Gurit back to growth from the lows of the first half of 2013
- Composite Materials: Sales up 6.5% in Q3 over Q2 with growth in all target markets. Nine-month sales 34.1% below strong prior-year figure.
- Composite Systems and Engineering: Sales up 28.5% in Q3 over Q2, supported by strong tooling business. Nine-month sales up 19.3%.
Gurit achieved net sales of CHF 205.7 million during the first nine months of 2013. While this reflects a decline of 28.3% over the respective prior-year period, Gurit continues its recovery from the disappointing first six months and grew its overall sales in Q3 by 10.6% over Q2. The recovery was achieved in all Composite Materials target markets, including Wind Energy, and boosted by a strong progression in sales of Tooling equipment.
Gurit Composite Materials: Gurit grew its materials business in Q3 2013 in all target markets: Sales to the Wind Energy industry continued to suffer from overcapacities in Asia and some project postponements in Europe, but have been very successful in the Americas. The Aerospace business recovered from a short temporary slowdown in Q2 2013. Sales to the Industrial and Marine market continued to progress positively, yet did not reach the high Q1 2013 levels which had been boosted by certain large projects. Overall, Gurit's Composite Materials sales increased in Q3 2013 by 6.5% over Q2 2013 to CHF 59.8 million. For the first nine-months, sales still remained 34.1% below the strong, respective prior-year period.
Gurit Composite Systems and Engineering: During the first nine months of 2013, Gurit continued to successfully develop its business, achieving 19.3% higher revenues of CHF 36.9 million. Gurit's Automotive exterior component business grew 36.5% year over year, although Q3 sales reflected a somewhat reduced customer activity over the summer months. Sales in Engineered Structures progressed by 65.9% thanks to large deliveries of composite components for buses. Sales of Tooling equipment increased by 6.5% over the first nine months 2012, driven by some large deliveries to non-Chinese customers in Q3. Compared with the preceding second quarter Composite Systems and Engineering sales increased by 28.5% during the reporting quarter.
Gurit Holding AG
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Ex-change: GUR) are specialised on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products (man-made materials and balsa wood), gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, the UK, Canada, Spain, Australia, New Zealand, the USA, Ecuador, Brazil, India and China.