Fuchs Shares Drop as Demand for Lubricants Seen Stagnating
- Third-quarter earnings, sales miss analyst estimates
- Share price declines as much as 6.6%, most in 10 weeks
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Fuchs Petrolub SE, the world’s largest independent lubricants supplier, dropped the most in 10 weeks in Frankfurt trading after saying it will only meet this year’s targets with the help of acquisitions and favorable currency moves.
Earnings before interest and tax will grow by a “higher single-digit” amount this year, Fuchs reiterated Tuesday. Analysts had expected the company to lift its goal, and the preferred stock dropped as much as 6.6 percent, the steepest intraday decline since Aug. 24.