KWR - Earnings call transcript Q4 2017 | Quaker Chemical Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Quaker Chemical Corporation Fourth Quarter and Full-Year 2017 Results Conference. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. pleasure President. your my Chairman, Michael now and CEO is to host, introduce Barry, It you. Thank

may You begin.

Michael Barry

Thank Dana. you, Good morning, everyone.

Joining CFO; and you may After Mary then we'll Hall, our financials, questions around are will Counsel. that any details Mary my me General comments, and the the have. address Robert today Traub, provide our

also slides for have our We conference call.

quarter. the start I'm our website about I'll now it You another with despite of the we good can were major at some The pleased section driven fourth find have delivered market factors. Investor Relations by two them quarter's remarks off in largely some quarter, www.quakerchem.com. results challenges.

very margins. than strong were the and expected first second, gross lower The sales,

a discussed and raw as to between generally environment. pricing. And Let lag the there's raw in cost material rising costs the mid-XXXX, start me the in margins. material we've with with in our effect Since a adjustments raw past changes materials, product been we our have

we conference On due news to upward to and that but gross than even XX%. primarily QX, call, the increase gross with our instead materials they the being QX, to The begin our our raw is higher trend our in quarters, last most do expect would were will margins was next margins few of during around be good over that XXXX, that margins expect expectations. gross expectation

the in the as first increases the While we place material offset of in to pricing continuing see necessary raw part especially well. materials we increase, where also raw year, to have initiatives cost

are the for expectations. about have this of and our higher lag that in is some we reason we'll While experience progress, continue the we past, good to talked margin making more effect

our the So of but continue goal we margins XX% reach will the exact we increase, hard is timing predict. of when to do to expect to

and very and achieved the volume both the sales. the growth move quarter let pleased to fourth in I'm now So have we me with full-year. on strong revenue

Let quarter. regional some information additional the me you at for level now the give

X%, Our biggest well to segment, North Lubricor the America, as of last as showed acquisition sales increases. price due primarily increase a year

or the quarter price America of growth. global is growth volume strong we due growth volume model. auto, is and our revenue look in sixth Our X% increase are spread base to is we was South our that driving combination way And to that at the We as essentially increase, primarily steel X% region in in and growth of of the amount. to report gains to well to share to markets entire rest foreign estimate at XX%. gains at indicative believe was this customer which of a our share showed volumes grew XX% and in which volume and due production of underlying a commitment while for this our row, sales the to our showed happy Asia-Pacific exchange, intimacy approximately growth our due of overall XX% higher pricing. the were good European as look was South America to compare due our half growth over the market region, of very to In organic EMEA good quarter increases. a One X% product The

with marketplace. them approach the in first to differentiate believe solutions. customers' needs put continues we as top I strong business service our this and our Specifically, priority providing us

around recently of and includes invest growing in that many the each In further initiatives our existing our addition, and globe. advantage other which us our we technologies business acquired continue gain to competitive will lines extend our in regions help in share,

our multiple rounds to I item the in past is in hit singles, each show worth to and that our number One of growth thereby base of our singles strong see characteristics I these mentioned we have believe growth believe a for initiatives India and of our worth now as markets was ownership produce partner's business continuous mentioning recent will foreseeable India interest goal conditions. using I is which XXX% have of As purchase future. challenging analogies, JV. many on even inherent baseball market in We singles our the our

and a face despite base the were to this been were are reviews able combination largely process. current To-date few consistent our the we now review for a like EBITDA growing summary do down markets, our the close to expect in numerous Houghton XX%. divest path and grow I we nutshell, the about leverage SG&A. Since Commission proceeding Australia. taking close able announcement share last the gross So approval deal. of the are in than The paths in lower the process margins, FTC in International. do by have by our with is number China from The April, our determines original but quarter, with we small lines, challenges of European remarks our the remedies make we one U.S. expectations. we In to product to marketplace, and and still adjusted continuing their anticipated the our of to with timing a we the regulatory that expected received to have

essentially occur we enable closing cross-selling least good past, at about combination currently reviews and be in are and of opportunities, the expect first double above the will we in the cost half XXXX. completed growth the continued this the a our will through $XX million in as said provide of Overall, we regulatory size synergies. market As company, will excited

view Call and expected new our the Our of the well is as after as closing Investor company provide an have an synergies. to intent updated

So year I good believe another will XXXX be for Quaker.

