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.
Fuchs Petrolub SE posted 288 million (U.S. $327 million) in earnings after tax for 2018, up 7 percent from 269 million in 2017.
BPs lubricant business profits decreased 20 percent to $311 million in the fourth quarter, down from $375 million during the year-earlier period.
Independent lubricants blender Fuchs Petrolub SE reported increases in profits and sales, while BPs lubricants business took a drop in profit for the third quarter, compared to 2017s third quarter.
Independent lubricants blender Fuchs Petrolub SE increased profits and sales, and BPs lubricants business reported a decline in profit for the second quarter, compared to 2017s second quarter.
United Kingdom-based transformer oil rerefiner Hydrodec Group posted an overall loss for the year, although sales revenue from its U.S. and Australia rerefining operations were up, according to audited earnings results released May 31.
Nynas naphthenic business unit, which primarily supplies base oils, reported earnings before interest, taxes, depreciation and amortization of 129 million Swedish krona (U.S. $14.9 million) for its first quarter, down 37.4 percent from 206 million krona a year earlier.
BPs lubricants business reported lower profits due to the impact of increasing base oil prices, while transformer oil rerefiner Hydrodec reported lower revenues because of sales volume declines attributed to feedstock supply issues, each for the quarter ending March 31.
Independent lubricants blender Fuchs Petrolub SE reported mixed results for its first quarter of the year, posting an increase in sales revenue, but a decrease in earnings before tax, which the company attributed to unfavorable exchange rates.
Following a strong fourth quarter and 2017, Fuchs Petrolub SE plans to focus on investing in China, the United States and Germany during 2018, the company stated in its annual report released last week. After opening several new facilities throughout 2017, the independent lubricant blender plans to open more over the next few years.