The Wall Street Stock Forecaster Hotline – Friday, March 5, 2010
Article Excerpt
QUAKER CHEMICAL CORP., $25.19, New York symbol KWR, makes lubricants and specialty chemicals that protect machinery from corrosion. The stock rose 26% this week after the company reported 2009 earnings that were much higher than expected.
Quaker earned $16.2 million in 2009. That’s up 45.7% from $11.1 million the previous year. Earnings per share rose 40.0%, to $1.47 from $1.05, on more shares outstanding.
Both years included costs related to Quaker’s restructuring plan, which included a 10% cut to the company’s workforce. As well, Quaker’s former chief executive officer retired in October 2008 and entered into a three-year consulting contract with the company. That cost Quaker $3.5 million in 2008 and $2.4 million in 2009. It will pay a further $1.3 million this year.
If you exclude these charges, per-share earnings rose 20.7% in 2009, to $1.75 from $1.45. On that basis, the latest earnings easily beat the consensus earnings estimate of $1.32 a share.
The savings from the restructuring plan helped…
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