improvement, with the benefits close and to see margin tax get expect We the of gross combination reform. Houghton,

completed the I In market the initiatives provide through above far, address financials end differentiate have. our grow team as marketplace. Hall, the and in asset. more that markets we business dedication world on growth all historically our financials. our associates our and growth for thank regions and with any Mary? can gains. to the People and to our most whose continue with behind value by Quaker are International excited you details the to have to with of CFO, she expect share And now, continue everything see turn expertise has in to expect for about comments may Mary the Once be done will In we so and quarter, over that want addition, happy the and we questions her it you our to to team. in Quaker most Houghton helps very market valuable I'm we shareholders Mary in our combination create in customers the our closing, and upcoming I'll

Mary Hall

and Mike all. good Thank morning

expectations, forward-looking I will are current Before let begin, which remind assumptions These subject differ based cause to projections, this actual during uncertainties that me on materially. results include may statements. that and to are call statements and you comments estimates, made risks

XX-K a the available of in included in please Form the cautionary regarding on included with These risks, the For XXXX our release our these review are our and statements discussion Factors earnings website. filed Risk SEC. forward-looking statements

Turning results. our to

delivered one in Yogi Mike know, for use quarter, primarily all myself. increases a As over performance it's quote so significant déjà would To and Berra, thought volume. driven the likes strong baseball I the I again by all again. you vu in analogies, full-year, volume, Quaker Once organic

and from we benefits our this as relentless higher our market material were gains, we margin, from continued most share past were challenges able raw to offset serving experience improvements our customers. While expected, SG&A continue focus in on our importantly, with costs acquisitions, in disciplines, gross cost we than our to

the information adjusted non-GAAP to per EBITDA summary, note provide in an share with visibility and Quaker's please diluted As Quaker core I lead provides us into certain shareholders better earnings financial operations. into including that effort

our do core XX-K through items charts yesterday. they're which provided investor reconciliations also Form earnings of certain the yesterday's operations, in believe release XX Excluding XX and we and filed are one-time deck reflect this in not

for you'll increase please earnings in QX share the financial at reported to cost these and despite So and gross a look volumes good discipline, margin results quarter strong on diluted and $X.XX and non-GAAP our $X.XX Quaker We due as full-year. for of per the together erosion to versus analyst costs. achieved Chart an a for consensus the now $X increase X% X material performance. full-year X% I to if a highlight $X.XX of X raw in rising

the $XXX.X last versus FX impacting for driver $XX.X strong the million of our records ended respectively. the million for XXXX, The several and of and of EBITDA the in to X% as XX% was the for the adjusted increases dollar sales U.S. Appreciation QX primary XXXX was year of results, dollar, the impact previous EBITDA and Unlike Euro on Our adjusted appreciation. was was up factor the the started a of versus both less both years, by the XX% drove dollar positive full-year quarter Quaker. volumes net the at X% and to XX% are a FX at up Euro X.XX versus the full-year the year, prior X.XX year. quarter X% year and for QX

to for QX comparisons for gross most declined bit over we declined QX margin that XX.X%. infrastructure offset year to expenses toward form XXXX impacted to of with began material reform difficult. margin our surprise although raw margin predict. prior improvement Quaker decline. still of about margin the X.X% our as strong rising the gross includes the area gross to XX.X% hard GAAP margin be With Christmas see to is income in respect in operating our to the helping year which $XX U.S. our XX% tax combination-related to to to that our X% makes growth, show gross primarily of cost expect XX% costs of which timing year. end the last Note on to support leverage the about full-year good area discipline to target periods also the Our continues million We taxes, the of due and to top-line a

XX-K, that As earnings reform the rate. of our expenses, payout foreign $X.X approximately million charges charge QX release, excluding estimate the about deferred for tax been a which eight tax for about years, XX% transition in over assets certain we of XX%. new $XX.X the to would we will fourth and noted tax the of revaluing press corporate undistributed We in combination profit impact on Form and or and took rate non-deductible our quarter the and toll effective tax we have million our liabilities of and

best $XX in tax without XX% for time reform. the this to is year, our be For million performance $XX combination Overall, XX% to million XX% excluding million about estimate at our flow is the expenses. to drove expenses combination-related from versus approximately strong year's $XX of due for XX% XXXX, that cash outflows our operating will ETR range solid last cash which down of operating

