March 8, 2017
Volume 17 Issue 52
Q4 Earnings Wrap-up
Heritage-Crystal Clean’s oil business segment posted higher sales revenue, and Quaker Chemical reported higher net income in the fourth quarter, compared to the year-earlier period.
Heritage-Crystal Clean reported $38.5 million in revenue for its oil business segment in the fourth quarter ending Dec. 31, up 20.3 percent from $32 million in the year-earlier period.
The company’s oil business segment experienced a minor decrease in revenue during fiscal 2016, slipping to $123.2 million from $123.7 million in fiscal 2015.
“Even with very challenging market conditions in early 2016 we were able to stabilize our oil business segment after the first quarter. We believe we have additional opportunities to drive improved efficiencies in this business during 2017,” said Heritage CEO Brian Recatto in the company’s earnings news release.
The company’s rerefinery in Indianapolis, Indiana, has 2,950 barrels per day of API Group II production capacity and 150 barrels per day of Group I capacity.
The Elgin, Illinois-based parts cleaning, waste services and rerefining company does not break down its net income by segment. Overall, Heritage listed a net income of $3.5 million for its fourth quarter, up from the previous year’s reported net loss of $2.4 million. During fiscal 2016, the company enjoyed a 328.6 percent increase in its net income, jumping to $6 million from 2015’s $1.4 million.
Conshohocken, Pennsylvania-based Quaker Chemical reported $17.9 million in net income for the fourth quarter, up 51.7 percent from $11.8 million in the year-earlier period. For full year 2016, the lubricant supplier’s net income reached $63 million, up 19.5 percent from $52.7 million.
The company’s net sales topped $191.2 million, up 4.3 percent from $183.3 million. Full-year 2016 net sales reached 746.7 million, up 1.2 percent from $737.6 million.
Quaker Chemical Chairman, CEO and President Michael Barry said the company was pleased with its fourth quarter results, which came despite continued foreign exchange headwinds. “We were able to grow our organic volumes by 7 percent on continued market share gains, as well as from increased production in some of our end markets.”