QUAKER CHEMICAL CORP. $85(New York symbol KWR; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 13.3 million; Market cap: $1.1 billion; Price-to-sales ratio: 1.5; Dividend yield: 1.4%; TSINetwork Rating: Average; www.quakerchem.com) makes lubricants and chemicals that keep mechanical parts from rusting.
The company continues to buy smaller firms that add to its expertise.
For example, it recently paid $18.9 million for Binol AB, a Swedish firm that makes lubricants from vegetable fats and oils. Binol, which sells its products to clients in the metalworking, forestry and construction industries, will add $15.3 million to Quaker’s annual sales.
To put these figures in context, Quaker earned $15.7 million, or $1.18 a share, in the quarter ended September 30, 2014. That’s up 25.1% from $12.6 million, or $0.95, a year earlier.
Without unusual costs, including a charge related to a U.S. customer’s bankruptcy, earnings per share rose 30.8%, to $1.19 from $0.91.
Sales gained 8.0%, to $198.9 million from $184.1 million. Higher sales in Asia (up 12.6%), Europe (up 11.0%) and North America (up 10.4%) offset a 24.7% drop in South America, partly due to unfavourable currency rates.
Quaker borrowed most of the funds it needed for its recent acquisitions, which increased its long-term debt to $62.0 million from $17.3 million at the start of 2014. However, the latest figure is still a low 6% of its market cap. It also held cash of $64.2 million, or $4.84 a share.
The company’s earnings will probably rise from a projected $4.40 a share in 2014 to $4.60 in 2015. The stock trades at 18.5 times the 2015 estimate. The $1.20 dividend yields 1.5%.
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