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Sep 30, 2024
Quaker Chemical Q3 2024 Earnings Report
Quaker Houghton's Q3 2024 financial performance reflected resilience amidst softening end market conditions, with consistent volumes driven by new business wins.
Key Takeaways
Quaker Houghton reported Q3 2024 net sales of $462.3 million, a 6% decrease compared to Q3 2023. Net income was $32.3 million, or $1.81 per diluted share. Non-GAAP net income was $34.0 million, or $1.89 per diluted share. The company generated adjusted EBITDA of $78.6 million with a margin of 17.0%.
Net sales decreased by approximately 6% compared to the third quarter of 2023, primarily due to lower selling prices and product mix, and a decline in sales volumes.
Net income decreased slightly to $32.3 million, or $1.81 per diluted share, compared to $33.7 million, or $1.87 per diluted share, in the third quarter of 2023.
Adjusted EBITDA decreased by 7% to $78.6 million, driven by the decline in net sales.
The company repurchased 89,088 shares for approximately $14.6 million during the quarter.
Revenue by Geographic Location
Forward Guidance
The company anticipates current difficult market conditions will likely persist through the end of the year.
Positive Outlook
- Focus remains on executing on what we can control
- Driving efficiencies and productivity for our Company and our customers
- Confident in the long-term positive fundamentals of the industry we serve
- Investments will strengthen our ability to continue to deliver above market growth, especially as end markets recover
- Balance sheet and cash generation remain strong, providing avenues to accelerate our growth and enhance shareholder value
Challenges Ahead
- Anticipate the current difficult market conditions will likely persist through the end of the year
- End market conditions softened compared to the second quarter of 2024
- Americas and EMEA segments continue to be impacted by a continuation of softer end market conditions, for metal and metalworking applications, compared to the prior year
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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