Fuchs Petrolub AG reported earnings of 121.4 million (U.S. $167 million) on full-year 2009 sales revenues of 1.18 billion, up from earnings of 110.3 million on sales of 1.39 billion in 2008.
Despite the material decrease in revenues due to the worldwide financial crisis and the consequent economic collapse, we exceeded our previous years earnings, both in profit after tax, and in earnings before interest and taxes, the company stated.
Cash flow in 2009 reached a record level, as reduced inventories and earnings growth generated a free cash flow of 180 million. That compares with a 7.5 million mark a year earlier, Fuchs reported.
Earnings grew in spite of tough global market conditions last year. During the 17th International Colloquium Tribology in Ostfildern, Germany early last month, Fuchs officials outlined their projections, based on preliminary year-end data, that global lubricant demand suffered a painful double-digit decline during 2009, in the range of 12 percent to 13 percent worldwide.
The independent lubricant blender said that while it will again strive to attain organic revenue growth in 2010, it may not be assumed that the exceptionally good earnings before interest and taxes generated in the second half of 2009 will be maintained in the future.
Mannheim, Germany-based Fuchs will release complete financial statements for 2009 on March 25.