Independent lubricants blender Fuchs Petrolub SE reported that its earnings after tax declined for the first quarter of 2019, and revenues for the quarter were unchanged, compared to the same period in 2018.
The companys earnings after tax declined 18 percent to 55 million (U.S. $61.6 million) for the first quarter, down from 67 million last year. Fuchs said its income statement for the quarter was influenced by a planned increase in costs related to its investment initiative for future growth and efficiency increases.
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First-quarter sales revenue for the Mannheim, Germany-based company remained unchanged from a year earlier at 643 million.
For Europe, the Middle East and Africa combined, sales revenues for the quarter were down 4 percent at 400 million. The main reasons for this are the weakness of the automotive market in Germany and the declining automotive demand in China, which is weakening the intercompany business in Germany, Fuchs stated in its earnings news release.
Sales in Asia-Pacific also decline 4 percent for the quarter to 171 million. Revenue in North and South America increased by 12 percent to 106 million, benefitting from the strength of the U.S. dollar.