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Investors might want to bet on Carpenter Technology (CRS - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Carpenter is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Carpenter, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for CarpenterFor the fiscal year ending June 2026, this maker of stainless steels and special alloys is expected to earn $10.55 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Carpenter. Over the past three months, the Zacks Consensus Estimate for the company has increased 2.6%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Carpenter to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Carpenter Technology (CRS - Free Report) Philadelphia, PA-based Carpenter Technology Corporation is a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels as well as drilling tools. The company’s provides solutions for critical applications across diversified end-use markets - Aerospace and Defense (accounting for around 50.1% of the company’s revenues), Energy (5.3%), Transportation (3%), Medical (10.3%), Industrial and Consumer (12.3%) and Distribution (2.9%).

CRS is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. CRS has a Growth Style Score of A, forecasting year-over-year earnings growth of 41% for the current fiscal year.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.27 to $10.55 per share. CRS boasts an average earnings surprise of +9%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, CRS should be on investors' short list.

Have you been paying attention to shares of Carpenter Technology (CRS - Free Report) ? Shares have been on the move with the stock up 23.3% over the past month. The stock hit a new 52-week high of $525 in the previous session. Carpenter has gained 66.4% since the start of the year compared to the 10.6% gain for the Zacks Basic Materials sector and the 57.5% return for the Zacks Steel - Speciality industry.

What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 29, 2026, Carpenter reported EPS of $2.77 versus consensus estimate of $2.59.

For the current fiscal year, Carpenter is expected to post earnings of $10.55 per share on $3.12 in revenues. This represents a 41.04% change in EPS on a 8.33% change in revenues. For the next fiscal year, the company is expected to earn $12.3 per share on $3.36 in revenues. This represents a year-over-year change of 16.59% and 7.78%, respectively.

Valuation MetricsCarpenter may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.

On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.

Carpenter has a Value Score of F. The stock's Growth and Momentum Scores are A and B, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 49.7X current fiscal year EPS estimates, which is a premium to the peer industry average of 20.9X. On a trailing cash flow basis, the stock currently trades at 50.3X versus its peer group's average of 21.5X. Additionally, the stock has a PEG ratio of 1.94. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, Carpenter currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Carpenter passes the test. Thus, it seems as though Carpenter shares could have a bit more room to run in the near term.

How Does CRS Stack Up to the Competition?Shares of CRS have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Metallus Inc. (MTUS - Free Report) . MTUS has a Zacks Rank of #2 (Buy) and a Value Score of C, a Growth Score of B, and a Momentum Score of D.

Earnings were strong last quarter. Metallus Inc. beat our consensus estimate by 38.46%, and for the current fiscal year, MTUS is expected to post earnings of $0.97 per share on revenue of $1.27 billion.

Shares of Metallus Inc. have gained 12.6% over the past month, and currently trade at a forward P/E of 20.45X and a P/CF of 11.43X.

The Steel - Speciality industry is in the top 36% of all the industries we have in our universe, so it looks like there are some nice tailwinds for CRS and MTUS, even beyond their own solid fundamental situation.

New Harris Poll data shows 84% of California workers are interested in upskilling as demand grows for clearer, more portable credentials

, /PRNewswire/ -- Instructure, the leading learning technology ecosystem and maker of Canvas Learning Management System (LMS) and Parchment digital credentials, today released new research examining learning, skills and workforce readiness across California. The findings show strong demand for skills development alongside widespread confusion around credentials, making it harder for workers to translate learning into potential economic mobility at a time when employers are increasingly hiring for skills and workers are navigating more frequent career changes. This disconnect also makes it more difficult for employers to identify qualified talent and align hiring with evolving skill needs.

Among the findings:

84% of workers are interested in upskilling 75% say their work is skills-based 69% say they feel unprepared to succeed in today's workforce 47% say they are unsure which credentials employers value 78% say transferring credentials between institutions is more difficult than it should be 90% say standardized credentials could unlock greater mobility across education and workforce systems The study, conducted by The Harris Poll on behalf of Instructure, surveyed more than 500 adults across California who are working or seeking work. As one of the largest and most dynamic labor markets in the country, California serves as a leading indicator of how skills-based pathways are reshaping education and employment, alongside statewide efforts like the Career Passport to create more portable, skills-based records.

The findings reflect a workforce that is actively building new skills while navigating uncertainty about how to apply them. At the same time, the research highlights challenges in how workers understand and use credentials to advance across education and employment.

Credentials, including certificates, certifications and digital records of learning, are designed to help individuals demonstrate skills to employers and move more easily between education and work. When credentials are difficult to interpret or transfer, they can create friction for both workers and employers trying to identify and validate skills.

"California workers are ready to build relevant skills and move into new opportunities, but the systems around them haven't fully caught up," said Melissa Loble, chief academic officer at Instructure. "When 90% of workers say credentials need to be clearer and more consistent, that's a strong signal there's an opportunity to make it easier for people to turn learning into real economic mobility."

With broad support for clearer and more standardized credentials, the findings point to an opportunity to reduce friction in how skills are understood, shared and valued across education and employment. The survey results offer a state-level view into how Californians are navigating learning and work as skills-based paths continue to expand.

The full report is available at Instructure.com.

Survey Method
This survey was conducted online within the United States by The Harris Poll on behalf of Instructure from February 9 - 18, 2026, among 507 adults ages 18 and older who reside in California and are employed full-time, part-time, or self-employed, or looking for work. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 5.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Brian Watkins at [email protected].

About Instructure
Instructure is shaping the future of learning by delivering a future-ready ecosystem that helps learners thrive in tomorrow's landscape. Our vision is to drive a future where education technology seamlessly amplifies human potential, empowering people to excel in a perpetually changing world. The Instructure ecosystem supports educators, institutions, and learners across K-12, higher education, and the workforce—enhancing experiences at every age, every stage, and every pivotal transition. Discover more at Instructure.com

Contact
Brian Watkins
Corporate Communications
Instructure
(801) 658-7525

SOURCE Instructure

Collaboration will explore how a new generation of learners is reshaping workforce development and what organizations must do to keep pace

, /PRNewswire/ -- Instructure, the leading learning technology ecosystem and maker of Canvas Learning Management System (LMS) and Canvas Career, today announced it has been named an Eminence Partner by Brandon Hall Group, a leading independent Human Capital Management (HCM) research and analyst firm. The partnership focuses on advancing independent research and executive dialogue on the future of work, the growing importance of lifelong learning and the critical role of workforce learning in connecting education to employment.

A New Era of Learning: From Education to Employment and Beyond
As organizations face accelerating change in skills and talent needs, learning is no longer confined to a single phase of life. The half-life of many skills continues to shrink, with some estimates suggesting critical skills can become outdated in just a few years, placing new pressure on organizations to continuously reskill and upskill their workforce. Instructure is collaborating with Brandon Hall Group to examine how a new generation of learners engages with continuous, flexible and career-connected learning experiences that extend beyond traditional academic pathways.

This shift is redefining how organizations approach capability building, employee development and long-term workforce resilience. Instructure brings a distinct perspective to this work, informed by its role supporting millions of learners across K-12, higher education and the workforce. This cross-lifecycle view provides insight into how learning behaviors evolve as individuals move from structured academic environments to more self-directed, skills-based learning throughout their lifetime.

Advancing Research on Workforce Learning and Skills Development
As part of the collaboration, Instructure and Brandon Hall Group will co-develop a Bellwether Research Report examining emerging trends and challenges in how organizations build and sustain workforce capability. The research will explore changing learner expectations, the rise of lifelong learning and the need for organizations to better align learning experiences with measurable, real-world outcomes.

The findings are designed to support learning and development leaders, HR executives and business decision-makers as they adapt workforce strategies to a rapidly changing landscape. Insights from the research aims to help organizations identify gaps in current learning approaches, better align training with business priorities and design more effective, future-ready workforce learning strategies.

"At Brandon Hall Group, our mission is to provide evidence-based insights that help organizations make better decisions about their people and performance," said Michael Rochelle, chief strategy officer and principal analyst at Brandon Hall Group. "This partnership with Instructure enables us to deepen our research into how organizations can align learning with business impact, while addressing the growing need for continuous, career-connected development."

