Gurit has reported net sales of CHF 360.9 million for the first nine months of 2021, a decline of 17.6% at constant exchange rates compared to the same period of 2020.
According to the company, sales have been affected by globally reduced demand for wind blades and by the decreasing demand and price of balsa, compared to a very strong previous year period.
Composite Materials segment achieved net sales of CHF169.2 million for the same period, a decrease of 20%, impacted by delays in the ramp-up of the company’s new Mexican polyethylene terephthalate (PET) extrusion facility.
The company’s Kitting business had net sales of CHF 138.0 million, a decrease of 21.2%, while Tooling net sales were CHF 64.0 million, a decrease of 7%. ‘As anticipated, the third quarter of 2021 shows a weakening of the tooling market in general and particularly in China,’ Gurit said.
It's Aerospace business also reported a decrease in net sales, compared to the same nine month period in 2020, of CHF 22.0 million – a decrease of 10.6%. ‘While the business unit faced a sharp decline compared to prior year’s pre-Covid-19 levels in the first quarter, sales have grown double digit in the last two quarters,’ the company explained. ‘Trends continue to head in a positive direction with global aircraft OEMs increasing build rates and consumer air travel growing as pandemic restrictions lift around the world.’
Gurit said that it now expects revenue of around CHF 460 million and an operating profit margin of around 5%.
This story uses material from Gurit, with editorial changes made by Materials Today.