Fuchs Petrolub falls as annual EBIT, 2023 outlook come below estimates
08/03/2023 09:18
** Shares in Fuchs Petrolub FPEn.DE fall around 5% after
the German lubricant manufacturer's annual operating result and
2023 profit forecast came below consensus estimates
** The company's 2022 EBIT was 365 million euros ($384.67
million), just above previous year's figure of 363 million euros
and below Vara Research consensus of 366.5 million euros
** The group cites "increases in raw material costs and the
resulting sales price increases" weighing on results
** For 2023, it expects EBIT of around 390 million euros,
below consensus of 400 million euros, amid further cost
increases, particularly related to personnel and freight
** A local trader says the outlook was a "touch below
expectations for operating profit"
** "FY23 EBIT outlook may act slightly negative," the trader
adds
** Fuchs Petrolub hits the bottom of the German mid-cap
index .MDAXI and is on track for its worst day since June 2022
($1 = 0.9489 euros)
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))