FUCHS with strong nine-month result in challenging market environment
EQS-News: FUCHS SE / Key word(s): Quarterly / Interim Statement/9 Month figures FUCHS with strong nine-month result in challenging market environment
FUCHS at a glance
“In the first nine months of the current year, FUCHS achieved an EBIT of EUR 334 million. Compared to the previous year, we improved our results by 7% despite the currently challenging market environment. All three world regions contributed to this positive development with earnings increases. In the Asia-Pacific region, the recovery of our China business continued. The North and South America region impressed with strong EBIT growth of around 15%, and the EMEA region (Europe, Middle East, Africa) benefited from earnings growth in all sub-regions. Sales revenues, impacted by currency effects, are slightly below the previous year at EUR 2,666 million. We are pleased to have completed the closing for the acquisition of the LUBCON Group in July. The high-quality products are an excellent addition to our portfolio. Furthermore, we are pleased to have celebrated the opening of the production plant for electrolyte solutions in Kaiserslautern together with E-Lyte Innovations GmbH in September. With an annual production capacity of up to 20,000 tons of electrolyte, the plant is designed for the manufacture of high-performance electrolytes for lithium-ion batteries, sodium-ion batteries, and supercapacitors. Our global positioning and diversified product and customer portfolio enable us to 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.” Stefan Fuchs, Chairman of the Executive Board FUCHS SE Business development in the group In the first nine months of 2024, FUCHS generated sales revenues of EUR 2,666 million (2,698), which were 1% below the prior-year period due to currency effects. A good business development compensated for price adjustments. Business development in the regions At EUR 1,544 million (1,566), sales revenues in the region Europe, Middle East, Africa (EMEA) were 1% lower compared to the first nine months of 2023, primarily driven by pricing. External growth of EUR 6 million was generated through the acquisition of the LUBCON Group in July. EBIT, on the contrary, rose by 8% to EUR 168 million (155). Despite lower sales revenues, the majority of the companies achieved earnings improvements. In particular, Germany and Eastern-Europe recorded increases in earnings. Outlook for 2024 confirmed In its latest outlook from October, the International Monetary Fund (IMF) confirmed its forecast for global economic growth made in July, which predicts a growth rate of 3.2% for both the current and the coming year. However, for Germany the IMF has revised its expectations downward compared to the July forecast. For the current year, growth is now expected to be 0% (previously expected: 0.2%). For 2025, growth is now projected to be 0.8% (previously expected: 1.3%). FUCHS expects the economic environment to remain challenging for the remaining three months of the financial year, but confirms the existing forecast for the full year 2024:
The global positioning and solid financial base remain robust, and FUCHS continues to focus on profitable growth and the implementation of the FUCHS2025 strategy. Mannheim, October 30, 2024 FUCHS SE Public Relations Einsteinstraße 11 68169 Mannheim Tel. +49 (0)621 3802 1104
The following information can be accessed via the Internet: Image and video material: https://www.fuchs.com/gb-en/photo-gallery/
About FUCHS Founded in 1931 as a family business in Mannheim, FUCHS is now the world's largest independent supplier of innovative lubrication solutions, covering almost every industry and application. Today, the company's over 6,200 employees in over 50 countries still share the same goal: to keep the world moving both sustainably and efficiently. To live up to this claim, we think in terms of perfection, not merely standards. When developing individual solutions, we enter into an intensive customer dialogue – acting as an experienced consultant, innovative problem solver and reliable team partner.
Important note This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS SE. Even if the management is of the opinion that these assumptions and estimates are accurate, actual future developments and results can differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, include changes in the overall economic climate, changes in procurement prices, changes in exchange rates and interest rates, and changes within the lubricants industry. FUCHS SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such. 30.10.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | FUCHS SE |
Einsteinstraße 11 | |
68169 Mannheim | |
Germany | |
Phone: | +49 (0)621 / 3802-0 |
Fax: | +49 (0)621 / 3802-7190 |
E-mail: | ir@fuchs.com |
Internet: | www.fuchs.com/gruppe |
ISIN: | DE000A3E5D64, DE000A3E5D56 |
WKN: | A3E5D6, A3E5D5 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange |
EQS News ID: | 2018419 |
End of News | EQS News Service |