Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. Gurit Holding AG
  6. News
  7. Summary
    GUR   CH0008012236

GURIT HOLDING AG

(GUR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Gurit reports net sales of CHF 360.9 million in the first nine months of 2021

10/15/2021 | 12:57am EST

EQS Group-Ad-hoc: Gurit Holding AG / Key word(s): 9 Month figures Gurit reports net sales of CHF 360.9 million in the first nine months of 2021 15-Oct-2021 / 06:56 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

Zurich, October 15, 2021 - Ad hoc announcement pursuant to Art. 53 LR

Gurit (SIX Swiss Exchange: GUR) 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.

Gurit finished the third quarter with net sales impacted by a globally reduced demand for wind blades and by a decreasing demand and price of balsa, compared to a very strong previous year period. Both the Marine and Industrial markets as well as Aerospace have picked up double digit growth rates in the third quarter compared to 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. The Marine and Industrial markets have performed strongly and saw double digit growth rates.

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.

Aerospace reports net sales of CHF 22.0 million for the first nine months of 2021. This represents a decrease of

-10.6% at constant exchange rates compared to the same period in 2020. While the Business Unit faced a sharp decline compared to prior year's pre-COVID-19 levels in the first quarter, sales have grown double digit in the last two quarters. Trends continue to head in a positive direction with global aircraft OEMs increasing build rates and consumer air travel growing as pandemic restrictions lift around the world.

NET SALES                 FIRST 9 MONTHS                                                  SALES BY QUARTER 
                                                                                          Q1    Q2    Q3 
in million CHF            2021  2020  Change in reported CHF Change @ constant 2020 rates 
                                                                                          2021  2021  2021 
Composite Materials       169.2 207.8 -18.6%                 -20.0%                       59.8  58.4  51.1 
Kitting                   138.0 174.6 -20.9%                 -21.2%                       43.0  52.2  42.8 
Tooling                   64.0  67.0  -4.5%                  -7.0%                        30.6  24.7  8.6 
Aerospace                 22.0  24.2  -9.0%                  -10.6%                       6.6   7.6   7.8 
Elimination               -32.3 -40.9                                                     -12.3 -12.0 -8.0 
Total                     360.9 432.7 -16.6%                 -17.6%                       127.7 130.9 102.3 
Continued Operations 
 
Composite Components 
                          0.0   2.1   -100.0%                -100.0%                      0.0   0.0   0.0 
(Discontinued Operations) 
Total Group               360.9 434.8 -17.0%                 -18.0%                       127.7 130.9 102.3 

Outlook

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%.

Gurit will issue a guidance for the Financial Year 2022 on March 1, 2022 together with its 2021 financial results.

About Gurit

The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, composite tooling equipment and core kitting services. The product range comprises structural core materials, fibre reinforced prepregs, formulated products such as adhesives, resins as well as structural composite engineering. Gurit supplies global growth markets such as the wind turbine industry, aerospace, marine, rail and many more. Gurit operates production sites and offices in Australia, Canada, China, Denmark, Ecuador, Germany, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.

www.gurit.com

All trademarks used or mentioned in this release are protected by law.

Forward-looking statements:

To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.

-----------------------------------------------------------------------------------------------------------------------

End of ad hoc announcement

-----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      Gurit Holding AG 
              Thurgauerstrasse 54 
              8050 Zurich 
              Switzerland 
Internet:     https://www.gurit.com/ 
ISIN:         CH0008012236 
Valor:        801223 
Listed:       SIX Swiss Exchange 
EQS News ID:  1240998 
 
End of Announcement EQS Group News Service 
=------------ 

1240998 15-Oct-2021 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1240998&application_name=news

(END) Dow Jones Newswires

October 15, 2021 00:57 ET (04:57 GMT)

All news about GURIT HOLDING AG
11/25Gurit Financial Calendar 2022
EQ
10/18GURIT : Mirabaud Securities Lowers Price Target on Gurit, Downgrades Recommendation to Hol..
MT
10/15GURIT : Trims FY21 Outlook as Nine-Month Revenue Falls 17% on Lower Demand
MT
08/17Gurit Holding AG Provides Earnings Guidance for the Full Year 2021
CI
08/17Gurit Reports Unaudited Sales Results for the First Half of 2021
CI
08/16Gurit Holding Ag Reports Earnings Results for the Half Year Ended June 30, 2021
CI
06/29GURIT : Mirabaud Securities Lowers Price Target on Gurit, Maintains Buy Recommendation
MT
06/28GURIT : Cuts FY21 Sales Forecast, Adds New Chief Technology Officer
MT
06/25GURIT : updates the financial outlook for 2021 and announces organizational changes to str..
EQ
06/25Gurit Announces Executive Changes
CI
More news
Analyst Recommendations on GURIT HOLDING AG
More recommendations
Financials
Sales 2021 468 M 507 M 507 M
Net income 2021 18,4 M 19,9 M 19,9 M
Net Debt 2021 23,4 M 25,4 M 25,4 M
P/E ratio 2021 37,2x
Yield 2021 1,66%
Capitalization 684 M 741 M 741 M
EV / Sales 2021 1,51x
EV / Sales 2022 1,41x
Nbr of Employees 2 906
Free-Float 72,4%
Chart GURIT HOLDING AG
Duration : Period :
Gurit Holding AG Technical Analysis Chart | GUR | CH0008012236 | MarketScreener
Technical analysis trends GURIT HOLDING AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Last Close Price 1 462,00 CHF
Average target price 1 704,00 CHF
Spread / Average Target 16,6%
EPS Revisions
Managers and Directors
Mitja Schulz Chief Executive Officer
Philippe Wirth Chief Financial Officer
Peter Leupp Chairman
Ernst Lutz Chief Technology Officer
Nick Huber Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
GURIT HOLDING AG-41.05%741
ECOLAB INC.4.56%64 830
SIKA AG47.81%54 933
GIVAUDAN SA21.26%45 220
YUNNAN ENERGY NEW MATERIAL CO., LTD.87.33%37 016
HOSHINE SILICON INDUSTRY CO., LTD.357.54%25 712