Published: 15 April 2021 15 April 2021
Gurit has reported unaudited sales results for the first quarter of 2021. Net sales for this period were CHF 127.7 million which is a decline of -4.8% at constant exchange rates or -5.2% in reported CHF versus prior year.
Sales in the lightweighting business declined mainly due to the Aerospace business while Marine and Industrial has recovered to pre-COVID-19 levels. The Wind business was overall flat and benefitted from strong results in Tooling.
Net sales in the first quarter were impacted by a temporarily reduced demand for wind blades in China in 2021 as a result of the expiry of the Chinese wind feed-in tariffs by year-end 2020, and by decreasing Balsa raw material costs and corresponding lower sales prices.
Composite Materials achieved net sales of CHF 59.8 million for the first quarter of 2021. This represents a decrease of -9.8% at constant exchange rates compared to the first quarter of 2020. The decrease is mainly due to Wind volumes in China and reduced prices in Balsa
Kitting recorded net sales of CHF 43.0 million for the first quarter of 2021. This is a decrease of -9.5% at constant exchange rates compared to the first quarter of the prior year. Kitting net sales were also negatively impacted compared to prior year due to the slowdown in China and lower material pricing.
Tooling saw an increase in first quarter 2021 net sales by 57.7% at constant exchange rates compared to the first quarter of 2020 to CHF 30.6 million. The strong growth is mainly due to the timing of orders of western wind turbine OEMs and blade manufacturers.
For the year 2021, Gurit expects a revenue of around CHF 530–580 million and an operating profit margin between 9–11%. After the transition year 2021 the company expects the wind market to continue to grow strongly, driven by increased demand for renewable energy.