FUCHS SE Reports Mixed Results in Q1 2024 Despite Challenges

FUCHS SE experienced a 6% decline in sales revenues during the first quarter of 2024, totaling EUR 877 million. This decrease, attributed to price adjustments and negative currency effects, contrasts with an improved EBIT of EUR 107 million, which is up 4% from the previous year. The company confirmed its full-year outlook for 2024 and announced the acquisition of LUBCON Group, aiming to broaden its specialty lubricant offerings.

Sales performance varied by region, with significant declines noted in North and South America and Europe, Middle East, and Africa due to pricing and currency challenges. However, the Asia-Pacific region displayed some recovery, particularly in China and India, despite facing significant currency losses. Operationally, the company maintained a robust EBIT margin improvement, highlighting an effective management strategy amidst economic uncertainties.

Despite the challenging environment, including geopolitical tensions and economic uncertainties, FUCHS SE reaffirmed its financial targets for 2024. The company anticipates steady sales revenues and aims to achieve an EBIT of around EUR 430 million by year-end. The acquisition of LUBCON Group is expected to strengthen its market position in the specialty lubricants sector, leveraging the acquired company's expertise and long-standing market presence.