Brandon Hall Group has recognized Instructure as a Smartchoice® Preferred Provider, citing the company's ability to deliver credible, high-impact solutions that drive measurable outcomes for organizations.

"Learning extends beyond graduation and continues throughout a person's life," said Melissa Loble, chief learning officer at Instructure. "As today's learners expect continuous development throughout their careers, organizations must rethink how they support skills-driven learning at every stage. Through this partnership, we are contributing research and insight to help define what effective lifelong learning looks like in practice."

Partnership Recognition and Industry Collaboration
As an Eminence Partner, Instructure joins a select group of organizations collaborating with Brandon Hall Group to advance research and industry dialogue in learning and talent development. In addition to this designation, Instructure has been recognized as a Smartchoice Preferred Provider, reflecting independent validation of its ability to deliver impactful learning solutions that drive measurable outcomes.

This collaboration reflects Instructure's broader commitment to shaping the future of learning by contributing research and insight that helps organizations navigate the evolving relationship between education, skills development and work.

About Instructure
Instructure is shaping the future of learning by delivering a future-ready ecosystem that helps learners thrive in tomorrow's landscape. Our vision is to drive a future where education technology seamlessly amplifies human potential, empowering people to excel in a perpetually changing world. The Instructure ecosystem supports educators, institutions, and learners across K-12, higher education, and the workforce—enhancing experiences at every age, every stage, and every pivotal transition. Discover more at Instructure.com

About Brandon Hall Group™
Brandon Hall Group is the only professional development company that offers data, research, insights, and certification to Learning and Talent executives and organizations. The best minds in Human Capital Management (HCM) choose Brandon Hall Group to help them create future-proof employee development strategies for the new era of work.

For over 30 years, Brandon Hall Group has empowered, recognized, and certified excellence in organizations around the world, influencing the development of more than 10 million employees and executives. Its HCM Excellence Awards® are widely regarded as the "Academy Awards of Human Capital Management."

Brandon Hall Group's cloud-based platform delivers evidence-based insights across Learning and Development, Talent Management, Leadership Development, Diversity, Equity & Inclusion, Talent Acquisition, and HR/Workforce Management.

Learn more at www.brandonhall.com

Contact
Brian Watkins
Corporate Communications
Instructure
(801) 658-7525

SOURCE Instructure

Education tech giant Instructure has confirmed a data breach affecting students’ private information. The hacking and extortion gang ShinyHunters claimed responsibility for the breach. 

The hackers claim to have stolen students’ names, their personal email addresses, and messages sent between teachers and students — the same type of data Instructure admitted was stolen.

Instructure is the latest corporate giant hacked by the ShinyHunters gang. The cybercriminals have targeted universities and cloud database companies in recent months, in efforts to steal vast amounts of people’s personal information and threaten to post the data online if the companies do not pay the hackers’ ransom.

A member of ShinyHunters shared a sample of the stolen data with TechCrunch, which included data from two schools in the United States, one in Massachusetts and one in Tennessee. In the case of the one in Massachusetts, the data included messages, which contain names, email addresses, and some phone numbers. As for the school in Tennessee, the sample included students’ full names and email addresses. 

The sample did not contain passwords or the other types of data that Instructure said was unaffected by the breach.

TechCrunch is not naming the schools as they are not confirmed victims. Based on information that appears on their websites, both schools appear to use Instructure’s platform Canvas, which allows customers to manage coursework and assignments, and communicate with students. 

ShinyHunters also shared a list of about 8,800 schools allegedly affected by the breach. TechCrunch could not confirm whether all the listed institutions were affected, nor whether they are Instructure customers. On its official site, Instructure says it has more than 8,000 institutions as customers. 

When reached by TechCrunch, Instructure’s spokesperson Kate Holmes did not answer several questions about the incident, and instead referred to the company’s official page where it is publishing updates on the breach.  

On its data leak site, where ShinyHunters claims responsibility for data breaches and attempts to pressure victims into paying a ransom, the hackers claim the breach affected close to 9,000 schools around the world, and 275 million people’s data, including students, teachers, and other staff. In an online chat, the ShinyHunters member told TechCrunch that the total unique emails included in the stolen data amount to 231 million. 

Financially motivated hacking groups are known to exaggerate their claims to gather the attention of the media, as well as their victims. 

As of Tuesday, Instructure said some of its products, such as Canvas, were restored for customers after undergoing maintenance.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Lorenzo Franceschi-Bicchierai is a Senior Writer at TechCrunch, where he covers hacking, cybersecurity, surveillance, and privacy.

You can contact or verify outreach from Lorenzo by emailing [email protected], via encrypted message at +1 917 257 1382 on Signal, and @lorenzofb on Keybase/Telegram.

Instructure, which provides Canvas software to thousands of schools and universities around the world, did not say what it had given the hackers in exchange for the stolen data.

The US House of Representatives is demanding testimony from representatives of Instructure, the twice-hacked company that owns the education platform Canvas. Lawmakers are seeking answers to explain the company's delayed response to cyberattacks that enabled bad actors to scrape the personal information of millions of students and teachers nationwide.

Instructure revealed this week that it had reached a deal with the hacker group ShinyHunters, under which the hackers would destroy copies of user data and agree not to extort users. ShinyHunters had hacked the platform first in April and again last week, and claimed to have targeted thousands of universities and school districts. 

The House Homeland Security Committee said it is investigating the hack alongside the Cybersecurity and Infrastructure Security Agency. CISA has been working with Instructure as one of the "outside forensics experts" the company refers to in its incident FAQs, helping to "contain the activity, investigate and apply additional safeguards."

Now the House committee's chair, Rep. Andrew Garbarino, is examining whether Instructure's coordination with CISA was adequate in this situation. In a letter sent to Instructure CEO Steve Daly, Garbarino, a New York Republican, demanded to know how the company was hacked more than once. The House committee also wants more specific information about the types of sensitive information stolen during the hack.

Instructure said the personal data stolen during the Canvas hack included "information like usernames, email addresses, course names, enrollment information and messages."

The agreement with ShinyHunters called for the hackers to delete the data. Instructure said "there is never complete certainty when dealing with cybercriminals," but that it received digital confirmation, in the form of shred logs, that the stolen data had been deleted.

Instructure cautioned affected Canvas users against individual attempts to contact or bargain with the ShinyHunters group, saying its agreement "covers all impacted Instructure customers."

The hacker group first infiltrated Canvas systems on April 29, using a security flaw tied to Free-For-Teacher accounts. This allowed ShinyHunters to scrape personal information tied to students and educators.

While we don't know exactly how many institutions were affected, the hackers claimed they had targeted more than 9,000 universities and public school districts. Canvas is used in K-12 schools, so it's likely that the breach exposed sensitive information of underage students.

The situation escalated when the hackers cracked Instructure's security for a second time on May 7, leaving a message exposing their illicit activity to anyone attempting to sign in to Canvas. Instructure promptly moved Canvas into maintenance mode, during which students were unable to access the service.

If the ShinyHunters name sounds familiar, it's because it's a well-established collective of ransomware hackers. ShinyHunters is the same team that breached Anodot and absconded with some of Rockstar Games' business data in April.

Its previous targets largely consist of large tech companies like Microsoft, Cisco and AT&T, but the hackers have also ransomed information from insurance companies, credit unions and other institutions that handle sensitive data.

Canvas is currently operational, although the Free-For-Teacher accounts have been temporarily disabled as Instructure continues to investigate the exploit used to breach its systems.

Instructure asked customers to continue monitoring their accounts, though its external forensic partner has "found no evidence that the threat actor currently has access to the platform."

Instructure is organizing a webinar for its customers in order to "detail information about the cyberattack and [Instructure's] activities to harden the system." It's currently unclear when these will take place, despite the company's incident update page indicating that they're slated for May 13.

When reached for comment, an Instructure representative pointed CNET to the company's official incident page.

A similar data breach happened to PowerSchool in 2024. Despite paying the ransom, customers were still extorted for more money.

