FUCHS PETROLUB SE announces preliminary figures for the first nine months of 2020 and a new earnings (EBIT) outlook for the current financial year
At EUR 1,740 million, preliminary sales of the FUCHS Group in the first nine months of 2020 are 11% below the previous year's level. Operating business in the third quarter, especially in September, was significantly above expectations. Preliminary earnings (EBIT) for the first nine months were down 17% compared to the previous year at EUR 203 million.
Taking into account the business development in the first nine months of 2020 and based on today's assessment of the impact of the COVID-19 pandemic, FUCHS has determined a new outlook for the financial year 2020. FUCHS expects a further improvement in economic conditions in the fourth quarter and therefore expects in the year 2020 a decline in earnings (EBIT) in the range of -15% (previously -25%).
The effects of the crisis on supply chains, production and customer demand cannot be reliably estimated currently. The new outlook is based on the assumption that there will be no major lockdowns in the fourth quarter of 2020 in FUCHS' core regions.
FUCHS is well positioned to face the crisis and has a solid financial basis. The stability and structure of the balance sheet form a sound foundation for further development. Both the low proportion of fixed costs and the high proportion of raw materials have a positive effect. This allows us to breathe flexibly with sales. In addition, FUCHS once again benefits from its worldwide presence and broad product portfolio.
The complete statement for the third quarter 2020 will be published as scheduled on November 3, 2020.
Mannheim, October 15, 2020
FUCHS PETROLUB SE
Tel. +49 621 3802-1105
This ad hoc release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB 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 PETROLUB 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 ad hoc release and assumes no liability for such.
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