Gurit Reports Net Sales of CHF 360.9 Million in the First Nine Months of 2021

October 18 (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.

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.

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.

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