Gurit reports net sales decrease

Gurit says that its net sales for the first half of 2022 were CHF 234.8 mn, a decline of 7% compared to the same period of 2021.

“Net sales in the first half year continued to be impacted by a challenging market for wind turbine blades,” the company said. “Our largest Western wind customers produced less blades year-over-year. In China we observed a market growth, however at very aggressive price levels.”

However, Gurit’s Composite Materials segment achieved net sales of CHF 141.4 mn an increase of 22% compared to the first half of 2021. This reportedly includes CHF 27.4 mn of its newly acquired Structural Profiles business, now operating under the brand Fiberline.

“While the wind market faces challenges, the marine and other industrial markets saw good growth towards well above pre-pandemic levels,” Gurit added.

Kitting recorded net sales of CHF 71.6 mn for the first half of 2022, a decrease of 20.9%, and Gurit has announced that the company’s kitting production for Europe will be consolidated at its sites in Spain and Turkey.

Meanwhile, Manufacturing Solutions (Tooling) saw a decrease in its first half of 2022 net sales by 43.7% to CHF 32.4 mn. “The market for wind blade molds remains challenging as Western wind turbine manufacturers are delaying investments into new production equipment and the Chinese market saw increased price pressure,” the company explained.

Gurit said that it expects full year net sales of around CHF 500-530 mn. “We believe that the longer-term market outlook for wind energy remains strong, driven by an increasing demand for renewable energy and recently announced international support policies,” it said.