Piotr Swat/SOPA Images/LightRocket/Getty ImagesIs the stolen data really destroyed? There's no way to be sureInstructure reached an agreement with the ShinyHunters hackers, defying the conventional wisdom of industry experts and the FBI's cybercrime division. Once the information is out there, paying a ransom doesn't guarantee it'll ever stop moving between bad actors.

Worse still, Instructure's ransom payment might incentivize ShinyHunters or other ransomware hacker groups to look for more victims.

"It's a very worrying example to see such a high-profile incident result in a payment, especially when acknowledged by the victim company in this fashion," said Troy Hunt, founder and CEO of Have I Been Pwned, a website that keeps track of password info exposed by data breaches. "Unfortunately, it's now a very clear example of how crime does pay, and it normalizes the pattern for future criminals and victims alike."

Hunt speculated that the decision was likely influenced by the scope and scale of the incident. This was a high-exposure data breach, and Instructure is subject to pressure from schools and parents, especially since they handle sensitive information related to underage children.

Watch this: What to do if your personal information is part of a data breach

02:41

But at the end of the day, there's no way to guarantee that the stolen data has actually been destroyed -- absolute certainty doesn't exist with ransomware cybercrime.

"There could always be another copy," Hunt said. "Instructure's message about 'shred logs' provides no proof whatsoever that all copies of data were deleted."

Hunt pointed to a similar ransomware attack on the education company PowerSchool in December 2024. Though the company paid a sum in exchange for a supposed video of the hackers deleting the stolen data, copies of the sensitive information were later used to extort teachers for additional money.

We can't be sure whether ShinyHunters will use stolen Instructure customer data in the same way, but there's just no guarantee that they don't still have sensitive data of millions of US students.

If you were affected by the recent Canvas hack, it might be time to look into steps you can take to protect yourself from cybercriminals who may have your personal information.

The US House of Representatives is demanding testimony from representatives of Instructure, the twice-hacked company that owns the education platform Canvas. Lawmakers are seeking answers to explain the company's delayed response to cyberattacks that enabled bad actors to scrape the personal information of millions of students and teachers nationwide.

Instructure revealed this week that it had reached a deal with the hacker group ShinyHunters, under which the hackers would destroy copies of user data and agree not to extort users. ShinyHunters had hacked the platform first in April and again last week, and claimed to have targeted thousands of universities and school districts. 

The House Homeland Security Committee said it is investigating the hack alongside the Cybersecurity and Infrastructure Security Agency. CISA has been working with Instructure as one of the "outside forensics experts" the company refers to in its incident FAQs, helping to "contain the activity, investigate and apply additional safeguards."

Now the House committee's chair, Rep. Andrew Garbarino, is examining whether Instructure's coordination with CISA was adequate in this situation. In a letter sent to Instructure CEO Steve Daly, Garbarino, a New York Republican, demanded to know how the company was hacked more than once. The House committee also wants more specific information about the types of sensitive information stolen during the hack.

Instructure said the personal data stolen during the Canvas hack included "information like usernames, email addresses, course names, enrollment information and messages."

The agreement with ShinyHunters called for the hackers to delete the data. Instructure said "there is never complete certainty when dealing with cybercriminals," but that it received digital confirmation, in the form of shred logs, that the stolen data had been deleted.

Instructure cautioned affected Canvas users against individual attempts to contact or bargain with the ShinyHunters group, saying its agreement "covers all impacted Instructure customers."

The hacker group first infiltrated Canvas systems on April 29, using a security flaw tied to Free-For-Teacher accounts. This allowed ShinyHunters to scrape personal information tied to students and educators.

While we don't know exactly how many institutions were affected, the hackers claimed they had targeted more than 9,000 universities and public school districts. Canvas is used in K-12 schools, so it's likely that the breach exposed sensitive information of underage students.

The situation escalated when the hackers cracked Instructure's security for a second time on May 7, leaving a message exposing their illicit activity to anyone attempting to sign in to Canvas. Instructure promptly moved Canvas into maintenance mode, during which students were unable to access the service.

If the ShinyHunters name sounds familiar, it's because it's a well-established collective of ransomware hackers. ShinyHunters is the same team that breached Anodot and absconded with some of Rockstar Games' business data in April.

Its previous targets largely consist of large tech companies like Microsoft, Cisco and AT&T, but the hackers have also ransomed information from insurance companies, credit unions and other institutions that handle sensitive data.

Canvas is currently operational, although the Free-For-Teacher accounts have been temporarily disabled as Instructure continues to investigate the exploit used to breach its systems.

Instructure asked customers to continue monitoring their accounts, though its external forensic partner has "found no evidence that the threat actor currently has access to the platform."

Instructure is organizing a webinar for its customers in order to "detail information about the cyberattack and [Instructure's] activities to harden the system." It's currently unclear when these will take place, despite the company's incident update page indicating that they're slated for May 13.

When reached for comment, an Instructure representative pointed CNET to the company's official incident page.

A similar data breach happened to PowerSchool in 2024. Despite paying the ransom, customers were still extorted for more money.

Piotr Swat/SOPA Images/LightRocket/Getty ImagesIs the stolen data really destroyed? There's no way to be sureInstructure reached an agreement with the ShinyHunters hackers, defying the conventional wisdom of industry experts and the FBI's cybercrime division. Once the information is out there, paying a ransom doesn't guarantee it'll ever stop moving between bad actors.

Worse still, Instructure's ransom payment might incentivize ShinyHunters or other ransomware hacker groups to look for more victims.

"It's a very worrying example to see such a high-profile incident result in a payment, especially when acknowledged by the victim company in this fashion," said Troy Hunt, founder and CEO of Have I Been Pwned, a website that keeps track of password info exposed by data breaches. "Unfortunately, it's now a very clear example of how crime does pay, and it normalizes the pattern for future criminals and victims alike."

Hunt speculated that the decision was likely influenced by the scope and scale of the incident. This was a high-exposure data breach, and Instructure is subject to pressure from schools and parents, especially since they handle sensitive information related to underage children.

Watch this: What to do if your personal information is part of a data breach

02:41

But at the end of the day, there's no way to guarantee that the stolen data has actually been destroyed -- absolute certainty doesn't exist with ransomware cybercrime.

"There could always be another copy," Hunt said. "Instructure's message about 'shred logs' provides no proof whatsoever that all copies of data were deleted."

Hunt pointed to a similar ransomware attack on the education company PowerSchool in December 2024. Though the company paid a sum in exchange for a supposed video of the hackers deleting the stolen data, copies of the sensitive information were later used to extort teachers for additional money.

We can't be sure whether ShinyHunters will use stolen Instructure customer data in the same way, but there's just no guarantee that they don't still have sensitive data of millions of US students.

If you were affected by the recent Canvas hack, it might be time to look into steps you can take to protect yourself from cybercriminals who may have your personal information.

KWR trades at a discount after sharp declines, as investors weigh margin targets and share gains against tariffs, flat demand and rising costs.

Key Takeaways KWR targets 2-4% net share gains in 2026 despite flat to slightly down end markets early in the year.KWR's APAC logged 10 straight quarters of organic volume growth, and Q4 sales rose 14.7% on EV and Dipsol.KWR's China plant and 2025 deals boost capacity and cross-sell, adding about 1-2% to 2026 sales. Quaker Chemical Corporation (KWR - Free Report) is showing pockets of growth, even as many end markets stay muted. The company’s outgrowth is being shaped by sustained share gains and electric vehicle (EV)-related wins, with Asia/Pacific (APAC) doing much of the heavy lifting.

That mix matters for 2026 because the company’s plan is built on scaling what is already working, while using self-help and integration discipline to protect margins.

The Emerging Growth Engine Inside a Mature PortfolioKWR’s outgrowth thesis starts with share capture. Management expects 2-4% net share gains in 2026, with recent performance skewing toward the high end. That provides a path to grow even if underlying markets are flat to slightly down in the first half of 2026, followed by only a modest improvement in the second half.

APAC has been the clearest proof point. The region has led organic volume growth through 2025, and in the fourth quarter delivered its 10th consecutive quarter of organic volume growth. In a flat macro backdrop, consistency like that can become the differentiator.

