EQS-Adhoc

Gurit reports net sales of 127.7 million CHF in Q1/2021

EQS Group-Ad-hoc: Gurit Holding AG / Key word(s): AGMEGM/Quarter Results Gurit reports net sales of 127.7 million CHF in Q1/2021 14-Apr-2021 / 18:38 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 KR The issuer is solely responsible for the content of this announcement.

Net sales in the first quarter were impacted by a temporarily reduced demand for wind blades in China in 2021 as a result of the expiry of the Chinese wind feed-in tariffs by year-end 2020, and by decreasing Balsa raw material costs and corresponding lower sales prices. The Marine and Industrial markets have rebounded to pre-COVID-19 levels and Aerospace has stabilized at low levels.

 

Composite Materials achieved net sales of CHF 59.8 million for the first quarter of 2021. This represents a decrease of -9.8% at constant exchange rates compared to the first quarter of 2020. The decrease is mainly due to Wind volumes in China and reduced prices in Balsa while Marine and Industrial markets are back to pre-pandemic levels.

 

Kitting recorded net sales of CHF 43.0 million for the first quarter of 2021. This is a decrease of -9.5% at constant exchange rates compared to the first quarter of the prior year. Kitting net sales were also negatively impacted compared to prior year due to the slowdown in China and lower material pricing.

 

Tooling saw an increase in first quarter 2021 net sales by 57.7% at constant exchange rates compared to the first quarter of 2020 to CHF 30.6 million. The strong growth is mainly due to the timing of orders of western wind turbine OEMs and blade manufacturers. 

 

Aerospace net sales in the first quarter of 2021 of CHF 6.6 million declined by -51.5% at constant exchange rates compared to the first quarter of 2020. While we face a sharp decline compared to prior year's pre-COVID-19 levels, sales have stabilized at a low level and necessary cost adjustments have been executed.