Gurit has reported net sales of CHF 136.1 million in Q1 2020, an increase of 0.9% compared to Q1 2019.
The company says that the divestment of its Automotive business in February 2020 had a negative sales impact of CHF 3.1 million or 2.1% on net sales comparing with Q1/2019, while the coronavirus pandemic affected its Asian business significantly. All its business units, especially Tooling, suffered travel and supply chain restrictions, the company said, with Tooling showing a significant decline in sales by 46.0% from CHF 36.1 million in the previous year to CHF 19.5 million in Q1/2020.
Composite Materials achieved net sales of CHF 66.2 million for the first quarter of 2020, an increase of 9.1% compared to net sales of CHF 60.7 million in the first quarter of 2019, while Kitting recorded solid sales of 48.1 million CHF in Q1/2020, an increase of 39.9% compared to the previous year. Aerospace revenues saw a decline of 6.8% to CHF 13.4 million, while Gurit’s discontinued Composite Components reportec a 68.0% decline CHF 1.4 million.
‘The coronavirus situation caused customer project installation delays, product handover inspections not occurring, coupled with transportation issues which altogether had a very significant negative impact on the business,’ said the company in a press release. ‘We did not encounter project cancellations of relevant size, but significant re-scheduling of customer projects into Q2 and Q3/2020. As the situation normalises in China we are now catching up.’
This story uses material from Gurit, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
