Quaker Chemical Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Quaker Chemical Corp. filed its Q1 2024 10-Q report detailing financial performance and position as of March 31, 2024.</b>

AI Summary

QUAKER CHEMICAL CORP (KWR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Quaker Chemical Corp. reported financial results for the quarter ended March 31, 2024. The filing includes balance sheet information as of March 31, 2024, and December 31, 2023. Key financial statement data for the periods ending March 31, 2024, and March 31, 2023, are presented. The company's business address is One Quaker Park, 901 Hector Street, Conshohocken, PA 19428. The filing covers the fiscal quarter from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking QUAKER CHEMICAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, assets, and liabilities, crucial for assessing the company's current financial health and operational performance. The detailed financial statements and disclosures in this report allow stakeholders to evaluate the company's strategic decisions, market position, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: medium — QUAKER CHEMICAL CORP shows moderate risk based on this filing. The filing mentions geographic concentration risk related to Argentine and Turkish subsidiaries, indicating potential exposure to economic and political instability in those regions.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Quaker Chemical's performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Fiscal Quarter)
• 2023-03-31 — Prior Year Quarter End Date (Prior Year Period)

Key Players & Entities

• QUAKER CHEMICAL CORP (company) — Filer
• 0000081362 (company) — Central Index Key
• PA (company) — State of Incorporation
• 6108324000 (company) — Business Phone
• AR (company) — Country Code
• EUR (dollar_amount) — Currency

FAQ

Risk Factors

• Geographic Concentration Risk [medium — financial]: The company faces geographic concentration risk due to its subsidiaries in Argentina and Turkey.

Industry Context

Quaker Chemical Corporation operates in the specialty chemicals industry, providing chemical products and services to various industrial sectors.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the detailed financial statements for Q1 2024 to understand revenue trends and profitability.
2. Assess the impact of geographic concentration risk in Argentina and Turkey on the company's overall financial performance.
3. Compare key financial metrics with prior periods and industry benchmarks to gauge performance.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Year-Over-Year Comparison

This filing provides the Q1 2024 financial data, which can be compared to the previous quarter's 10-Q and the annual 10-K filing for trend analysis.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value KWR New York Stock Exchange

Filing Documents

• kwr-20240331.htm (10-Q) — 956KB
• kwr2024q1-exx311.htm (EX-31.1) — 10KB
• kwr2024q1-exx312.htm (EX-31.2) — 10KB
• kwr2024q1-exx321.htm (EX-32.1) — 3KB
• kwr2024q1-exx322.htm (EX-32.2) — 3KB
• 0000081362-24-000058.txt (&nbsp;) — 6553KB
• kwr-20240331.xsd (EX-101.SCH) — 45KB
• kwr-20240331_cal.xml (EX-101.CAL) — 81KB
• kwr-20240331_def.xml (EX-101.DEF) — 212KB
• kwr-20240331_lab.xml (EX-101.LAB) — 598KB
• kwr-20240331_pre.xml (EX-101.PRE) — 440KB
• kwr-20240331_htm.xml (XML) — 882KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and March 31, 2023 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 5 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and March 31, 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 29 Item 4.

Controls and Procedures

Controls and Procedures. 29 PART II OTHER INFORMATION. Item 1. Legal Proceedings. 30 Item 1A. Risk Factors. 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds . 30

Other Information

Item 5. Other Information. 30 Item 6. Exhibits. 31 Signatures . 32 1 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). Quaker Chemical Corporation Condensed Consolidated Statements of Operations (Unaudited; Dollars in thousands, except per share data) Three Months Ended March 31, 2024 2023 Net sales $ 469,759 $ 500,148 Cost of goods sold (excluding amortization expense - See Note 13) 288,196 326,698 Gross profit 181,563 173,450 Selling, general and administrative expenses 124,180 119,549 Restructuring and related charges, net 1,857 3,972 Operating income 55,526 49,929 Other income (expense), net 1,080 ( 2,239 ) Interest expense, net ( 10,824 ) ( 13,242 ) Income before taxes and equity in net income of associated companies 45,782 34,448 Taxes on income before equity in net income of associated companies 12,508 9,533 Income before equity in net income of associated companies 33,274 24,915 Equity in net income of associated companies 1,984 4,626 Net income 35,258 29,541 Less: Net income attributable to noncontrolling interest 31 7 Net income attributable to Quaker Chemical Corporation $ 35,227 $ 29,534 Per share data: Net income attributable to Quaker Chemical Corporation common shareholders – basic $ 1.96 $ 1.64 Net income attributable to Quaker Chemical Corporation common shareholders – diluted $ 1.95 $ 1.64 Dividends declared $ 0.455 $ 0.435 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Content Quaker Chemical Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited; Dollars in thousands) Three Months Ended March 31, 2024 2023 Net income $ 35,258 $ 29,541 Other comprehensive (loss) income, net of tax Currency translation adjustments ( 25,389 ) 14,468 Defined benefit retirement plans 354 ( 126 ) Current period change in fair value of derivatives 2,345 390 Unrealized gain on available-for-sale securities 45 334 Other comprehensive (loss) income ( 22,645 ) 15,066 Comprehensive income 12,613 44,607 Less

View Full Filing

View this 10-Q filing on SEC EDGAR