11/11/2024 by Richard
Germany-based lubricant provider Fuchs SE has reported good financial results for the first three quarters of the year despite challenging market conditions.
Sales revenues were EUR 2,666 million for the period, a drop of 1% due to negative currency effects. Despite this, the company managed to achieve an increase of EUR 21 million in its EBIT (earnings before interest and taxes), a 7% rise to EUR 334 million. Also up were the earnings per share, increasing by 11% and 10% for ordinary and preference shares respectively.
Fuchs SE’s executive board chairman, Stefan Fuchs, said that the company’s diverse product range and global positioning meant it could:
“…continue our profitable growth path despite the challenging economic environment. Earnings per share see double-digit growth, supported by the completed share buyback. We confirm our outlook for the full year with an EBIT of around EUR 430 million and a free cash flow before acquisitions of around EUR 250 million.”
To complement its existing operations as a leading provider of lubricant solutions, Fuchs recently completed its acquisition of LUBCON Group, another lubricant company. The company also branched out into electrolyte production through its interest in E-Lyte Innovations GmbH.
A recently open production plant can produce high-performance electrolytes at a rate of up to 20,000 tons per year. These can then be used to produce things like superconductors, sodium-ion batteries and lithium-ion batteries, which in turn are needed to make things like electric vehicles, portable devices and energy-storage solutions.
You may also interested in:
Petronas and Petrobras sign contract for Brazilian oil fields
State-funded Malaysian oil and gas company, Petronas, recently completed a new transaction with Petrobras, the Brazilian oil major.
French oil major completes UK asset merger
Paris headquartered energy giant, TotalEnergies, recently finalised the merger of its upstream portfolio in the UK North Sea with the offshore gas and oil company, NEO NEXT.