreasonable effort. These items include, but are not limited to, certain non-recurring or non-core items the Company may record that could materially impact net income. These items are uncertain, depend on various factors, and could have a material impact on the U.S. GAAP reported results for the guidance period.The Company's reference to trailing twelve months adjusted EBITDA within this press release refers to the twelve month period ended December 31, 2025 adjusted EBITDA of $299.2 million, as presented in the non-GAAP reconciliations below.Certain of the prior period non-GAAP financial measures presented in the following tables have been adjusted to conform with current period presentation. The following tables reconcile the Company's non-GAAP financial measures (unaudited) to their most directly comparable GAAP (unaudited) financial measures (dollars in thousands unless otherwise noted, except per share amounts):
Three Months Ended
December 31,Twelve Months Ended
December 31,Non-GAAP Gross Profit and Margin Reconciliations2025
2024
2025
2024Gross profit$ 165,524
$ 156,200
$ 679,372
$ 686,030Acquisition-related step-up inventory amortization —
—
6,022
—Gain on inventory and other adjustments —
—
(2,933)
—Non-GAAP gross profit$ 165,524
$ 156,200
$ 682,461
$ 686,030Non-GAAP gross margin (%)35.3 %
35.2 %
36.1 %
37.3 %
Three Months Ended
December 31,Twelve Months Ended
December 31,Non-GAAP Operating Income and Margin Reconciliations2025
2024
2025
2024Operating income$ 31,231
$ 29,013
$ 52,986
$ 194,706Acquisition-related step-up inventory amortization —
—
6,022
—Restructuring and related charges, net 4,002
1,743
35,130
6,530Acquisition-related expenses 7,256
956
12,031
1,854Strategic planning expenses (credits) 7
—
579
(290)Executive transition costs —
6,556
—
7,288Customer insolvency costs —
1,691
—
3,213Gain on inventory and other adjustments —
—
(3,256)
—Impairment charges —
—
88,840
—Acquisition-related depreciation and amortization 1,638
—
4,975
—Other charges975
494
2,098
399Non-GAAP operating income$ 45,109
$ 40,453
$ 199,405
$ 213,700Non-GAAP operating margin (%) 9.6 %
9.1 %
10.6 %
11.6 % EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin andThree Months Ended
December 31,Twelve Months Ended
December 31,Non-GAAP Net Income Reconciliations2025202420252024Net income attributable to Quaker Chemical Corporation$ 20,701$ 14,186$ (2,488)$ 116,644Depreciation and amortization (a)25,21521,20194,40285,108Interest expense10,7839,07744,04841,002Taxes on income before equity in net income of associated
companies (b) 2,327 8,847 24,607 49,300EBITDA59,02653,311160,569292,054Equity loss (income) in a captive insurance company165(1,664)(4,272)(2,930)Acquisition-related step-up inventory amortization——6,022—Restructuring and related charges, net4,0021,74335,1306,530Acquisition-related expenses7,25695612,0311,454Strategic planning expenses (credits)7—579(290)Gain on inventory and other adjustments——(3,256)—Pension and postretirement benefit costs, non-service
components 325 445 1,676 1,827Executive transition costs—6,556—7,288Customer insolvency costs—1,691—3,213Currency conversion impacts of hyper-inflationary economies1434782,216811Impairment charges——88,840—Loss on acquisition-related hedges——1,351—Loss (gain) on sale of assets—28(2,534)(492)Multiemployer plan withdrawal charge——923—Brazilian non-income tax credits——(1,762)—Other charges9371,2391,7251,453Adjusted EBITDA$ 71,861$ 64,783$ 299,238$ 310,918Adjusted EBITDA margin (%)15.3 %14.6 %15.8 %16.9 %
Adjusted EBITDA$ 71,861$ 64,783$ 299,238$ 310,918Less: Depreciation and amortization (a)25,21521,20194,40285,108Less: Interest expense10,7839,07744,04841,002Less: Taxes on income before equity in net income of
associated companies - adjusted (b) 8,644 10,935 42,608 51,352Plus: Acquisition-related depreciation and amortization1,638—4,975—Non-GAAP net income$ 28,857$ 23,570$ 123,155$ 133,456
Three Months Ended
December 31,Twelve Months Ended
December 31,Non-GAAP Earnings per Diluted Share Reconciliations:2025202420252024GAAP earnings per diluted share attributable to Quaker
Chemical Corporation common shareholders $ 1.18 $ 0.81 $ (0.14) $ 6.51Equity loss (income) in a captive insurance company0.01(0.09)(0.24)(0.16)Acquisition-related step-up inventory amortization——0.25—Restructuring and related charges, net0.180.081.490.28Acquisition-related expenses0.320.040.530.06Strategic planning expenses (credits)——0.03(0.01)Pension and postretirement benefit costs, non-service
components 0.01 0.01 0.07 0.05Executive transition costs—0.28—0.31Customer insolvency costs—0.07—0.13Currency conversion impacts of hyper-inflationary economies0.010.030.130.05Impairment charges——4.91—Acquisition-related depreciation and amortization0.07—0.20—Loss on acquisition-related hedges——0.06—Loss (gain) on sale of assets——(0.11)(0.02)Multiemployer plan withdrawal charge——0.04—Brazilian non-income tax credits——(0.08)—Gain on inventory and other adjustments——(0.14)—Other charges0.040.040.080.07Impact of certain discrete tax items (c)(0.17)0.06(0.06)0.17Non-GAAP earnings per diluted share$ 1.65$ 1.33$ 7.02$ 7.44