$XX on the outstanding You ownership $XX can paid cash the expenses, slightly about X% with our million of year, our that increase our debt, JV in the for last hand see year-over-year. and reflect a and million year, expenditures from up purchase for dividends about both is no yet net India cash combination increase additional XX% of in is in

our in our As the deliver context see, and you history business. trends XXXX. raw our volume costs X% X to see shows cash as year-over-year strong in some margin eighth prudently of grow The continues Chart trends to to more gross and you metrics. year key reflects consecutive and you two next shows here its balance the can sheet up charts flow give decline material of and upward. use which trended growth Chart X can volume Quaker certain is cash

sheet gross ended with year. year in we're area up improve to see as As model million continued chart deliver the the a shareholders. in at in $XXX.X year-end. position beginning we financial on resulting of $XX.X EBITDA X despite margin Chart shows In and be operating X our the Quaker around to our summary, most for its cash adjusted drive to continued us, a performance million, And solid record Mike managing of discipline balance continues indicated, this X% noise in year-over-year. shows net to XX% expect its for strong finally climb the

to and to relatively show growth. steel, even auto XXXX, U.S. the into XXXX, modest be most expect we of Europe to globally, with and growth for to flat expected positive show Looking

expect to leveraging of above our market gains market drive continue and to acquisitions We growth. past share

expect the close to but the one roughly size another life half expect the performance first in addition, the this to In Quaker, good continue In of short, of combination Quaker. shareholders will the in year, of the we that doubling we unique Houghton company. busy expect we of be deliver expect year, our to

and us and for thank all turn you So back it now for you, I'll in Mike. to interest Quaker, your joining

Michael Barry

questions call. Thank you, this any would to from stage, on we like Mary. participants address any At the conference

Operator

you. open Instructions]. [Operator Thank now is The questions. for floor

is Our from Seaport first question. coming Please of Securities. Mike proceed your Global question Harrison with

Mike Harrison

could if any are terms issues Mike, in you color on going material more availability, you or also they wondering having shortages just give any us I pace picture. little key materials, of material inflation? was up seeing regional you the a Are material differences with raw are of raw any price, and raw the in of bit

Michael Barry

Sure.

the something at more it, question all happening with issues your our the really On availability of there in quarter. first part not of expectations is it's around

nothing hurricane anticipated. were increasing more events, like the and So, was example, for than were quarter, there crude there -- in fourth

is So of to go of price another that of there kind we means kind round through. increases just we have kind of

kind these will in once and of kind where things stabilize, up. we environment price been really of we this has We've place, get going out, of back that be. get in So increases to level just been kind need the to we

as You challenges the but some this think region, definitely in Asia-Pacific well. do currency some roles can the regional differences play more see in

So but raw to go initiatives up, to in materials them. price place there we just are some react put differences offset as

Mike Harrison

XX% in going to to you're that we're All as right. to kind be about and price And targeting to thinking able that the you're of the offset get need order that get of X% contribution to pricing mean a mid-single-digits? be the number into we or year modeling X% I for could for that the kind this should more XXXX, -- see we

Michael Barry

No, think end in probably of not it's I lower the that, yes, mid-single-digits.

Mike Harrison

having give America, coming very some to obviously but and you you've sits on we're on again? we've seen as start of are QX Curious any starts, sustained be kind quarter, can of slower and seasonally in in a and thoughts that period or unfolded South seen a kind there it we has South strong what in Okay. has improvements a America, seems steady

Michael Barry

on I continue quarter, in things results say speaking to much general relative too of -- comment perspective. early but still from would won't the well do America. we South so just our Yes, first in kind it's in But very

So from perspective, a and auto continue steel more volume to see production just more we production.

Mike Harrison

still any you in is and And me on jurisdictions sounds update on appreciated? be then any this waiting to sounds like do be in approvals what key for said At but last now that's the had might Houghton, for you divested, U.S. it originally have EU. you're question you been need would there like just for the the still within point, what color anticipating,

Michael Barry

Sure.

area in past or was that's would we've metals divestitures expectations to to and mentioned coming what's felt going will out. areas think around be the primary we in in some remedies what's have that what I the that's be product lines some and going be -- that's the our

of it just and commenting process that, areas original that do the those you to modeling, consistent regard, is original longer. divestitures and little have our in in from really like nothing on negative our there's is it's a some itself this expectations just just said, in we'll taking So nothing some really

Operator

Thank you.

is Our Tanwanteng next your CJS Please coming from of proceed question. question Securities. Jon with

Jon Tanwanteng

Can change basically tax about flow they the benefits effective in of tax to reform the are cash equivalent rate? you U.S. the talk

Mary Hall

rate tax effective do in pretty, there. some the rate meaningful be XX% a XX% as cash our to benefits so to lower that there this tax And we taxes, will the -- some to pretty benefit expect indicated, clearly do expect we year. Well will dropping I area result benefit

