Quaker Houghton (NYSE:KWR) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET
Company Participants
Andy Tometich – Chief Executive Offficer, President
Jeffery Snow – Senior Director of Investor Relations
Shane Hostetter – Senior Vice President, Chief Financial Officer
Robert Traub – General Counsel
Conference Call Participants
David Begleiter – Deutsche Bank
Pete Lucas – CJS Securities
Mike Harrison – Seaport Global
Dan Rizwan – Jefferies
Operator
Greetings, and welcome to Quaker Houghton first quarter 2022 Earnings Conference Call. A brief question and answer session will follow the formal presence presentation. [Operator Instructions] As a reminder this conference is being recorded, I'd now like to turn the call over to Jeffery Snow, Senior Director of Investor Relations. Mr. Schnell, you may begin.
Jeffery Snow
Thank you, [Indiscernible]. Good morning, everyone. Welcome to Quaker Houghton first quarter 2022 Earnings Conference Call. Joining us today are Andy Tometich, our Chief Executive Officer and president. Shane Hostetter, our Senior Vice President and Chief Financial Officer, and Robert Traub, our General Counsel. Our comments relate to the financial information released after the close of the U.S. markets yesterday May 5th, 2022. Our press release and accompanying slides can be found on our investor website. Both the prepared commentary and discussion during this call may contain forward-looking statements reflecting the company's current view of future events and their potential effect on Quaker Houghton operating and financial performance.
These statements involve uncertainties and risks which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward-looking statements. This presentation also contains certain non-GAAP financial measures. The company has provided reconciliations to the most directly comparable GAAP financial measures in the appendix of the presentation materials, which are available on our website. For more information, please refer to our filings with the SEC. Now, it's my pleasure to hand the call over to Andy.
Andy Tometich
Thank you, Jeff. And good morning, everyone. Quaker Houghton delivered first quarter results that were in line with our expectations, despite another quarter with an extremely challenging backdrop, we delivered record net sales and growth of approximately 10% compared to the first quarter of 2021. This was driven by strong price capture aimed at mitigating the significant inflationary pressures on our margins. In the quarter, we expanded our portfolio of leading technical capabilities through 2 small acquisitions.
We also invested in productivity initiatives. And we remained focused on providing best in class products and solutions to better serve our customers. In the first quarter of 2022, we achieved $474 million of net sales. Adjusted EBITDA of approximately $60 million and adjusted diluted earnings per share of $1.42. Results in the quarter can be characterized by strong revenue growth, fueled by significant pricing actions, and broadly favorable demand environment. But we were challenged by a high degree of uncertainty caused by inconsistent raw material availability, persistent and significant inflationary pressures, and ongoing supply chain disruptions that limited our ability to capitalize on additional growth opportunities. This was further amplified by geopolitical events that posed even greater challenges.