Fuchs rises after quarterly profit beat

Shares in Fuchs FPEn.DE rise around 3% in early Frankfurt trade after the German car lubricants maker reported a beat on its Q3 core profit and confirmed FY outlook

Fuchs reported Q3 EBIT of 117 million euros ($136.45 million), beating analysts' average forecast of 114 million euros according to a poll by Vara Research

Jefferies highlights that the improvement vs Q2 alongside cost-avoidance measures came from a significant uplift in earnings across North and South America, describing the company's Q3 numbers as "solid"

It says the impact of an unfavorable product portfolio mix has diminished over the past three months, while the regions continue to face challenges from a weak economic environment

"Following a rather negative sentiment which has clouded the stock following the guidance downgrade in July, this print should provide some relief today," the broker says

The stock is seen at the top of Germany's mid-cap index .MDAXI

($1 = 0.8575 euros)