Jon Tanwanteng

of get same us the tax the of U.S. level? or can and Houghton are what benefits they revenue profits And level remind did in Okay. proportion you

Mary Hall

the think tax Quaker. that as will company for similar Nucor, as what have place -- in similar it, expect our We I about end-up combined a indicated I've

Michael Barry

Yes, we at in U.S. this best percentage but a than estimate they as the little stage equivalent a have the companies we of the tax less as our between little that have U.S. two business said, Mary reform. will do,

Jon Tanwanteng

actually synergies in that the margin environment up more then of you've the that gross for gross Mike, or years and is how a $XX company three show guess margin once better line? And the of great. potential Okay, million What about it normalized you've down much the integrated assuming I us? talked for

Michael Barry

chain talking there's because well portion manufacturing having definitely you're talking more supply area as part of and Jon, procurement supply we're Yes, raw efficient yes, a the when to about material it or be the a of as synergies in the are going the and chain. about area

in definitely So portion there will a be that.

have kind the of this intent at some we to details, -- think but I then those timing a this is the not announced we're guess disclose closing at when walk of we'll our conference I've point. ready kind I that in would all and through what benefits call of more stage, we

Jon Tanwanteng

And around quickly, possible enough. Houghton just for one to close QX since that? of the are is thoughts QX, fair what Okay, wondering timing half first in then instead said just you last it still

Michael Barry

I fact we're likely sitting I possible, here would be March Xst, it's would Sure. a more mean it it's that say but that the quarter second on event.

Operator

Thank you.

question next of Sidoti from coming Please & ahead. Edward Our Company. go is Marshall

Edward Marshall

good I just and morning stay wanted Mike -- to Mary.

Michael Barry

morning. Good

Edward Marshall

saying guess with of half on stay had move combination-related you to number with $XX correspondents your likewise second, any you the now delay. estimate wanted the you spend -- first deal guess total I the then, think what's you expenses? just into a I expense the And particular Houghton, I as how year, cash we regulators, the Have combination-related I million about are? close took this mean of for XXXX worthy do if I

Michael Barry

Okay.

of basis daily, lot a is contact answer weekly the regulators, it. the with with on contact the On a

the through disagreements, just the There go stage. this respect a We and is through. process it's lot process regulators working they at for of have the no

there a not lot get very complete transaction. have So disagreements you them a before of to it's of kind through go detailed of we close gnashing the lot is and just process the can teeth, of have you

Mary Hall

regarding including to from that cetera, close, the advisors, we at Ed, paying that's million. And -- expenses the of expect of banks, close spend around, the question you million, related beginning to so to is lot $XX another so beginning and that a the $XX a et year million through million $XX to had $XX

Edward Marshall

Additional allowance what you're saying?

Mary Hall

we Which capitalize. would

Edward Marshall

Right, right, okay.

Mary Hall

Right.

Edward Marshall

spent to you already? And you additional in that million the said that's $XX

Mary Hall

Yes.

Edward Marshall

you while, elaborate a I Okay, okay. maybe the discussions I how same that how you wanted catch-up then, sounds kind it like. on you curious could, materials guess, not of step if are large play receiving, to well are to you're or of second, pricing -- I And the of they're will But then a continue it or if just in -- already, be well we would continue on touched received while for like customers, it's to expect been pricing going increase maybe type with a question to catch-up. as about trying changes I'm XXXX to do it ahead where raw

your pricing of kind to work? of wanted as sense that to might get kind dynamic Just how

Michael Barry

stabilize, kind prices always like is lag. basically said So of it's we six once three to months

So takes of and up, prices happen on way it course months to go six the the down. opposite go to three

going get while, continued course. to several just So to stabilized -- stable happened think now for the over once quarters on is things past its environment; that has reach that it's I the The increase. has natural of a one you a

and overshoot We and we're we So We on prices price be our customers to make them as adjustments with don't with fair higher generally be see things. to accordingly. customers this anticipating mode. with kind our increases in want continue of

thing, on have. things a of six just to that moment margins having looking this the be till kind expect so from to to and really you’ll back months we out it’s if So timing three stabilize

happen, it's a So hasn't thing, progress are while what one things or things it’s told a forecasted to on overtime, certainly I stable thought things whatever. I goes and are then, matter of up, been going know, from continue happen, been, people hurricanes found we what just been here for we've how to be And out. true, crude is or

Edward Marshall

Right.

