Lubricant supplier Quaker Chemical reported increases in net income for 2012’s fourth quarter and the full year, compared to results for the year-earlier period.
Conshohocken, Pa.-headquartered Quaker Chemical posted $13 million in net income for 2012’s fourth quarter, up 25 percent from $10.4 million in the year-earlier period. For the full year 2012, the firm’s net income reached $47.4 million, up 3.3 percent from $45.9 million for 2011.
Net sales for Quaker amounted to $172.9 million in 2012’s fourth quarter, down slightly from $173.3 million in the year-earlier quarter. Full-year 2012 net sales totaled $708.2 million, up 3.7 percent from $683.2 million for 2011.
Quaker Chairman CEO and President Michael F. Barry said, 2012 was a record year for Quaker in terms of revenue, net income and net operating cash flow despite a challenging global environment.
Barry noted that, going into 2013, we will continue to face challenging economic environments in various parts of the world, especially Europe. In addition, we are likely to see higher raw material costs from current levels due to increasing crude oil pricing. However, we also expect a continued recovery in North America and China, as well as growth due to our strategic initiatives and further leverage from our acquisitions.