(a) Depreciation and amortization includes $0.9 million and $1.0 million for the years ended December 31, 2025 and 2024, respectively, of amortization expense recorded within equity in net income of associated companies in the Company's Consolidated Statements of Operations, which is attributable to the amortization of the fair value step up for the Company's 50% interest in a joint venture in Korea as a result of required purchase accounting.(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 year ended December 31, 2025 and 2024.(c) The impacts of certain discrete tax items include certain impacts of tax law changes, valuation allowance adjustments, uncertain tax positions, provision to return and other adjustments, and the impact on certain intercompany asset transfers.Segment Measures and ReconciliationsSegment 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 operating expenses. 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, net and Other (expense) income, net.The following table presents information about the performance of the Company's reportable segments (dollars in thousands):
Three Months Ended
December 31,Twelve Months Ended
December 31,
2025202420252024Net Sales
Americas$ 207,772$ 208,585$ 865,332$ 882,131EMEA135,009125,877548,110536,435Asia/Pacific125,697109,624475,192421,120Total net sales$ 468,478$ 444,086$ 1,888,634$ 1,839,686Segment operating earnings
Americas$ 51,218$ 50,930$ 227,569$ 243,957EMEA21,77318,55996,64099,426Asia/Pacific34,00930,705124,223122,738Total segment operating earnings107,000100,194448,432466,121Restructuring and related charges, net(4,002)(1,743)(35,130)(6,530)Impairment charges——(88,840)—Non-operating and administrative expenses(54,514)(54,418)(205,651)(203,956)Depreciation of corporate assets and amortization(17,253)(15,020)(65,825)(60,929)Operating income31,23129,01352,986194,706Other (expense) income, net(277)(931)(1,909)1,354Interest expense, net(10,783)(9,077)(44,048)(41,002)Income before taxes and equity in net income of associated
companies $ 20,171 $ 19,005 $ 7,029 $ 155,058Forward-Looking StatementsThis 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 Ukraine and the Middle East as well as economic, political and governmental actions taken by various governments and government organizations in response; economic and political disruptions particularly in light of numerous elections globally and the possibility of regime changes; the possibility of economic recession; legislative and regulatory developments including changes to existing laws and regulations, or the way they are interpreted, applied or enforced; tariffs, trade restrictions, and the economic and other sanctions imposed by other nations on Russia and Belarus and/or other government organizations; suspensions of activities in Russia by many multinational companies; foreign currency fluctuations; significant changes in applicable tax rates and regulations and the potential impacts therefrom, including those arising from H.R.1, commonly known as the "One Big Beautiful Bill Act"; terrorist attacks and other acts of violence; the impacts of consolidation in our industry, including loss or consolidation of a major customer, the effects of climate change, fires, or other natural disasters; and the potential occurrence of cyber-security breaches, cyber-security attacks and other technology outages and security incidents. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, aluminum and durable goods industries. Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. All forward-looking statements included in this press release, including expectations about future periods, are based upon information available to the Company as of the date of this press release, which may change. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.Conference CallAs previously announced, the Company's investor conference call to discuss its fourth quarter and full year 2025 performance is scheduled for Tuesday, February 24, 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 HoughtonQuaker 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 Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.QUAKER CHEMICAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; Dollars in thousands, except per share data)
Three Months Ended
December 31,Twelve Months Ended
December 31,
2025202420252024Net sales$ 468,478$ 444,086$ 1,888,634$ 1,839,686Cost of goods sold302,954287,8861,209,2621,153,656Gross profit165,524156,200679,372686,030Selling, general and administrative expenses130,291125,444502,416484,794Impairment charges——88,840—Restructuring and related charges, net4,0021,74335,1306,530Operating income31,23129,01352,986194,706Other (expense) income, net(277)(931)(1,909)1,354Interest expense, net(10,783)(9,077)(44,048)(41,002)Income before taxes and equity in net income of associated