KWR’s EV OEM and Components as a Demand PocketWithin APAC, KWR’s durable volume trend is tied to continued wins in electric vehicle original equipment manufacturers (OEM) and components. These programs tend to be process-intensive and service-heavy, which fits KWR’s model of formulated chemistries supported by local technical resources.

The fourth quarter of 2025 underscored the mix. APAC net sales rose 14.7% year over year, helped by 4% organic volume growth and a meaningful lift from acquisitions, primarily Dipsol. The headline is not one quarter. It is the run-rate: repeated organic growth through 2025, supported by EV OEM and component wins, keeps APAC positioned as the company’s growth leader into 2026.

KWR China Operations as a 2026 Inflection PointThe new China facility, scheduled to start in the second half of 2026, is a strategic lever, not just added capacity. Local manufacturing can directly support in-region wins, while reducing logistics complexity that can slow response times and dilute service performance.

That matters as the company scales. When underlying end markets are not providing much lift, execution often becomes the margin of victory. A smoother supply chain and tighter local support can help KWR deepen relationships with complex accounts and sustain the regional outgrowth pattern that has already been established.

Quaker Chemical’s Acquisition Tailwind Becomes Strategy FuelAcquisitions have shifted into a more predictable tailwind. The 2025 acquisitions added about $95 million of annualized revenues, and Dipsol alone contributed roughly $21 million to fourth-quarter net sales. KWR expects the full-year impact of the 2025 deals to lift 2026 sales by about 1-2%.

The bigger strategic value is capability and channel creation. Dipsol extends advanced surface-treatment capabilities and opens cross-selling channels across all regions. That fits KWR’s portfolio breadth, which spans multiple process-fluid categories and is delivered through three geographic segments that combine local service with global applications support.

Cross-Sell and Local Support Increase Share CaptureCross-sell is where the pieces connect. With Dipsol expanding surface solutions, KWR can pursue broader account penetration rather than competing in isolated product lanes. That approach is designed to reinforce share capture even if baseline markets remain soft.

Localized technology support is an important enabler. APAC, EMEA and the Americas are structured to tailor the same portfolio to regional end markets, supported by segment-aligned technology and applications resources. As integration progresses and process harmonization continues, the company’s ability to execute cross-sell consistently across regions can become a repeatable share-gain engine.

For context, Ashland Inc. (ASH - Free Report) and Innospec Inc. (IOSP - Free Report) are two specialty-chemical peers in the same industry peer set. In a soft demand environment, relative execution and share capture can matter as much as broad end-market exposure. If APAC outgrowth continues alongside steadier execution and cost-savings delivery, KWR’s growth strategy can carry more weight in 2026.

KWR currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Apr 5th, 2026

Quaker Houghton (NYSE:KWR – Get Free Report) has been assigned a consensus recommendation of “Hold” from the five analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $193.50.

Several research analysts have recently issued reports on KWR shares. Wall Street Zen raised Quaker Houghton from a “hold” rating to a “buy” rating in a research note on Saturday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $203.00 price objective on shares of Quaker Houghton in a report on Thursday, February 26th. Finally, Royal Bank Of Canada decreased their target price on shares of Quaker Houghton from $190.00 to $184.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th.

Read Our Latest Research Report on KWR

Quaker Houghton Stock Performance Shares of NYSE KWR opened at $120.55 on Friday. The company has a quick ratio of 1.72, a current ratio of 2.42 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $145.61 and its two-hundred day moving average price is $140.78. Quaker Houghton has a 52-week low of $95.91 and a 52-week high of $183.01. The stock has a market capitalization of $2.09 billion, a P/E ratio of -1,004.46, a P/E/G ratio of 0.74 and a beta of 1.43.

Quaker Houghton (NYSE:KWR – Get Free Report) last posted its earnings results on Monday, February 23rd. The specialty chemicals company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.06). Quaker Houghton had a negative net margin of 0.13% and a positive return on equity of 8.99%. The company had revenue of $468.48 million during the quarter, compared to the consensus estimate of $465.17 million. During the same quarter in the previous year, the business posted $1.33 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Quaker Houghton will post 7.75 earnings per share for the current year.

Quaker Houghton Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th will be issued a $0.508 dividend. The ex-dividend date is Thursday, April 16th. This represents a $2.03 annualized dividend and a dividend yield of 1.7%. Quaker Houghton’s dividend payout ratio (DPR) is -1,691.67%.

Institutional Investors Weigh In On Quaker Houghton A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in shares of Quaker Houghton by 14.4% during the 4th quarter. Wellington Management Group LLP now owns 756,988 shares of the specialty chemicals company’s stock valued at $103,942,000 after purchasing an additional 95,100 shares during the period. Royce & Associates LP raised its position in Quaker Houghton by 19.2% in the fourth quarter. Royce & Associates LP now owns 755,740 shares of the specialty chemicals company’s stock worth $103,771,000 after acquiring an additional 121,854 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Quaker Houghton by 5.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 712,528 shares of the specialty chemicals company’s stock valued at $97,839,000 after acquiring an additional 36,790 shares during the last quarter. State Street Corp lifted its holdings in Quaker Houghton by 9.2% in the 2nd quarter. State Street Corp now owns 596,618 shares of the specialty chemicals company’s stock valued at $66,785,000 after acquiring an additional 50,264 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its position in shares of Quaker Houghton by 33.6% during the 4th quarter. William Blair Investment Management LLC now owns 469,981 shares of the specialty chemicals company’s stock valued at $64,533,000 after purchasing an additional 118,321 shares in the last quarter. 77.46% of the stock is currently owned by institutional investors and hedge funds.

About Quaker Houghton (Get Free Report)

Quaker Houghton is a global provider of process fluids, chemical specialties and sustainable solutions for industrial applications. The company develops and supplies metalworking fluids, coatings, and corrosion inhibitors, as well as heat transfer, lubrication and additive products designed to improve productivity and extend equipment life. Its portfolio addresses a range of end markets including automotive, aerospace, defense, energy, mining, agriculture and heavy industry.

The company traces its roots back to the founding of Quaker Chemical Corporation in 1918 and Houghton International in 1865.

Further Reading Five stocks we like better than Quaker Houghton

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, /PRNewswire/ -- Quaker Houghton (NYSE: KWR), the global leader in industrial process fluids, announced today that it has entered into an amended credit agreement (the "Amended Agreement") with certain existing and new holders and lenders of the Company's outstanding term loans and revolving credit facility. The Amended Agreement extends the Company's nearest debt maturity to 2031, improves its overall credit terms, and significantly increases the amount available under its revolving credit facility.

The Amended Agreement includes the following facilities:

$550 million senior secured U.S. dollar-denominated term loan $250 million (equivalent) senior secured euro-denominated term loan $800 million senior secured revolving credit facility The term loans and the revolving credit facility each have a five-year maturity, and the Company has the right to increase the amount of the revolving credit facility by approximately $331 million for additional liquidity. Proceeds from the new term facilities were used to repay in full all outstanding loans under the existing credit agreement, to terminate the revolving credit commitments under the existing credit agreement, and to fund strategic growth and future capital allocation priorities.

Commenting on the transaction, Joseph Berquist, Chief Executive Officer, said, "This amended credit agreement further strengthens our already healthy balance sheet by extending maturities and enhancing liquidity. With increased financial flexibility, we are well positioned to execute our strategy, achieve our capital allocation priorities, and continue investing in both organic growth and strategic M&A."

Bank of America, N.A. acted as the administrative agent for the syndicate of sixteen banks.

About Quaker Houghton

Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steels, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,700 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.

