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    GUR   CH0008012236


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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 


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.


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 
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)

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