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In 2016, Quaker's performance was solid despite numerous challenges in the global marketplace. It was the seventh consecutive year of adjusted EBITDA and non-GAAP earnings growth. Quaker's average share price rose to $94.70, another historic high and a 14% increase year over the prior year, and the quarterly dividend paid to shareholders was increased to $0.345 per share, the 45th straight year Quaker has maintained or increased its dividend.
First quarter of 2017 highlights included strong organic volume growth of 10% driving a net sales increase of 9% despite continued FX headwinds, net income of $7.0 million and earnings per diluted share of $0.52 which included costs incurred related to the Houghton combination previously announced on April 5, 2017, non-GAAP earnings per diluted share increased 20% quarter over quarter to $1.18 and solid operating leverage driving a 13% increase in adjusted EBITDA to $28.2 million.
Second quarter of 2017 highlights included an 8% growth in net sales driven by a strong volume increase of 7%, net income of $11.9 million and earnings per diluted share of $0.89 which included the impact of Houghton combination-related expenses and a 12% increase in non-GAAP earnings per diluted share to $1.24.
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