you're you And and so that what to into that -- you've think you month three stabilize, you've you're don't the see I saying but start saying quite, of kind to are you is seen are raws are lag, saying? already that saying, what that's that six you seen

Michael Barry

I'm been keep raw many materials just saying going many, now. we’ve the up for price increases quarters doing more. It's that

that we're in cycle. kind of So

what's So so and and where fine price getting. really our getting -- it’s upwards. continuation it’s the them, of happened the are we’re materials It’s -- we’re increases progressing them tracking need raw we it’s

Edward Marshall

of one between million simple margin gross is of is answer I this think or that is hey question a comprising I million be and the things this And in can the drive saying, reported difference maybe take kind should need $XX and it just about? that simple $XX $XX the hey, million, there but other the number to our say that's you've

Michael Barry

forth, over other our things of explained that so gross need of the net type in that On of and really a be look a pricing But quarterly quarters different kind be things really and think when products. and it out, we that of in basis, a course the margin be can there in there slings raw it's at things and few can I can materials manufacturing more by there's differences those say there and and so number because let's you forth.

Operator

me. Excuse

Jefferies. Our ahead. Alexander next coming Please of is Laurence go question from

Dan Rizzo

is guys, you? Rizzo Hi this on Lawrence. How are for Dan

Michael Barry

Hi Dan, good.

Mary Hall

doing? you are How

Dan Rizzo

I thing are press was certain region In on some you just mentioned of you or of mix provide that, issues we decreasing. is the wondering certain release markets mix quarter. kind the can being in fourth a end if where somewhat color in

Michael Barry

in and there, to is ebb influence time has gradually in lower have over little it. that issues Well, picking tend one could as as can about various China we flow mining that in the an I example, think mix of one, up with thing Asia-Pacific and particular where and be can some been margins businesses that

full-year, in look it's bad. at have issues quarter when certain you generally you and the not can any it within mix So too certain

Dan Rizzo

just auto then in you regional U.S., flat elsewhere, you flat on mentioned is in improving EMEA, and trends can that And steel? just give Okay.

Michael Barry

Regional I general, I good saw in time. it XXXX everywhere a trends almost one first times industry, on for steel production steel we when kind steel, was one it's decent the of year of growth really having a -- would pretty of say was all the think

seeing comes they some China the World of shutdown look of smaller at larger shifting North board increases say the things of the that's in the and which would -- across decent pretty we're kind is most the and good go I doesn't that because the somewhat Association. and overinflated whole overinflates growth harder throughout that data period you of the a your general probably America, is with the itself bit. I'd of So is when the efficient get steel to the when EMEA, some kind Steel look out it's mills not, they growing, pretty and whole see hands little on, just one throughout from the They data in is admitted There and to and say when data one the because China. someone baseline, count area weren't comparison tremendously naturally you say have you China mills is let's collect of kind data at in the they of world. and to it

again growth of parts market quite as growth a good I said, we overall steel. say with the expect to pretty in world constant our generally for perspective, be, from are and seeing this Mary we coming same steel growth in but steel but good pretty the of amount all all So year not maybe would and places

Operator

Mr. you Alexander have did questions? any additional

Dan Rizzo

I do not.

Operator

Okay, thank you.

B. coming Burke ahead. FBR. go of is question Liam from next Please Our Riley

Liam Burke

but higher year-over-year, how could as higher margins were your that give had this -- operating lower line? Mike, gross managing color quarter, you you to margins some us adjusted you’re SG&A

Mary Hall

very in I'll our we here, costs. Liam; to managing And be continue again disciplined in just, type

do you're So as as that other size ability us. of benefits to out quarter-over-quarter leverage increasing combination we that, Houghton an all we've shown the for one even seeing company we that with and that grow margin continue said along operating kind of revenues, the the will play and we yes be to just of

Liam Burke

could past, Okay. you’ve your some have build in current in your you both have or your the in market relationships place here, existing the mills, do you had looking organization acquisitions and sort others at steel of potentially And Houghton? share to those leverage to made the sales then gains incremental handle acquisitions the of channels you acquisitions distribution, you

Michael Barry

Yes, innings place we do. the mean have say resources analogies, early all people, development still the acquisitions to have the in and that we they again drive growth around I had past people been places we do we I world, business that. are different established continued relatively using baseball of as the to put there the had the in and we

and that companies finalized, course, have the combination So Houghton resources be these when gets synergies very only now of then, both the them. to able to the do with new technologies, we're so will drop internal with cross-selling optimistic to about have And that. the we

