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Quaker reports record sales for 2007

27 Feb '08

3 min read

Quaker Chemical Corporation announced record sales for the full year 2007 of $545.6 million and net income of $15.5 million, or $1.53 per diluted share, compared to sales of $460.5 million and net income of $11.7 million, or $1.18 per diluted share, for 2006.

The Company also reported record sales in the fourth quarter 2007 of $142.4 million and net income of $4.6 million, or $0.46 per diluted share, compared to fourth quarter 2006 sales of $115.5 million and net income of $3.0 million, or $0.30 per diluted share.

"Our strong fourth quarter caps an outstanding year for Quaker in both earnings and cash generation," observed Ronald J. Naples, Chairman and Chief Executive Officer. "Strong volume growth, continued work with our customers on the pricing front in the face of continued escalation in raw material costs, and improved SG&A leverage were important parts of our profit growth this year. Beyond just the financials, we made considerable progress this year on a number of strategic initiatives, from customer penetration to new business development."

Fourth Quarter 2007 Summary:
Net sales for the fourth quarter were $142.4 million, up 23.3% from $115.5 million for the fourth quarter 2006. The increase in net sales was primarily attributable to a combination of volume growth and higher sales prices. Volume growth was realized across all the Company's regions, including higher revenue related to the Company's CMS channel.

Foreign exchange rate translation increased revenues by approximately 8% for the fourth quarter of 2007, compared to the same period in 2006. Selling price increases were realized across the Company's regions and market segments, in part as a result of an ongoing effort to offset higher raw material costs. CMS revenues were higher due to additional CMS accounts, as well as the renewal and restructuring of several of the Company's CMS contracts.

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