Quaker Chemical Expects Full-Year Earnings to Be Lower Than Prior Guidance
Quaker Chemical Corporation announced that it expects full-year earnings to be below previous guidance of around $1.52 per share. A review of preliminary third quarter earnings indicates that profits for the quarter will be considerably lower than the Company's expectations, and it is unlikely that fourth quarter earnings recovery will be sufficient to reach previous full- year guidance.
Ronald J. Naples, Chairman and Chief Executive Officer, commented, "It has become clear that the key factors upon which our prior earnings guidance for the year was predicated have not advanced at the expected pace, and our third quarter profits are lower than planned. Certainly, unexpected dramatic increases in the price of oil have been a factor. We are continuing to analyze third quarter earnings and are assessing full-year implications. It's important to note that we are staying focused on controlling raw material costs, implementing price increases to offset raw material costs, advancing Quaker product conversions in our CMS business, and building volume."
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