Brief: Quaker Houghton Announces First Quarter 2020 Results

Quaker Chemical

11/05/2020 23:51

May 11 (Reuters) - Quaker Chemical Corp  KWR.N :
    * QUAKER HOUGHTON ANNOUNCES FIRST QUARTER 2020 RESULTS
    * Q1 NON-GAAP EARNINGS PER SHARE $1.38
    * Q1 GAAP LOSS PER SHARE $1.60
    * Q1 SALES $378.6 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$362.8
MILLION
    * Q1 EARNINGS PER SHARE ESTIMATE $1.10 -- REFINITIV IBES
DATA
    * QUAKER CHEMICAL - QTRLY NET SALES NEGATIVELY IMPACTED BY
VOLUME
DECLINES DUE TO BOEING'S DECISION TO TEMPORARILY STOP PRODUCTION
OF 737 MAX AIRCRAFT
    * QTRLY NET SALES ALSO NEGATIVELY IMPACTED BY VOLUME
DECLINES
PRIMARILY ATTRIBUTED TO INITIAL IMPACT OF COVID-19
    * EXPECTS TO REALIZE COMBINATION COST SYNERGIES OF $53
MILLION IN
2020, $65 MILLION IN 2021 AND $75 MILLION IN 2022
    * EXPECT OUR Q2 ADJUSTED EBITDA TO BE DOWN BY NEARLY HALF OF
Q1
ADJUSTED EBITDA
    * EXPECT FULL YEAR ADJUSTED EBITDA TO BE MORE THAN $200
MILLION
    * EXPECTS REDUCTIONS IN HEADCOUNT AND SITE CLOSURES TO
CONTINUE TO
OCCUR DURING 2020 AND INTO 2021 UNDER RESTRUCTURING PROGRAM
    * DURING Q1 OF 2020, COMPANY RECORDED A $38.0 MILLION
NON-CASH
IMPAIRMENT CHARGE
    * CURRENTLY DOES NOT EXPECT TO SEE SIGNIFICANT NET CASH
OUTFLOWS
FOR 2020
    * HAS NO MATERIAL DEBT MATURITIES UNTIL AUGUST 1, 2024
    * "AS WE LOOK FORWARD TO 2021 AND 2022, WE EXPECT TO ACHIEVE
SIGNIFICANT INCREASES IN OUR ADJUSTED EBITDA"

Source text for Eikon:  ID:nPn8lczsma 
Further company coverage:  KWR.N 

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