J.P. Morgan Reiterates Buy Rating On Quaker Chemical

According to J.P. Morgan, Quaker Chemical KWR EPS of $0.79 was $0.04 above consensus and $0.07 above forecast, with a $0.14 beat (vs. our forecast) in Metalworking profits and a $0.02 beat in Coatings offset by a $0.12 headwind from higher corporate expenses. J.P. Morgan said that it expects better sales growth from improving steel and auto production rates in 2H11, growth in the emerging markets and pricing initiatives. “We reiterate our Buy rating.” Quaker Chemical closed yesterday at $39.99.