Conshohocken’s Quaker Chemical has reported very strong results for the first quarter of 2017, including an increase in net sales of nine percent to $194.9 million, compared to $178.1 million for the same quarter last year.
This was mainly due to the growth in the company’s organic and acquisition volume. Organic volume rose by 10 percent, while acquisitions rose by one percent. These helped Quaker overcome the negative impact of a two percent rise in foreign exchange costs.
The stronger volumes also resulted in higher gross profit quarter-over-quarter, despite a lower gross margin during the first quarter due to an increase in certain raw material prices. Gross profit for the first quarter also increased by $2.9 million or four percent compared to the first quarter of last year.
Net income for the first quarter of 2017 was $7.0 million, with earnings per diluted share at $0.52. This includes $9.1 million or $0.69 per diluted share of costs that were incurred by its previously announced merger with Houghton International.
“We are pleased with our first quarter results, despite continued foreign exchange headwinds,” said Michael F. Barry, Chairman, CEO and President. “We were able to grow our organic volumes by 10% on continued market share gains, as well as from increased production in some of our end markets.”