Gurit Reports 9.8% Net Sales Growth for the First Nine Months of 2018
Zurich, Switzerland, October 23, 2018–Gurit (SIX Swiss Exchange: GUR) reported net sales of CHF 295.3 million for the first nine months of 2018. This represents a positive increase of 9.8% (currency-adjusted: +6.0%) over net sales of CHF 268.8 million generated in the first nine months of 2017.
The business unit Composite Materials achieved net sales of CHF 157.2 million for the first nine months of 2018. Net sales to the wind energy industry increased by 1.4% (currency-adjusted: -2.7%) to CHF 98.0 million for the first nine months of 2018 compared to CHF 96.6 million generated in the first nine months of 2017. Following months of lower core material supply to the global wind energy industry, demand and volumes picked up in the third quarter of 2018.
Net sales to other material markets increased by 15.1% (currency-adjusted: +12.9%) to CHF 59.3 million for the first nine months 2018. The positive momentum in the global marine industry stagnated in the third quarter of 2018 while sales to industrial customers strongly grew year-over-year.
The business unit Aerospace reported net sales of CHF 37.8 million for the first nine months of 2018. This represents an increase of 1.7% (currency-adjusted: -1.9%) over the prior-year period.
In the Composite Components business unit, net sales for the first nine months of 2018 amounted to CHF 11.0 million representing a decline of 36.4% (currency-adjusted: -39.7%) over net sales of CHF 17.2 million for the first nine months of 2017. Results improved from the very weak second quarter 2018 which, as reported, was heavily impacted by an abrupt demand decline in Gurit`s biggest car part volume program. The upturn resulted from the start-up of new programs at the manufacturing site in Hungary which are beginning to bear fruit.
The business unit Tooling reported net sales of CHF 89.3 million for the first nine months of 2018. The increase of 34.6% (currency-adjusted: +29.9%) resulted from multi mould programs as well as moulds with extra-long size for both, globally operating wind energy OEM`s and new customers.
First 9 Months
Sales by Quarter
% change in reported CHF
% change at constant 2018 rates
Net Sales by Markets:
Other Material Markets
Total Net Sales
For the full year 2018, Gurit expects to achieve a high single-digit revenue growth. Operating profit margin for fiscal year 2018 is expected to come in at the mid-level of the Company`s target range of 8 to 10 percent operating profit margin. The recently acquired JSB Group is not reflected in this outlook.
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Ecuador, New Zealand, India and China. For more information, please visit www.gurit.com
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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.