Moove

Moove, the lubricants arm of Brazil-based Cosan, reported a net loss of 37 million reals (U.S. $7 million loss) for the fourth quarter, down from a net income of 56.8 million reals the prior year. In 2022, net income was 486 million reals, up from 292 million reals in 2021, a 66% climb.

Fourth-quarter revenue rose 57% from 1.6 billion reals to 2.5 billion reals. For all of 2022, revenue reached just under 9 billion reals, up 47% from 6.1 billion reals in 2021.

Volume sold for the quarter hit 151 million liters, up 84% from 82 million liters. For the year, volume sold totaled 524.7 million liters, up 35% compared to 2021.

Cosan acquired PetroChoice, the largest lubricants distributor in the United States, for $479 million in May of last year.

Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants. The company also owns two European distributors – Portugal’s Lubrigrupo and France’s TTA Lubrifiants – and New York-based distributor Metrolube. Moove produces and distributes products under the Comma and Mobil brands, with operations in Brazil and other countries in South America, Europe and the United States. It markets lubricants and other products for applications in the automotive and industrial segments and is an importer and distributor of base oils in the Brazilian market.

HF Sinclair

HF Sinclair’s lubricants and specialty products segment reported $44.3 million in income from operations for the fourth quarter ending Dec. 31, down 17% from $53.5 million the previous year. For the full year, the company posted $296.3 million income from operations, this time a 22% increase compared to $242.4 million in 2021.

The segment’s revenue from external customers climbed 4% for the fourth quarter, from just under $700 million to about $730 million. For 2022, that number hit $3.1 billion, up 23% from $2.5 billion.

“HF Sinclair reported strong fourth quarter and full year results, led by solid contributions from our refining and lubricants, and specialty products segments,” said HF Sinclair CEO Michael Jennings.

The lubricants and specialty products segment includes Petro-Canada Lubricants and its refinery in Mississauga, Ontario. The refinery makes products such as base oils, white oils, specialty products and finished lubricants, along with specialty lubricants from HF Sinclair’s refineries in Tulsa, Oklahoma.

Quaker Chemical

Quaker Chemical – also known as Quaker Houghton – posted a net loss of $76 million for its fourth quarter, down from $18.1 million the same quarter of the previous year. For full year 2022, the Conshohocken, Pennsylvania-based company reported a net loss of $16 million, down from $121 million in 2021.

“The company’s reported net loss primarily reflects a non-cash goodwill impairment charge of $93 million related to the EMEA reportable segment,” it continued. “This was the result of continued and unprecedented market dynamics, including the significant impact of raw material, energy and other cost inflation, and rising interest rates which led to an increase in the cost of capital.”

Net sales for the quarter bumped up 8%, from $447 million to $484.8 million. Full-year numbers also saw a raise, up to $1.9 billion from $1.7 billion.

Quaker Houghton attributed the raise in sales to an increase in selling price and product mix. “The increase in selling price and product mix was primarily attributable to double-digit increases in selling prices in all segments to offset the significant inflationary pressures on the business,” the company said.

Andy Tometich, CEO and president of Quaker Houghton, said the full-year net sales numbers were a company record.

Perimeter Solutions

Clayton, Missouri-based Perimeter Solutions’ specialty products segment – formerly known as oil additives – reported that adjusted earnings before interest, taxes, depreciation and amortization increased 7% to $6 million for the fourth quarter.

For the year, it increased 104%, from $23.6 million to $48 million.

Net sales for the quarter decreased slightly from $22 million to $21.7 million. Net sales for all of 2022 totaled $133.9 million, a 32% jump from $101.2 million in 2021.

Perimeter’s specialty products business manufactures and sells phosphorus pentasulfide, which is mainly used in preparation of lubricant additives, including zinc dialkyldithiophosphates that provide anti-wear protection to engine components. The company manufactures the chemical at plants in Sauget, Illinois, and Hurth, Germany.