Afton Chemicals operating profit was down slightly, and profits for Fuchs and BPs lubricants business were up, compared to 2013s third quarter.
Afton Chemical reported operating profit of $94.3 million in the quarter ending Sept. 30, down 1.3 percent from $95.5 million in the year-earlier quarter. Additives segment revenue reached $585.6 million, up 1.4 percent.
As a whole, Aftons parent company, Richmond, Va.-headquartered NewMarket, posted net income of $56.9 million, or $4.53 per diluted share, in the third quarter. That was down 27.9 percent from net income of $78.9 million, or $5.94 per diluted share a year earlier.
Mannheim, Germany-based independent lubricant blender Fuchs Petrolub posted sales revenue of 483.5 million (U.S. $606 million) in the third quarter, up 14.8 percent from 468.7 million in the prior years third quarter.
Net income rose slightly to 58.7 million, up from 58 million.
Overall, the company reported growth in sales revenues across its three regional divisions, with Europe rising 1.5 percent to 290.3 million, and Asia-Pacific and Africa jumping 7.8 percent to 132 million. North and South America accounted for 82.6 million, up 3.3 percent. The 504.9 million revenue total was pulled down by 21.4 million in consolidation costs.
Early in 2014, Fuchs Chairman Stefan Fuchs outlined in a letter to shareholders plans to invest in building a facility in Brazil. In his latest such letter, Fuchs said, In the light of the uncertainties experienced in the Brazilian market, we have put the construction of the new production facility in Brazil on hold and await the further economic developments in that country.
In its interim management report, the company said it expects the global lubricant market to grow between 0.5 percent and 1 percent in 2014.
Overall lubricant demand in the mature markets of Germany, France, Italy, Spain, Japan and Korea stagnated at approximately the previous years level up to August 2014, the company stated. Lubricant consumption in the U.S. has displayed a downward trend in the same time of this year. For the emerging countries, on the other hand, we expect an increase, although this is likely to be lower than was the case in 2013.
BPs lubricants business reported an underlying replacement cost profit before interest and tax of $336 million in the third quarter, up 3.4 percent from $325 million in 2013s third quarter.
The third quarter result reflects steady performance with continued gross margin improvement in growth markets; the decrease in the nine months reflects the impact of previously announced restructuring program changes and foreign exchange effects, BP said in its stock exchange announcement that summarized third quarter results.