Forward-Looking Statements

This press release contains "forward-looking statements" that fall under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Act of 1933, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have based these forward-looking statements on assumptions, projections and expectations about future events that we believe are reasonable based on currently available information, including statements regarding the potential effects of economic downturns; tariffs, including retaliatory tariffs, "trade wars" and uncertainty surrounding changes in tariffs; inflation and global supply chain constraints on the Company's business, results of operations, and financial condition; our expectation that we will maintain sufficient liquidity and remain in compliance with the terms of the Company's credit facility; expectations about future demand and raw material costs; and statements regarding the impact of increased raw material costs and pricing initiatives. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, which may differ materially from our actual results, including but not limited to the potential benefits of acquisitions and divestitures, the impacts on our business as a result of global supply chain constraints and other macroeconomic stresses and uncertainties, including political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions, and our current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "outlook," "target," "possible," "potential," "plan" or similar expressions. Such statements include information relating to current and future business activities, operational matters, capital spending, and financing sources. A major risk is that demand for the Company's products and services is largely derived from the demand for its customers' products, which subjects the Company to uncertainties related to downturns in a customer's business and unanticipated customer production slowdowns and shutdowns. Other major risks and uncertainties include, but are not limited to, inflationary pressures, including increases in raw material costs; supply chain constraints and the impacts of economic downturns; customer financial instability; high interest rates and their impact on our and our customers' business operations; the impacts from acts of war, terrorism and military conflicts, including those in Ukraine and the Middle East as well as economic, political and governmental actions taken by various governments and government organizations in response; economic and political disruptions particularly in light of numerous elections globally and the possibility of regime changes; the possibility of economic recession; legislative and regulatory developments including changes to existing laws and regulations, or the way they are interpreted, applied or enforced; tariffs, trade restrictions, and the economic and other sanctions imposed by other nations on Russia and Belarus and/or other government organizations; suspensions of activities in Russia by many multinational companies; foreign currency fluctuations; significant changes in applicable tax rates and regulations and the potential impacts therefrom, including those arising from H.R.1, commonly known as the "One Big Beautiful Bill Act"; terrorist attacks and other acts of violence; the impacts of consolidation in our industry, including loss or consolidation of a major customer, the effects of climate change, fires, or other natural disasters; and the potential occurrence of cyber-security breaches, cyber-security attacks and other technology outages and security incidents. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, aluminum and durable goods industries. Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. All forward-looking statements included in this press release, including expectations about future periods, are based upon information available to the Company as of the date of this press release, which may change. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

SOURCE Quaker Chemical Corporation

Wall Street expects a year-over-year increase in earnings on higher revenues when Quaker Chemical (KWR - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis specialty chemical company is expected to post quarterly earnings of $1.66 per share in its upcoming report, which represents a year-over-year change of +5.1%.

Revenues are expected to be $465.11 million, up 5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.47% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Quaker Chemical?For Quaker Chemical, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -5.55%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Quaker Chemical will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Quaker Chemical would post earnings of $1.71 per share when it actually produced earnings of $1.65, delivering a surprise of -3.51%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Quaker Chemical doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Chemical - Specialty industry, Sherwin-Williams (SHW - Free Report) , is soon expected to post earnings of $2.24 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -0.4%. This quarter's revenue is expected to be $5.57 billion, up 4.9% from the year-ago quarter.

The consensus EPS estimate for Sherwin-Williams has been revised 0.8% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.11%.

When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that Sherwin-Williams will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Q1'26 net sales of $480.5 million, an increase of 8% Y/Y, net income of $19.7 million and earnings per diluted share of $1.13 Organic sales volumes increased 3% Y/Y driven by new business wins of approximately 4% Delivered Q1'26 adjusted EBITDA of $72.5 million, a 5% increase Y/Y Q1'26 non-GAAP net income of $28.4 million and non-GAAP earnings per diluted share of $1.63, a 3% increase Y/Y Amended credit agreement, extending nearest-term debt maturity to 2031 and increasing available credit with improved terms New global transformation and cost program targeting $20 to $30 million savings, with run rate of $10M by end of 2026 , /PRNewswire/ -- Quaker Houghton ("the Company") (NYSE: KWR), the global leader in industrial process fluids, announced its first quarter 2026 results today. 

Three Months Ended
March 31,

($ in thousands, except per share data)

2026

2025

Net sales

$       480,479

$       442,914

Net income attributable to Quaker Chemical Corporation

19,669

12,922

Net income attributable to Quaker Chemical Corporation common shareholders – diluted

1.13

0.73

Non-GAAP net income *

28,374

28,028

Non-GAAP Earnings per diluted share *

1.63

1.58

Adjusted EBITDA *

72,530

69,047

*

Refer to the Non-GAAP Measures and Reconciliations section below for additional information

First Quarter 2026 Consolidated Results

Net sales in the first quarter of 2026 were $480.5 million, an increase of 8% compared to $442.9 million in the first quarter of 2025.  This increase was primarily driven by an increase in organic sales volumes of 3%, a contribution from acquisitions of 4%, and a favorable impact from foreign currency translation of 4%, partially offset by a decline in selling price and product mix of 3%. The increase in organic sales volumes compared to the prior year was the result of net 4% new business wins across all segments and strong growth in the Asia/Pacific segment.

The Company reported net income in the first quarter of 2026 of $19.7 million, or $1.13 per diluted share, compared to $12.9 million, or $0.73 per diluted share, in the first quarter of 2025. Excluding non-recurring and non-core items in each period, the Company's non-GAAP net income and non-GAAP earnings per diluted share were $28.4 million and $1.63, respectively, in the first quarter of 2026 compared to $28.0 million and $1.58, respectively, in the first quarter of 2025.  The Company generated adjusted EBITDA of $72.5 million in the first quarter of 2026, an increase of approximately 5% compared to $69.0 million in the first quarter of 2025, driven by the increase in net sales, partially offset by a decrease in operating margins. See the Non-GAAP Measures and Reconciliations section below for additional information.

Joe Berquist, Chief Executive Officer and President, commented, "We achieved 3% year-over-year organic volume growth despite challenging markets, resulting in our third consecutive quarter of profitability improvement compared to prior year. The volume growth was driven by new business wins in all regions, led again by the Asia/Pacific region. Our disciplined approach to sales execution and serving the customer is enabling us to outperform soft end markets, which we estimate were down a low-single-digit percentage in the quarter. Gross margins improved as expected in the first quarter, driving higher earnings, with adjusted EBITDA up 5% compared to prior year.

Looking ahead we expect demand to improve incrementally with normal seasonality, even with volatility and current uncertainty in the market. We expect to incur raw material inflation beginning in the second quarter and have implemented price recovery and cost actions to mitigate the impact; however, some lag will temporarily impact gross margins in the second quarter. We expect to fully recover margins to reach our target range as we exit the year. While recent geopolitical events have created additional near-term uncertainty, we expect to achieve year-over-year revenue and adjusted EBITDA growth in 2026 assuming no significant deterioration in our end markets as a result of the Middle East conflict. I am proud of the resilience and unwavering commitment to our customers demonstrated by the entire Quaker Houghton team in an exceptionally volatile environment."

First Quarter 2026 Segment Results

The Company's first quarter of 2026 operating performance for each of its three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific, is further described below. 

Three Months Ended
March 31,

2026

2025

Net Sales *

Americas

$      213,728

$      213,711

EMEA

142,083

129,278

Asia/Pacific

124,668

99,925

Total net sales

$      480,479

$      442,914

Segment operating earnings *

Americas

$       53,947

$       58,462

EMEA

25,561

23,393

Asia/Pacific

34,276

25,930

Total segment operating earnings

$      113,784

$      107,785

*

Refer to the Segment Measures and Reconciliations section below for additional information

The following table summarizes the sales variances by reportable segment and consolidated operations in the first quarter of 2026 compared to the first quarter of 2025:

Sales volumes

Selling price &
product mix

Foreign
currency

Acquisition &
other

Total

Americas

(2) %

(1) %

1 %

2 %

— %

EMEA

2 %

(4) %

10 %

2 %

10 %

Asia/Pacific

10 %

(2) %

3 %

14 %

25 %

Consolidated

3 %

(3) %

4 %

4 %

8 %

Net sales in the Asia/Pacific segment increased 25% in the first quarter of 2026 compared to the same period in 2025, as an increase in organic sales volumes, a contribution in sales from acquisitions, primarily Dipsol, and a favorable impact of foreign currency translation, was partially offset by a decrease in selling price and product and geographic mix. Net sales in the EMEA segment increased 10% in the first quarter of 2026 compared to the same period in 2025, due to an increase in organic sales volumes, an increase in sales from acquisitions, and a favorable impact of foreign currency translation, partially offset by a decrease in selling price and product and geographic mix.  Net sales in the Americas segment in the first quarter of 2026 were consistent with the same period in 2025, as the contribution in sales from acquisitions and favorable impact from foreign currency translation was offset by a decrease in organic sales volumes and a decrease in selling price and product and geographic mix.

