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Net sales at specialty chemicals maker Quaker up 2% in Q2
30
Jul '16
Net sales at specialty chemicals producer Quaker Chemical Corporation in the three months ended June 30, 2016 was up 2 per cent year over year at $186.9 million.

“The increase in net sales was primarily due to a 6 per cent increase in volumes, including acquisitions, partially offset by the 3 per cent negative impact of foreign currency translation,” Quaker explained.

Gross profit in the second quarter of 2016 rose by just 1 per cent from a year ago quarter to $0.6 million, driven by the increase in sales volumes and relatively consistent gross margins of 38.1 per cent.

Operating income in the reporting quarter stood at $22.1 million, up 3 per cent over the prior year’s second quarter, again due to rise in sales volumes.

Net income attributable to noncontrolling interest was relatively flat in the quarter under review compared to the previous year’s corresponding quarter.

The company also added that changes in foreign exchange rates negatively impacted its second quarter of 2016 net income by approximately 4 per cent or $0.05 per diluted share. (AR)

Fibre2fashion News Desk - India

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