Category: Company News Company News
Published: 15 October 2021 15 October 2021
Gurit reports net sales of CHF 360.9 million for the first nine months of 2021. This is a decline of -17.6% at constant exchange rates or -16.6% in reported CHF versus prior year.
Composite Materials achieved net sales of CHF 169.2 million for the first nine months of 2021. This is a decrease of -20.0% at constant rates compared to the same period in 2020. The decrease is mainly due to lower Wind demand and globally reduced volumes and prices in balsa. Sales and profitability were also impacted by delays in the ramp-up of the new Mexican PET extrusion facility.
Kitting recorded net sales of CHF 138.0 million for the first nine months of 2021. This is a decrease of -21.2% at constant exchange rates compared to the same period in 2020. Kitting net sales were also negatively impacted by the slowdown in wind blade manufacturing as well as lower material pricing. The relocation of the Kitting operation from the U.S. to Mexico has been concluded during the third quarter.
The Business Unit Manufacturing Solutions (Tooling) reports net sales of CHF 64.0 million, which represents a decrease of -7.0% at constant exchange rates compared to the same period in 2020. As anticipated, the third quarter of 2021 shows a weakening of the tooling market in general and particularly in China.
Driven by the uncertainty in regard to the implementation of subsidy schemes for new wind installations in the US and China and influenced by a continued strong increase of costs for raw materials, freight and transportation, Gurit now expects for the FY 2021 a revenue of around CHF 460 million and an operating profit margin of around 5%. Adjusted for one-time expenses related to restructuring and impairment charges operating profit is now expected to be in the range of 6-8%.