New business wins were strong across all segments in the first quarter of 2026 despite softer underlying end market activity compared to prior year levels. The decline in selling price and product mix in the first quarter of 2026 compared to the same period in 2025 reflects changes in the mix of products, services and geographies, and the impact of our index-based customer contracts.

Consolidated net sales increased approximately 3% compared to the fourth quarter of 2025, driven by an increase in organic sales volumes and a favorable impact from foreign currency translation, partially offset by a decrease in selling price and product and geographic mix. Net sales increased in the Americas segment compared to the fourth quarter of 2025 driven by an increase in organic sales volumes and new business wins, despite a continuation of soft underlying end market activity, partially offset by a decrease in selling price and product and geographic mix. Net sales increased in the EMEA segment compared to the fourth quarter of 2025 driven by an increase in organic sales volumes and new business wins, and an increase in selling price and product and geographic mix. Net sales in the Asia/Pacific segment decreased compared to the fourth quarter of 2025 primarily due to a decrease in selling price and product and geographic mix. Foreign currency translation was favorable to sales across all segments in the first quarter of 2026 compared to the fourth quarter of 2025.

Segment operating earnings increased in the EMEA and Asia/Pacific segments in the first quarter of 2026 compared to the prior year period primarily due to the improvement in net sales and a decrease in raw material costs, partially offset by an increase in SG&A expenses. Segment operating earnings decreased in the Americas segment in the first quarter of 2026 compared to the prior year due to a decrease in segment operating margins resulting from a decrease in price and product mix and higher SG&A expenses. Segment operating earnings increased in all three segments in the first quarter of 2026 compared to the fourth quarter of 2025, primarily driven by an increase in net sales in the Americas and EMEA segments and improved operating margins in all three segments.

Cash Flow and Liquidity Highlights

Net cash provided by operating activities was $3.8 million for the three months ended March 31, 2026, compared to net cash used by operating activities of $3.1 million for the same period in 2025. The Company's increase in operating cash flow year-over-year primarily reflects improved operating performance and lower cash outflows from restructuring activities and working capital.

Subsequent to the first quarter end, the Company successfully amended its credit agreement, extending its nearest-term maturity from June 2027 to April 2031 and expanding the availability under its revolving credit facility. As of March 31, 2026, the Company's total gross debt was $875.0 million and its cash and cash equivalents was $169.7 million, which resulted in net debt of approximately $705.3 million. The Company's net debt divided by its trailing twelve months adjusted EBITDA was approximately 2.3x.

The Company also announced the initiation of a global business transformation and cost savings program, which is expected to generate at least $20 million to $30 million of annualized cost savings by 2028.

Non-GAAP Measures and Reconciliations

The information in this press release includes non-GAAP (unaudited) financial information that includes EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income and non-GAAP earnings per diluted share. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they enhance a reader's understanding of the financial performance of the Company, facilitate a comparison among fiscal periods, and exclude items that management believes are not indicative of future operating performance or considered core to the Company's operations. Non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP. In addition, our definitions of EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income, and non-GAAP earnings per diluted share, as discussed and reconciled below to the most comparable GAAP measures, may not be comparable to similarly named measures reported by other companies. 

The Company presents EBITDA, which is calculated as net income attributable to the Company before depreciation and amortization, interest expense, and taxes on income before equity in net income of associated companies. The Company also presents adjusted EBITDA, which is calculated as EBITDA plus or minus certain items that management believes are not indicative of future operating performance or considered core to the Company's operations. In addition, the Company presents non-GAAP operating income, which is calculated as operating income plus or minus certain items that management believes are not indicative of future operating performance or considered core to the Company's operations. In addition, the Company presents non-GAAP Adjusted EBITDA margin and non-GAAP operating margin, which are calculated as the percentage of adjusted EBITDA and non-GAAP operating income, respectively. The Company believes these non-GAAP measures provide transparent and useful information and are widely used by analysts, investors, and competitors in our industry, as well as by management in assessing the operating performance of the Company on a consistent basis.

Additionally, the Company presents non-GAAP net income and non-GAAP earnings per diluted share as additional performance measures. Non-GAAP net income is calculated as adjusted EBITDA, defined above, less depreciation and amortization, interest expense, and taxes on income before equity in net income of associated companies, in each case adjusted, as applicable, for any depreciation, amortization, interest or tax impacts resulting from the non-core items identified in the reconciliation of net income attributable to the Company to adjusted EBITDA. Non-GAAP earnings per diluted share is calculated as non-GAAP net income per diluted share as accounted for under the "two-class share method." The Company believes that non-GAAP net income and non-GAAP earnings per diluted share provide transparent and useful information and are widely used by analysts, investors, and competitors in our industry as well as by management in assessing the performance of the Company on a consistent basis.

As it relates to future projections for the Company as well as other forward-looking information contained in this press release, the Company has not provided guidance for comparable GAAP measures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because it is unable to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measures without unreasonable effort. These items include, but are not limited to, certain non-recurring or non-core items the Company may record that could materially impact net income. These items are uncertain, depend on various factors, and could have a material impact on the U.S. GAAP reported results for the guidance period. 

The Company's reference to trailing twelve months adjusted EBITDA within this press release refers to the twelve-month period ended March 31, 2026 adjusted EBITDA of $302.7 million, which consists of (i) the three months ended March 31, 2026 adjusted EBITDA of $72.5 million, as presented in the non-GAAP reconciliations below, and (ii) the twelve months ended December 31, 2025 adjusted EBITDA of $299.2 million, as presented in the non-GAAP reconciliations included in the Company's fourth quarter and full year 2025 results press release dated February 23, 2026 less (iii) the three months ended March 31, 2025 adjusted EBITDA of $69.0 million, as presented in the non-GAAP reconciliations below. 

Certain of the prior period non-GAAP financial measures presented in the following tables have been adjusted to conform with current period presentation. The following tables reconcile the Company's non-GAAP financial measures (unaudited) to their most directly comparable GAAP (unaudited) financial measures (dollars in thousands unless otherwise noted, except per share amounts):

Non-GAAP Operating Income and Margin Reconciliations

Three Months Ended
March 31,

2026

2025

Operating income

$     33,589

$     27,624

Restructuring and related charges, net

7,381

14,590

Acquisition-related expenses

715

3,329

Business transformation costs

1,659

—

Acquisition-related depreciation and amortization

1,608

—

Other charges

397

226

Non-GAAP operating income

$     45,349

$     45,769

Non-GAAP operating margin (%)

9.4 %

10.3 %

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Non-GAAP Net Income
Reconciliations

Three Months Ended
March 31,

2026

2025

Net income attributable to Quaker Chemical Corporation

$     19,669

$     12,922

Depreciation and amortization (a)

25,870

20,830

Interest expense

9,879

9,545

Taxes on income before equity in net income of associated companies (b)

7,145

7,542

EBITDA

62,563

50,839

Equity income in a captive insurance company

(607)

(671)

Restructuring and related charges, net

7,381

14,590

Acquisition-related expenses

715

3,329

Business transformation costs

1,659

—

Pension and postretirement benefit costs, non-service components

251

433

Currency conversion impacts of hyper-inflationary economies

171

535

Loss on acquisition-related hedges

—

1,943

Gain on sale of assets

—

(2,177)

Other charges

397

226

Adjusted EBITDA

$     72,530

$     69,047

Adjusted EBITDA margin (%)

15.1 %

15.6 %

Adjusted EBITDA

$     72,530

$     69,047

Less: Depreciation and amortization (a)

25,870

20,830

Less: Interest expense

9,879

9,545

Less: Taxes on income before equity in net income of associated companies - adjusted (b)

10,015

10,644

Plus: Acquisition-related depreciation and amortization

1,608

—

Non-GAAP net income

$     28,374

$     28,028

Three Months Ended
March 31,

Non-GAAP Earnings per Diluted Share Reconciliations

2026

2025

GAAP earnings per diluted share attributable to Quaker Chemical Corporation common
shareholders

$          1.13

$          0.73

Equity income in a captive insurance company

(0.03)

(0.04)

Restructuring and related charges, net

0.32

0.62

Acquisition-related expenses

0.03

0.14

Business transformation costs

0.07

—

Pension and postretirement benefit costs, non-service components

0.01

0.02

Currency conversion impacts of hyper-inflationary economies

0.01

0.03

Loss on acquisition-related hedges

—

0.08

Gain on sale of assets

—

(0.09)

Other charges

0.01

0.01

Discrete tax items

0.02

0.08

Acquisition-related depreciation and amortization

0.06

—

Non-GAAP earnings per diluted share

$          1.63

$          1.58

a.

