FUCHS PETROLUB confirmed last Thursday that it increased its gross profit in the first quarter by EUR 3.7 million or 2.3% to EUR 165.6 million from EUR 161.9 million in the first quarter of 2012. After taking into account other expenses, FUCHS recorded an EBIT of EUR 73.4 million. This is 1.2% more than the EUR 72.5 million recorded in first quarter of the previous year. Earnings after interest and taxes increased slightly to EUR 51.6 million compared to the EUR 51.4 million recorded in first quarter of the previous year.
Sales revenues for the quarter of EUR 442.0 million fell 1.4 percent below the previous year's level of EUR 448.4 million due to currency effects.
All geographic areas (Europe, Asia-Pacific & Africa, North and South America) recorded excellent results similar to those of the same period of 2012.
FUCHS PETROLUB expects business operations to improve slightly in the next three quarters compared to the first quarter of 2013. The company stated that the first quarter of a year is generally somewhat weaker than the two middle quarters. FUCHS is therefore maintaining its target for the financial year of achieving organic growth in sales revenues in the low single-digit percentage range. However, stated the company, it remains to be seen how currency exchange rates will develop. Based on the aforementioned assumptions, which predict that the overall economic situation will not change considerably, FUCHS still expects to
record an increase in earnings before interest and tax (EBIT) for 2013.