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Quaker Chemical earnings fall on tax impact

3:10 PM MDT | April 29, 2014 | Vincent Valk

Lubricants maker Quaker Chemical today reported first-quarter net income down tk% year-on-year (YOY), to $12.7 million, or 96 cts/share, on sales up 3%, to $181.7 million. Net income fell primarily due to a higher effective tax rate compared with 2013’s first quarter. Excluding taxes, adjusted Ebitda rose 11% YOY, to $23.7 million. The company “experienced good growth in Europe and China, modest growth in North America and a decline in South America, primarily due to exchange rates,” says Quaker Chemical chairman and CEO Michael Barry...

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