Depreciation and amortization for the three months ended March 31, 2026 and 2025 each includes approximately $0.2 million of amortization expense recorded within equity in net income of associated companies in the Company's Condensed Consolidated Statements of Operations. This is attributable to the amortization of the fair value purchase accounting step-up in connection with the acquisition of the Company's 50% equity interest in Korea Houghton Corporation.

b.

Taxes on income before equity in net income of associated companies – adjusted includes the Company's tax expense adjusted for the impact of any current and deferred income tax expense (benefit), as applicable, of the reconciling items presented in the reconciliation of Net income attributable to Quaker Chemical Corporation to adjusted EBITDA, above, determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred, subject to deductibility. This caption also includes the impact of specific tax charges and benefits for the three months ended March 31, 2026 and 2025.

Segment Measures and Reconciliations

Segment operating earnings for each of the Company's reportable segments are comprised of the segment's net sales less directly related product costs and other segment items. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company's reportable segments include Interest expense and Other expense, net. 

The following table presents information about the performance of the Company's reportable segments (dollars in thousands):

Three Months Ended
March 31,

2026

2025

Net Sales

Americas

$      213,728

$      213,711

EMEA

142,083

129,278

Asia/Pacific

124,668

99,925

Total net sales

$      480,479

$      442,914

Segment operating earnings

Americas

$       53,947

$       58,462

EMEA

25,561

23,393

Asia/Pacific

34,276

25,930

Total segment operating earnings

113,784

107,785

Restructuring and related charges, net

(7,381)

(14,590)

Non-operating and administrative expenses

(55,087)

(50,717)

Depreciation of corporate assets and amortization

(17,727)

(14,854)

Operating income

33,589

27,624

Other expense, net

(23)

(709)

Interest expense

(9,879)

(9,545)

Income before taxes and equity in net income of associated companies

$       23,687

$       17,370

Forward-Looking Statements

This press release contains "forward-looking statements" that fall under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Act of 1933, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have based these forward-looking statements on assumptions, projections and expectations about future events that we believe are reasonable based on currently available information, including statements regarding the potential effects of economic downturns; tariffs, including retaliatory tariffs, "trade wars" and uncertainty surrounding changes in tariffs; inflation and global supply chain constraints on the Company's business, results of operations, and financial condition; our expectation that we will maintain sufficient liquidity and remain in compliance with the terms of the Company's credit facility; expectations about future demand and raw material costs; and statements regarding the impact of increased raw material costs and pricing initiatives. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, which may differ materially from our actual results, including but not limited to the potential benefits of acquisitions and divestitures, the impacts on our business as a result of global supply chain constraints and other macroeconomic stresses and uncertainties, including political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions, and our current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "outlook," "target," "possible," "potential," "plan" or similar expressions. Such statements include information relating to current and future business activities, operational matters, capital spending, and financing sources. A major risk is that demand for the Company's products and services is largely derived from the demand for its customers' products, which subjects the Company to uncertainties related to downturns in a customer's business and unanticipated customer production slowdowns and shutdowns. Other major risks and uncertainties include, but are not limited to, inflationary pressures, including increases in raw material costs; supply chain constraints and the impacts of economic downturns; customer financial instability; high interest rates and their impact on our and our customers' business operations; the impacts from acts of war, terrorism and military conflicts, including those in Ukraine and the Middle East as well as economic, political and governmental actions taken by various governments and government organizations in response; economic and political disruptions particularly in light of numerous elections globally and the possibility of regime changes; the possibility of economic recession; legislative and regulatory developments including changes to existing laws and regulations, or the way they are interpreted, applied or enforced; tariffs, trade restrictions, and the economic and other sanctions imposed by other nations on Russia and Belarus and/or other government organizations; suspensions of activities in Russia by many multinational companies; foreign currency fluctuations; significant changes in applicable tax rates and regulations and the potential impacts therefrom, including those arising from H.R.1, commonly known as the "One Big Beautiful Bill Act"; terrorist attacks and other acts of violence; the impacts of consolidation in our industry, including loss or consolidation of a major customer, the effects of climate change, fires, or other natural disasters; and the potential occurrence of cyber-security breaches, cyber-security attacks and other technology outages and security incidents. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, aluminum and durable goods industries. Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. All forward-looking statements included in this press release, including expectations about future periods, are based upon information available to the Company as of the date of this press release, which may change. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

Conference Call

As previously announced, the Company's investor conference call to discuss its first quarter of 2026 performance is scheduled for Friday, May 1, 2026 at 8:30 a.m. ET. A live webcast of the conference call, together with supplemental information, can be accessed through the Company's Investor Relations website at investors.quakerhoughton.com. You can also access the conference call by dialing 877-269-7756. 

About Quaker Houghton

Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,700 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.

Quaker Chemical Corporation

Condensed Consolidated Statements of Operations

(Unaudited; Dollars in thousands, except per share data)

Three Months Ended
March 31,

2026

2025

Net sales

$      480,479

$      442,914

Cost of goods sold

303,744

281,654

Gross profit

176,735

161,260

Selling, general and administrative expenses

135,765

119,046

Restructuring and related charges, net

7,381

14,590

Operating income

33,589

27,624

Other expense, net

(23)

(709)

Interest expense

(9,879)

(9,545)

Income before taxes and equity in net income of associated companies

23,687

17,370

Taxes on income before equity in net income of associated companies

7,145

7,542

Income before equity in net income of associated companies

16,542

9,828

Equity in net income of associated companies

3,200

3,089

Net income

19,742

12,917

Less: Net income (loss) attributable to noncontrolling interest

73

(5)

Net income attributable to Quaker Chemical Corporation

$       19,669

$       12,922

Per share data:

Net income attributable to Quaker Chemical Corporation common shareholders – basic

$          1.13

$          0.73

Net income attributable to Quaker Chemical Corporation common shareholders – diluted

$          1.13

$          0.73

Basic weighted average common shares outstanding

17,326,847

17,639,764

Diluted weighted average common shares outstanding

17,411,094

17,669,965

Quaker Chemical Corporation

Condensed Consolidated Balance Sheets

(Unaudited; Dollars in thousands, except par value)

March 31,
2026

December 31,
2025

ASSETS

Current assets

Cash and cash equivalents

$       169,728

$      179,829

Accounts receivable, net

441,167

417,157

Inventories

282,508

265,776

Prepaid expenses and other current assets

59,196

58,428

Total current assets

952,599

921,190

Property, plant and equipment, net

311,422

313,423

Right-of-use lease assets

38,534

38,737

Goodwill

502,005

501,720

Other intangible assets, net

847,994

873,540

Investments in associated companies

106,192

106,915

Deferred tax assets

12,182

12,128

Other non-current assets

30,999

30,283

Total assets

$     2,801,927

$    2,797,936

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings and current portion of long-term debt

