Quaker Houghton sees FY19 pro forma adjusted EBITDA down 2%-4%
Quaker Houghton updated its financial guidance for full year pro forma 2019, reflecting negative impacts from challenging market conditions and foreign exchange. During its August 1st conference call, the Company disclosed pro forma net income attributable to Quaker Houghton for 2018 of $62 million and pro forma adjusted EBITDA of $236 million, and second quarter of 2019 trailing twelve months pro forma net income attributable to Quaker Houghton of $61 million and pro forma adjusted EBITDA of $230 million. At that time, the Company estimated its full year 2019 pro forma adjusted EBITDA would somewhat exceed the prior year. The Company now believes its full year 2019 pro forma adjusted EBITDA, including the fourth quarter contribution from its October 1st Norman Hay acquisition as well as its current year integration cost synergies, will decrease approximately 2-4% compared to the prior year $236 million pro forma adjusted EBITDA.