companies 20,171 19,005 7,029 155,058Taxes on income before equity in net income of associated
companies 2,327 8,847 24,607 49,300Income (loss) before equity in net income of associated
companies 17,844 10,158 (17,578) 105,758Equity in net income of associated companies2,9154,03115,17710,971Net income (loss)20,75914,189(2,401)116,729Less: Net income attributable to noncontrolling interest5838785Net income (loss) attributable to Quaker Chemical Corporation $ 20,701$ 14,186$ (2,488)$ 116,644
Per share data:
Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – basic $ 1.18 $ 0.80 $ (0.14) $ 6.51Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – diluted $ 1.18 $ 0.81 $ (0.14) $ 6.51Basic weighted average common shares outstanding17,320,17717,735,18617,472,90717,850,462Diluted weighted average common shares outstanding17,433,19317,765,77117,472,90717,870,067 QUAKER CHEMICAL CORPORATION
CONSOLIDATED BALANCE SHEETS(Unaudited; Dollars in thousands, except par value)
December 31,
20252024ASSETS
Current assets
Cash and cash equivalents$ 179,829$ 188,880Accounts receivable, net417,157400,126Inventories265,776227,472Prepaid expenses and other current assets58,42859,939Total current assets921,190876,417Property, plant and equipment, net313,423229,532Right-of-use lease assets38,73734,120Goodwill501,720518,894Other intangible assets, net873,540827,098Investments in associated companies106,91598,012Deferred tax assets12,1289,216Other non-current assets30,28317,360Total assets$ 2,797,936$ 2,610,649
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt$ 35,657$ 37,554Accounts payable198,929198,137Dividends payable8,8048,572Accrued compensation41,19250,212Accrued restructuring8,3512,297Accrued pension and postretirement benefits2,1262,328Other accrued liabilities85,09780,668Total current liabilities380,156379,768Long-term debt834,901669,614Long-term lease liabilities22,75920,028Deferred tax liabilities140,814138,828Non-current accrued pension and postretirement benefits20,61523,783Other non-current liabilities22,19224,445Total liabilities1,421,4371,256,466
Equity
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2025 –
17,331,779 shares; 2024 – 17,673,607 shares 17,332 17,674Capital in excess of par value874,826903,781Retained earnings596,616633,731Accumulated other comprehensive loss(115,661)(201,619)Total Quaker shareholders' equity1,373,1131,353,567Noncontrolling interest3,386616Total equity1,376,4991,354,183Total liabilities and equity$ 2,797,936$ 2,610,649 QUAKER CHEMICAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; Dollars in thousands)
Year Ended December 31,
20252024Cash flows from operating activities
Net (loss) income$ (2,401)$ 116,729Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization93,45384,119Equity in undistributed earnings of associated companies, net of dividends(6,648)(2,733)Deferred income taxes(30,428)(10,033)Restructuring and related charges35,1306,530Share-based compensation13,61114,991Gain on disposal of property, plant, equipment and other assets(2,204)(810)Inventory step-up amortization6,022—Impairment charges88,840—Uncertain tax positions (non-deferred portion)(5,708)(2,372)Pension and other postretirement benefits(4,132)(4,460)Other adjustments(5,564)6,280Increase (decrease) in change in operating assets and liabilities, net of acquisitions
Accounts receivable24,23224,975Inventories(12,239)(3,244)Prepaid expenses and other assets3,069(6,242)Accrued restructuring(26,598)(7,595)Accounts payable and accrued liabilities(30,268)(8,637)Estimated taxes on loss(1,714)(2,920)Net cash provided by operating activities136,453204,578Cash flows from investing activities
Investments in property, plant and equipment(55,856)(41,794)Payments related to acquisitions, net of cash acquired(164,209)(39,302)Proceeds from disposition of assets2,9954,676Other investing activities2,951—Net cash used in investing activities(214,119)(76,420)Cash flows from financing activities
Payments of long-term debt(34,722)(57,221)Borrowings on revolving credit facilities, net174,24217,916(Payments) borrowings on other debt, net(386)1,441Dividends paid(34,393)(33,170)Shares purchased under share repurchase program(41,521)(49,247)Other stock related activity(1,387)(2,383)Net cash provided by (used in) financing activities61,833(122,664)Effect of foreign exchange rate changes on cash6,782(11,141)Net decrease in cash and cash equivalents(9,051)(5,647)Cash and cash equivalents at the beginning of the period188,880194,527Cash and cash equivalents at the end of the period$ 179,829$ 188,880
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Original: QUAKER HOUGHTON ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS
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Penny Roger$
14年前
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