$        37,301

$       35,657

Accounts payable

205,386

198,929

Dividends payable

8,822

8,804

Accrued compensation

30,299

41,192

Accrued restructuring

9,482

8,351

Accrued pension and postretirement benefits

2,119

2,126

Other accrued liabilities

95,086

85,097

Total current liabilities

388,495

380,156

Long-term debt

837,132

834,901

Long-term lease liabilities

22,134

22,759

Deferred tax liabilities

131,922

140,814

Non-current accrued pension and postretirement benefits

20,191

20,615

Other non-current liabilities

22,902

22,192

Total liabilities

1,422,776

1,421,437

Equity

Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding

     March 31, 2026 – 17,365,508 shares; December 31, 2025 – 17,331,779 shares

17,366

17,332

Capital in excess of par value

876,213

874,826

Retained earnings

607,463

596,616

Accumulated other comprehensive loss

(125,359)

(115,661)

Total Quaker shareholders' equity

1,375,683

1,373,113

Noncontrolling interest

3,468

3,386

Total equity

1,379,151

1,376,499

Total liabilities and equity

$     2,801,927

$    2,797,936

Quaker Chemical Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited; Dollars in thousands)

Three Months Ended
March 31,

2026

2025

Cash flows from operating activities

Net income

$       19,742

$       12,917

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

25,640

20,599

Equity in undistributed earnings of associated companies, net of dividends

(2,830)

(2,769)

Deferred income taxes

(7,517)

(3,340)

Share-based compensation

3,170

3,182

Restructuring and related charges, net

7,381

14,590

Gain on disposal of property, plant and equipment and other assets

—

(2,148)

Other adjustments

492

2,190

Increase (decrease) in cash from changes in current assets and current liabilities, net of
     acquisitions:

Accounts receivable

(25,480)

(10,302)

Inventories

(18,437)

(13,457)

Prepaid expenses and other current assets

(1,340)

245

Accrued restructuring

(3,880)

(9,045)

Accounts payable and accrued liabilities

6,845

(15,712)

Net cash provided by (used in) operating activities

3,786

(3,050)

Cash flows from investing activities

Investments in property, plant and equipment

(10,656)

(12,329)

Payments related to acquisitions, net of cash acquired

—

(3,983)

Proceeds from disposition of assets

—

2,900

Other investing activities

1,126

—

Net cash used in investing activities

(9,530)

(13,412)

Cash flows from financing activities

Payments of long-term debt

(8,770)

(8,523)

Borrowings on revolving credit facilities, net

14,053

30,000

Borrowings (payments) on other debt, net

1,857

(773)

Dividends paid

(8,805)

(8,572)

Other stock related activity

(1,749)

(1,176)

Net cash (used in) provided by financing activities

(3,414)

10,956

Effect of foreign exchange rate changes on cash

(943)

2,849

Net decrease in cash and cash equivalents

(10,101)

(2,657)

Cash and cash equivalents at the beginning of the period

179,829

188,880

Cash and cash equivalents at the end of the period

$      169,728

$      186,223

SOURCE Quaker Chemical Corporation

Quaker Chemical Corporation (KWR) Q1 2026 Earnings Call Transcript

CONSHOHOCKEN, Pa., May 13, 2026 /PRNewswire/ -- Quaker Houghton (NYSE: KWR) today announced that the Board of Directors ("the Board") has elected Mark A.

CONSHOHOCKEN, Pa., June 2, 2026 /PRNewswire/ -- Quaker Houghton (NYSE: KWR ), the global leader in industrial process fluids, today released its 2025 Sustainability Report, outlining its commitments and progress in advancing sustainable solutions.

WATERLOO, Ontario--(BUSINESS WIRE)--Teledyne DALSA, a global leader in machine vision, today announced Kaleido™, a groundbreaking short‑wave infrared (SWIR) hyperspectral camera. Engineered to overcome the integration and performance barriers of industrial sorting, Kaleido targets critical applications in recycling, food safety, pharmaceuticals, and waste management. By significantly advancing material discrimination and increasing throughput, Kaleido redefines the cost-to-performance ratio for hyperspectral inspection.

Fully designed and vertically manufactured by Teledyne and encompassing the sensor, spectrograph, and interface, Kaleido delivers up to 1,280 pixel spatial resolution with line rates exceeding 2.3 kHz. This high-speed capability allows for the inspection of higher volumes in less time without sacrificing spectral precision.

“Kaleido is an example of how we leverage the collective power of Teledyne’s global technologies and capabilities. It combines deep sensor physics, advanced optical design, and world-class system engineering to reduce the complexity and cost of hyperspectral deployment,” said Sadiq Panjwani, Senior Executive Vice President and General Manager of the Machine Vision Cameras Group. “Kaleido is a scalable solution that improves global outcomes by ensuring food safety, driving cleaner manufacturing, and enabling more responsible resource management. This is the future of industrial intelligence.”

Kaleido simplifies the user experience with built‑in spectral band selection and spectrograph‑based aberration correction, ensuring consistent calibration across units throughout the full operating temperature range. These innovations reduce system complexity and accelerate time-to-market for machine builders. Additionally, Teledyne has integrated proven features from its award‑winning line scan families, such as metadata tagging and multiple regions of interest (ROI), ensuring that only the most relevant data is delivered to the processing engine for maximum efficiency.

The camera utilizes a 10 GigE interface fully compliant with GigE Vision® and GenICam® standards. Optimized for high responsivity, the Kaleido sensor maintains strong signal integrity even in low‑light conditions, allowing for the effective use of modern, energy-efficient SWIR LED lighting. With flexible lens options and a robust global partner network, Kaleido is built for rapid scaling.

Kaleido will be showcased at the Conference for Hyperspectral Imaging in Industry 2026, from May 20 to May 21 in Graz-Gösting, Austria. Visit the Teledyne stand or contact us online for more information.

About Teledyne Vision Solutions

Teledyne Vision Solutions offers the world’s most comprehensive, vertically integrated portfolio of industrial and scientific imaging technology. Aligned under one umbrella, Teledyne DALSA, e2v CMOS image sensors, FLIR IIS, Lumenera, Photometrics, Princeton Instruments, Judson Technologies, Acton Optics, and Adimec form an unrivaled collective of expertise across the spectrum with decades of experience and best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest sensing and related technology portfolio in the world. Teledyne offers worldwide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage.

About Teledyne

Teledyne (NYSE:TDY) is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne's operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne's website at www.teledyne.com.

[url="]Teledyne Energetics US[/url], a business unit of Teledyne Technologies Incorporated (NYSE: TDY), has announced initial production contract awards totalin

CHELMSFORD, England--(BUSINESS WIRE)--Teledyne Space Imaging, a leading supplier of space-qualified imaging sensors, focal plane arrays and integrated camera systems, announced it supplied two CCD370 imaging sensors for the Soft X-ray Imager on the European Space Agency's SMILE mission (Solar wind Magnetosphere Ionosphere Link Explorer). SMILE successfully launched at 04:52 BST from Europe's Spaceport in French Guiana. SMILE is a scientific collaboration designed to advance understanding of spa.

TAMPA, Fla.--(BUSINESS WIRE)--Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE:TDY), announced today at SOF Week the release of Rogue™ 1 Block 2, a major upgrade of the revolutionary lethal unmanned aerial system first launched at SOF Week 2024. After two years of customer fielding and success with the U.S. Marine Corps Organic Precision Fires-Light, U.S. Special Operations Command Ground Organic Precision Strike Systems programs and more, the Block 2 upgrade leverages us.

TDY benefits from higher defense spending and recovering commercial aviation demand, even as trade uncertainty clouds the outlook.

A new global defense investment cycle is extending beyond the largest primary defense contractors to include nimbler high-tech defense businesses, and Europe is emerging as a key driver of rising. Defense priorities are shifting from legacy platforms toward faster, more autonomous and more software-enabled unmanned systems, defense electronics and aerospace capabilities. We believe compelling opportunities exist in smaller, specialized companies that form crucial links in the defense supply chain, can create new platforms faster and offer more diversified exposure to defense.

RENFREW, Scotland--(BUSINESS WIRE)--Teledyne Gas and Flame Detection (Teledyne GFD), part of Teledyne Technologies Incorporated (NYSE:TDY), is responding to updated International Maritime Organization (IMO) recommendations for entering enclosed spaces aboard ships with gas detection solutions that help operators strengthen atmospheric monitoring and address evolving safety expectations. IMO Resolution MSC.581(110) broadens recommended gas testing protocols to include carbon dioxide alongside ot.