For the second quarter of 2014, US-based Quaker Chemical Corporation posted a modest 3.5% increase in net sales to $191.3 million against $184.8 million in the second quarter of 2013.
Quaker's adjusted EBITDA rose 6% to around $25.8 million in the quarter under review of 2014 compared to $24.5 million in the comparable quarter of 2013.
Earnings per diluted share for the second quarter of 2014 were $1.16 against $1.22 for the same 2013 quarter, which included $0.14 of earnings per diluted share related to the prior year receipt of a mineral oil excise tax refund.
For the period January to June 2014, Quaker's net sales hiked 3% to $373.0 million from $361.0 million in the comparable 2013 quarter, which includes a 1% negative impact due to foreign exchange rate translation.
Again in the first half of 2014, earnings per diluted share for the first six months of 2014 slipped to $2.13 compared to $2.26 for the first six months of 2013, with non-GAAP earnings per diluted share rising 6% to $2.07 for the first six months of 2014 from $1.96 in the first half of 2013.
Its adjusted EBITDA increased 8% to $49.6 million for the first six months of 2014 from $45.8 million against comparable six months of 2013.
CEO of Quaker Chemical Michael Barry said, "Our 11% growth in non-GAAP earnings is an indication that our business model and competitive positioning continue to serve us well. We experienced good growth in North America and China, a continued modest recovery in Europe after the long economic downturn, and a significant decline in South America, primarily due to exchange rates and poor economic conditions."
Mr. Barry continued, "Looking forward, we expect to see modest growth in most of our major markets, although some countries such as India and Brazil could continue to be challenging. We are also experiencing some increases in our raw material costs.
"Overall, I continue to remain confident in our future and expect 2014 to be another good year for Quaker as we strive to increase revenue and non-GAAP earnings for the fifth consecutive year."
