Gurit reports net sales of CHF 97.2 million in the first quarter of 2024 and confirms back-end loaded 2024; Annual General Meeting approves all agenda items

Gurit Holding AG / Key word(s): AGMEGM/Quarter Results Gurit reports net sales of CHF 97.2 million in the first quarter of 2024 and confirms back-end loaded 2024; Annual General Meeting approves all agenda items 18-Apr-2024 / 18:26 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, April 18, 2024 – Ad hoc announcement pursuant to Art. 53 LR

Gurit (SIX Swiss Exchange: GURN) today reports unaudited sales results. As expected, net sales of continued operations have been low in the first quarter of 2024 and reached CHF 97.2 million, a decline of -11.3% at constant exchange rates or -17.2% in reported CHF versus the first quarter of 2023. Gurit reiterates the FY 2024 net sales guidance of CHF 435 – 485 million.

After a slow beginning of the year with January and February being at low sales levels, Gurit saw an improved March and expects a stable upwards trend for the upcoming quarters. 

Wind Materials achieved net sales of CHF 65.6 million for the first quarter of 2024. This represents a decrease of -10.6% at constant exchange rates compared to 2023. As anticipated wind customers took the opportunity in the first quarter to transition to new blades, decrease blade inventories, or continued to solve quality issues. For the coming quarters we expect higher demand from both Western and Chinese OEMs as new blades will be launched and demand in North America is expected to increase gradually. We successfully agreed on a 2-year extension for the supply of Carbon Fiber pultruded profiles with a major Western wind customer.

Manufacturing Solutions achieved net sales of CHF 7.7 million, which represents a decline of -31.7% at constant exchange rates compared to 2023. Numerous projects are being finalized but will impact sales only in the second half of the year. Gurit was successful with new projects for several Indian domestic wind customers as the Indian wind market is gearing up and Gurit can leverage the new mould and CNC manufacturing facilities in Chennai.