Gurit achieves slight net sales growth for the first nine months of 2017
Zurich, Switzerland, October 23, 2017 – Gurit (SIX Swiss Exchange: GUR) reported net sales of CHF 268.8 million for the first nine months of 2017. This represents a currency-adjusted increase of 0.7% over net sales of CHF 272.8 million for the first nine months of 2016.
Gurit Composite Materials
The business unit Composite Materials achieved net sales of CHF 185.3 million for the first nine months of 2017 compared to net sales of CHF 205.2 million for the same period of 2016. The decrease of -9.7% in reported Swiss francs and -8.2% on currency-adjusted basis mainly results from the demand halt in the Indian wind energy market from Q2-2017 onwards, which could not be offset by other wind material regions. Net sales in other material markets dropped by -4.2% in reported Swiss francs and -2.6% on a currency-adjusted basis to CHF 88.7 million in the first nine months of 2017 (9M 2016: CHF 92.6 million) mainly due to lower build rates at an important European aerospace manufacturer and in the Middle Eastern construction sector.
Gurit Composite Components
The business unit Composite Components reported net sales of CHF 17.2 million for the first nine months of 2017 compared to CHF 12.8 million in the first nine months of 2016. This represents an increase of 43.2% on a currency-adjusted basis (+35.0% in reported Swiss francs).
In Tooling, sales of wind turbine blade moulds and related equipment further increased to CHF 66.3 million for the first nine months of 2017. Acquisition contribution for the first-time consolidation month September 2017 amounted to some CHF 0.2 million. The increase of net sales by currency-adjusted 24.7% (+20.9% in reported Swiss francs) is a result of the ongoing favourable demand for onshore and offshore installation of multi-megawatt wind turbines with longer blades.
First 9 Months
Sales by Quarter
Change in %
Change at constant rates
Net Sales by Markets:
Other Material Markets
Total Net Sales
For the full year 2017, Gurit expects to achieve a low single-digit revenue growth despite the Indian wind energy market resuming demand in early 2018, only. Operating profit margin for fiscal year 2017 is expected to reach the upper end of the guided range of 8 to 10 percent of net sales, including the recently announced restructuring cost.
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 Netherlands, the U.K., Poland, Canada, the U.S.A., Ecuador, Australia, 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.