SGL Carbon says that its sales revenues in Q3 2020 were €227 million, an 10% increase when compared to Q2 2020.
In the nine-month period, however, sales fell significantly by almost 18% to €683.5 million, down from €832.4 million 2019.
The company’s Composites Fibers & Materials (CFM) segment had an increase in sales revenue of 20% to €97.7 million compared to the previous quarter, but the nine month sales revenue declined by around 14% to €283.4 million.
‘The mid-term business prospects for SGL Carbon are impacted by the corona pandemic and structural changes in some markets,’ a press release said. ‘While the development in the automotive and aerospace sectors is lower than expected in the last five year plan, the wind energy business is growing much stronger than previously planned.’
For the full year 2020, SGL Carbon suggests that group sales revenues will decline by 15% to 20%, while CFM sales revenues will decline by around 10%.
For 2021, the company plans to implement an impairment charge of €80-100 million in Q42020, as well as a restructuring program saving around €100 million until 2023.
‘Like many other companies, the corona pandemic is also having a significant impact on us,’ said Dr Torsten Derr, CEO. ‘In addition, we also see structural changes in some of our markets, such as in the automotive and aerospace sector.’
This story uses material from SGL, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
