Gurit reports Continued Operations net sales growth of 8.9% at constant exchange rates
Preliminary and unaudited net sales report for FY 2020 represent a 5.8% increase on a currency adjusted basis compared to FY 2019, with 16.2% growth at constant exchange rates over 2019 in Gurit’s composite materials business.
Gurit’s (Zurich, Switzerland) net sales growth report released on Jan. 29 indicates the company’s strong finish to 2020 in the wind industry, despite challenges posed by the COVID-19 pandemic. The report places preliminary and unaudited net sales at CHF 578.8 million (approximately USD $641 million) for the full year (FY) of 2020 (compared to FY 2019: CHF 576.4 million, or approx. USD $638 million). This represents an increase of 0.4% in reported Swiss francs and 5.8% growth on a currency adjusted basis. Continued Operations grew 8.9% at constant exchange rates or 3.3% in reported Swiss francs.
Composite Materials reports net sales of CHF 276.2 million (approx. USD $306 million) for 2020. This is an increase of 10.7% in reported Swiss francs, or 16.2% at constant exchange rates over 2019. Gurit reports that the wind energy market demand was strong across all product groups. Impacted by COVID-19, marine markets saw weaker sales due to lower yacht-building activity.
Net sales of Gurit’s Kitting Business Unit amounts to CHF 225.6 million (approx. USD $250 million), compared to CHF 190.7 million (approx. USD $211 million) in the previous year period. This is an increase of 18.3% in reported Swiss francs and 25.4% at constant exchange rates. Supported by the positive demand momentum of the wind market and partially higher converted material prices, the report indicates strong growth in this area, which is also continuously expanding its global footprint and increasing production capacity.
After a very strong fourth quarter, Gurit says the Tooling Business Unit reports net sales of CHF 98.7 million (approx. USD $109) for the year 2020, which represents a decrease of -7.0% in reported Swiss francs and -1.7% at constant exchange rates. According to the company, this was driven by a shift in the product mix and customers canceling projects in the first half of the year due to COVID-19. Pandemic-related travel restrictions also led to a slowdown in new installations.
The Aerospace Business Unit reports net sales of CHF 31.6 million (approx. USD $35 million) in 2020. This represents a significant decline of -41.0% in reported Swiss francs and -39.3% at constant exchange rates. The Aerospace Business Unit now has been stabilized at its current low demand level, but as of now sees no signs of recovery in the global passenger aircraft market. Gurit’s Zullwil site consolidation into its Kassel plant has been completed. The Kassel site undertakes further cost saving measures, as well.
|
Net Sales in CHF million (unaudited)
|
Full Year
|
Sales by Quarter |
||||||
|
2020 |
2019 |
Change reported in CHF |
Change at constant 2019 rates |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
|
|
Composite Materials |
276.2 |
249.5 |
10.7% |
16.2% |
66.2 |
67.9 |
73.8 |
68.3 |
|
Kitting |
225.6 |
190.7 |
18.3% |
25.4% |
48.1 |
62.4 |
64.0 |
51.1 |
|
Tooling |
98.7 |
106.1 |
-7.0% |
-1.7% |
19.5 |
26.3 |
21.2 |
31.6 |
|
Aerospace |
31.6 |
53.5 |
-41.0% |
-39.3% |
13.4 |
4.8 |
6.0 |
7.4 |
|
Elimination |
-55.3 |
-41.6 |
-12.4 |
-15.1 |
-13.4 |
-14.4 |
||
|
Total Continued Operations |
576.6 |
558.3 |
3.3% |
8.9% |
134.7 |
146.4 |
151.6 |
144.0 |
|
Composite Components (Discontinued Operations) |
2.1 |
18.1 |
-88.4% |
-87.9% |
1.4 |
0.7 |
0.0 |
0.0 |
|
Total Group |
578.8 |
576.4 |
0.4% |
5.8% |
136.1 |
147.1 |
151.6 |
144.0 |
Gurit will report its 2020 full year results on March 2, 2021, via an issued a press release at 7:00 a.m. CET and publish its . Management will also discuss the results at a joint media and analyst webcast conference in Zurich, Switzerland, on March 2, 2021, at 9:00 a.m. CET. Sign up for the conference by returning the registration form . The presentations will be held in English and accessible as webcast at where an archived version will be available.
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