Quaker Chemical Corporation Q1 2010 Earnings Call Transcript

Quaker Chemical Corporation (KWR)

Q1 2010 Earnings Call Transcript

April 28, 2010 8:30 am ET

Executives

Michael Barry – Chairman, President and CEO

Mark Featherstone – VP, CFO and Treasurer

Analysts

Gregory Macosko – Lord Abbett

Liam Burke – Janney Montgomery Scott

Presentation

Operator

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Welcome to the Quaker Chemical Corporation first quarter 2010 results conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Barry, Chairman, Chief Executive Officer and President for Quaker Chemical Corporation. Thank you, Mr. Barry, you may begin.

Michael Barry

Thanks, Rob. Good morning, everyone. Joining me today is Mark Featherstone, our CFO, and Jeffry Benoliel, our General Counsel and Head of Global Strategy. As usual, Mark will provide some more details around the financials and then we will address any questions that you may have.

We have also added some slides for our conference call. You can find them in the Investor Relations part of our website at www.quakerchem.com. I will start it off now with some remarks about the first quarter and then follow with what we are currently seeing in the marketplace.

Our earnings for the first quarter were $0.84 per share. This is a large improvement from the first quarter of 2009, when we essentially broke even. About a $0.11 per share is due to an unusually low tax rate because of the expiration of some FIN 48 tax reserves. So as since, this tax effect our earnings would have been $0.73 per share.