Gurit reports improvement in sales

Gurit says that its net sales for the first nine months of 2022 were CHF362.8 mn, an increase of -0.5% compared to 2021 figures of CHF360.9 mn.

Net sales of Continued Operations were CHF 352.8 mn, a 4.1% increase compared to 2021.

The company’s Composite Materials business reached net sales of CHF 225.2 mn for the first nine months of 2022, an increase of 37.6% compared to the first nine months of 2021 where sales were recorded as CHF 169.2 mn.

However, the company’s Kitting business recorded net sales of CHF 111.5 mn a decrease of 14.8%, while Manufacturing Solutions (Tooling) saw a decrease in its first nine months 2022 net sales by 27.0% at constant exchange rates compared to the first nine months of 2021 to CHF 47.8 mn.

“Both Kitting and Core materials net sales suffered under a reduced demand for wind blades of Western customers,” Gurit said. “The initiated optimization and consolidation of the European Kitting footprint is progressing according to plan and will provide positive momentum on next year’s business performance.

“The [Tooling] sales result is low due to Western customers having had almost no mold demand in 2022. In contrast, the mold business in the Chinese domestic market saw good sales, however with a different product mix. We have strong indication that the mold business with Western wind customers will recover markedly in 2023.

“In the first three quarters of the year, the business with Western wind customer was weaker compared to the same period in 2021, driven by lower US market momentum and Western wind turbine manufacturers consolidating their activities and exiting certain regions,” the company added. “The Chinese domestic wind markets saw a strong year so far, with Gurit being among the top three suppliers for both PET and rotor blade molds. We progress on plan with our initiated cost-out programs and the ramp-up of our new wind campus in India.”

Image ©Andrii IURLOV -