Home / Knowledge / News / Textiles / Quaker Chemical reports 2% rise in Q3 sales
Quaker Chemical reports 2% rise in Q3 sales
30
Oct '13
Quaker Chemical Corporation announced net sales of $184.1 million for the third quarter of 2013, compared to the third quarter of 2012 net sales of $180.9 million.  Earnings per diluted share for the third quarter of 2013 were $0.95 compared to $0.83 for the third quarter of 2012. 

The Company had expected to receive recertification of a prior concessionary tax rate in Asia Pacific, which would have increased earnings an additional $0.08 per share in the third quarter, but the approval was delayed until earlier this month and is expected to be recognized in the fourth quarter. 

For the first nine months of 2013, the Company reported net sales of $545.1 million, compared to the first nine months of 2012 net sales of $535.4 million.  Earnings per diluted share for the first nine months of 2013 were $3.21 compared to earnings per diluted share of $2.63 for the first nine months of 2012. 

Third Quarter of 2013 Summary

Net sales for the third quarter of 2013 of $184.1 million increased approximately 2% from net sales of $180.9 million in the third quarter of 2012, which primarily related to an increase in product volumes.

Gross profit increased approximately $6.9 million, or approximately 12%, from the third quarter of 2012.  The increase in gross profit was primarily driven by an improvement in gross margin to 35.9% from 32.7% in the third quarter of 2012.  The increase in gross margin reflects the return of the Company's product margins to more acceptable levels.

Selling, general and administrative expenses ("SG&A") increased $3.9 million from the third quarter of 2012, which was primarily driven by higher selling related costs on improved Company performance and higher labor related costs on general year-over-year merit increases. 

In addition, non-operating related SG&A expenses increased due to certain uncommon costs.  For instance, the third quarter of 2013 SG&A includes approximately $0.7 million, or $0.04 per diluted share, of costs related to streamlining certain operations in the Company's Europe, Middle East and Africa ("EMEA") region.

The increase in other expense in the third quarter of 2013 was primarily driven by foreign exchange transaction losses of approximately $0.6 million and a charge of approximately $0.2 million, or $0.01 per diluted share, related to the cost streamlining initiative, noted above, compared to foreign exchange transaction losses of $0.2 million in the third quarter of 2012.

The decrease in interest expense was primarily due to lower average borrowings and lower interest rates experienced in the third quarter of 2013 as compared to the third quarter of 2012.

The increase in equity in net income of associated companies from the third quarter of 2012 was primarily due to higher earnings related to the Company's equity interest in a captive insurance company.  Earnings from this affiliate were $1.2 million, or $0.09 per diluted share, in the third quarter of 2013 compared to $0.4 million, or $0.03 per diluted share, in the third quarter of 2012.

Click here to read full results

Quaker Chemical

Must ReadView All

President Tsai Ing-wen delivering remarks before boarding her plane bound for Central America. Courtesy: Presdient's office

Textiles | On 16th Jan 2017

‘Textiles at centre of Taiwan’s new trade arrangements’

Textiles should be at the heart of Taiwan’s thinking while developing ...

Apparel/Garments | On 16th Jan 2017

Ralph Lauren develops policy on tracking wood based fabrics

In a bid to trace source of wood based fabrics like viscose and rayon ...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search