Liam Burke

have I the cycle early mean are product it the you is innings, here? a similar, On longer where sales similar

Michael Barry

do say Yes, have going commented we the same one, world. it's I wouldn't one channels thing be day hire it’s technologies, we kind is is I would the place, but news to in to mean in -- different people I from it's say we But going have won't everything have people the the in around customers, places we have we place, be mean thing. definitely the of the the the I good to

time qualifying far place. in have as we take it’s perspective, we’re So still going products can to that infrastructure least forth will at so and from have to fine customers with all that and as some do the that

Liam Burke

Mike. congratulations Mary thanks and Great,

Michael Barry

you, Thank Liam.

Operator

[Operator Instructions].

ahead. of Our next question Capital Management. is Norian from go Palisade Please Garo

Garo Norian

Hi, morning. good

you're that an right on was margin aiming ultimately for understanding of and kind year say the question ex-happen for including First around so Houghton or gross what's ballpark XX% the is comment of XX% target, this or the commentary way it?

Michael Barry

it’s No at Quaker only. when giving point that kind we of guidance -- that’s that are It’s this not.

is combination and company like give what get done we around Houghton then conference and structures we’ll combined So will more that the okay then of about talk we gross sense the the new a and margins -- around call and we’ll more the looks once have what's prospects as margin into you that.

Garo Norian

Great.

them, Okay. And perhaps might in with, going a raw you’ve that just any costs net customers as your way the on the almost so help much? want benefit up volume there is dealing so to to reformulate been things, materials not

Michael Barry

Sure.

things given and if So agreement using take or choose cost trial the we same they on certain material, with sometimes it and time raw performance our the we is all a have one that don't sometimes the going of given they we to do reformulate sometimes feel and that's may option they and can customers it. we lower we

of of lot with we do a our over customers. kind course that’s of our So constantly things the history --

Garo Norian

Great.

the bit guess On the why just you XXXX kind of I see or saw XXXX quarters XXXX was volume then of more just guys it remind growth of -- was looks maybe that about driving flattish, didn’t had either what the XXXX continuation XXXX include nice me kind through it was chart sequential the you talk growth seen? through of can and that like the eyeballing product of quarters it a

Mary Hall

brain, detail my much I of of I As have some too off is don't impact. that acquisition top think the

Garo Norian

Okay.

Mary Hall

Garo.

the but and going that ended numbers and year acquisition did XXXX know acquisition in only Verkol as example example had for at whereas really more November acquisition. some the end you XXXX we thing XXXX into So that's XXXX for significant acquisition impacting Lubricor small prior we the of that's

Garo Norian

it. Got

Okay, for thank you reminder. the

Michael Barry

organic year our growth Yes, I this -- mean

Mary Hall

X%.

Michael Barry

X% Yes, highest that's of periods. and the really one so

for really company. XXXX just basic good, it's it's year really for I So a mean been growth organic strong the

Garo Norian

sure types of in of trying That’s in where by just years I there a few of of it didn’t one make you of this last impression go reason date be like understood to the I Houghton just or the is to visually things just doesn’t can need feel was some because time is me consistent. agreement I that me there year the the with is some related agreements? remind what then a then actually end was or these but strongest from kind deal otherwise close to sort my last is kind you. question to And seem anything in for Thank

Michael Barry

that the to try other steps so if is shareholders and going which our the There there in can do anything want mark, or this, our what it’s out. agreement things no in continue to intent is date different a you the have But is well. to add side certainly reach provision of differently do early as of you a been on the you for in lot with No, the get value to terminates. to once take agreement one-year

So excited this. we’re about

Garo Norian

release. great. look seeing Thank forward I to you. press Yes, that

Michael Barry

Yes, too. me

Mary Hall

Thanks, Garo.

Operator

Thank to you. closing management or additional At this to any comments. for time, I’d the back over turn like floor

Michael Barry

all will is questions conference thank given want I of no for you your to now we other and interest okay, there Okay, end our call today.

We be are our fourth quarter to future the continue of Chemical. full-year the with results we pleased in confident for Quaker and and

questions May in early in be free Our quarter next April any Quaker and or interest contact Mary your again myself. results call feel late Thanks in for first meantime Chemical. XXXX the please conference to or the you for if have will

Operator

you thank for gentlemen, your participation. This and concludes Ladies conference. today’s

time may day. wonderful this lines your You disconnect at have and a

Quaker Chemical (KWR) 1 Mar 182017 Q4 Earnings call transcript