(United States Of America)
Quaker Chemical Corporation announced net sales of $184.3 million for the fourth quarter of 2013, up approximately 7% compared to the fourth quarter of 2012 net sales of $172.9 million.
Earnings per diluted share for the fourth quarter of 2013 were $1.07 compared to $0.99 for the fourth quarter of 2012, with non-GAAP earnings per diluted share increasing approximately 13% to $0.98 for the fourth quarter of 2013 from $0.87 for the fourth quarter of 2012 and adjusted EBITDA increasing 11% to $21.0 million for the fourth quarter of 2013 from $18.9 million for the fourth quarter of 2012. See Non-GAAP Measures section below.
Net sales for the full year of 2013 were $729.4 million compared to $708.2 million for 2012. Earnings per diluted share for 2013 were $4.27 compared to earnings per diluted share of $3.63 for 2012, with non-GAAP earnings per diluted share increasing approximately 10% to $3.84 in 2013 compared to $3.49 in 2012 and adjusted EBITDA increasing 11% to $89.6 million for 2013 from $80.9 million for 2012. See Non-GAAP Measures section below.
- Quarterly net sales growth of 7% despite a challenging economic environment
- Significant earnings per share growth compared to fourth quarter 2012
- Strong quarterly performance drives year-to-date operating cash flow to $73.8 million
Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "We are pleased to close out 2013 with a strong fourth quarter and report a 7% growth in net sales. We are continuing to more than offset the challenging market conditions, including foreign exchange, and to grow our business profitably through taking market share and leveraging our recent acquisitions. In addition, we experienced gross margin improvement as raw material prices have finally stabilized over the last few quarters."
Mr. Barry continued, "2013 was another very good year for Quaker in terms of revenue, net income, net operating cash flow, and adjusted EBITDA despite a challenging global economy. Also, our shareholder value creation was 45% as we continued with both dividend and share price appreciation.
We closed the quarter with a positive net cash/debt position and successfully upsized our bank facility to $300 million earlier this year. Our strong balance sheet position provides us the financial flexibility to pursue our strategic initiatives and acquisitions, which we believe can create significant value for our shareholders."
(United States Of America)
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