Quaker Chemical sees strong operating income growth in Q3
01 Nov '07
3 min read
Quaker Chemical Corporation announced that in the third quarter it achieved record quarterly sales of $140.7 million, an increase of 20.9% over the third quarter 2006, and net income of $3.2 million. Earnings per diluted share were $0.31 versus $0.32 for the third quarter 2006. Third quarter 2007 operating expenses include a pre-tax charge of $3.3 million related to an environmental litigation settlement.
"We had an outstanding quarter," observed Ronald J. Naples, Chairman and Chief Executive Officer. "As is apparent in our income statement, without the one-time environmental charge, we would have had very strong operating income growth. Indeed, the third quarter continued our success this year in revenue and net income growth, which included a tax adjustment benefit in the quarter, and generated significant cash.
I should point out we announced the environmental charge last week and noted it represents a very favorable resolution for us that removes significant uncertainty and financial exposure that sprang from a long-ago problem. Further, it recognizes our voluntary work over the past 12 years to address the problem before any litigation."
Third Quarter 2007 Summary: Net sales for the third quarter were $140.7 million, up 20.9% from $116.4 million for the third quarter 2006. The increase in net sales was primarily attributable to a combination of volume growth and higher sales prices. Volume growth was mainly attributable to strong sales growth in Asia/Pacific, Europe and North America, as well as higher revenue related to the Company's CMS channel.
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