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Quaker Houghton Announces First Quarter 2021 Results Strong earnings driven by continued recovery in the Company s end-markets and customer demand and the continued execution of integration activities and synergy realization Net sales of $429.8 million increased 14% compared to the first quarter of 2020 Gross margins improved from the first quarter of 2020 but were negatively impacted by higher raw material costs Net income of $38.6 million and earnings per diluted share of $2.15, consistent with non-GAAP results Adjusted EBITDA of $77.1 million increased 28% compared to the first quarter of 2020 Net debt to trailing twelve months adjusted EBITDA of 3.1 to 1 improved slightly from year-end despite higher net debt due to working capital needs and acquisitions
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