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Gurit reports strong growth to 142.7 million CHF in Q1/2019
Net Sales grew 54.9% in Q1/2019 to 142.7 million CHF including acquisition effects versus Q1/2018
Net Sales organic growth of 23.6% for Q1/2019 versus Q1/2018
Net Sales sequential growth of 9.7% for Q1/2019 versus Q4/2018
Gurit Annual General Meeting of Shareholders approves all proposals
Gurit (SIX Swiss Exchange: GUR) today reports unaudited results for the first quarter of 2019. Net sales for the first three months of the year increased by 54.9% (currency-adjusted: 55.9%) against the prior-year period. This represents an organic growth of 23.6% versus Q1/2018.
Composite Materials achieved net sales of 53.5 million CHF for the first quarter of 2019. This represents an increase of 6.5% (currency-adjusted: +6.8%) compared to net sales of 50.2 million CHF in the first quarter of 2018. The Wind business grew by 13.1% across all core material categories and in particular in PET and Balsa. Gurit saw a strong market demand in Q1/2019 which is expected to continue throughout 2019. The Business Unit strongly increased its intra-company sales to the Kitting business unit, so that the overall operations output grew significantly more than the third-party sales growth of 13.1%. Sales to Other Material markets contracted by 2.9% within which Marine grew mid-single digit while sales to Industrial markets sales were off to a slow start in 2019.
Kitting recorded solid sales of 34.4 million CHF in Q1/2019. As the business is reporting results only as of Q4/2018 within Gurit (28.9 million CHF for Q4/2018), there is no comparison to the first quarter of 2018.
Tooling delivered another strong quarter with a net sales growth of 45.9% (currency-adjusted: 46.8%) to 36.1 million CHF. The project-based Tooling business saw yet again very strong demand at operated capacity limits in Q1/2019 and performed even stronger than in Q4/2018. Current business visibility suggests a continued good pace for the first half year 2019.
Aerospace revenues saw a growth of 8.4% (currency-adjusted: 10.3%) to 14.3 million CHF thanks to a solid demand in Europe and growing demand in the US business.
Composite Components reports a 12.4% growth (currency-adjusted: 14.8%) to 4.5 million CHF. The Components business saw double digit growth as the new customer programs are running now at full pace and the existing longer term volume program resumed demand at lower levels but with an extended delivery horizon into the out years thus still reaching the full contracted lifetime volumes.
Annual General Meeting of Shareholders
The Annual General Meeting held today at Pfäffikon/SZ, approved all motions proposed by the Board of Directors. Gurit will thus pay out a total of 20.00 CHF per listed bearer share to shareholders.
Gurit bearer shares will be traded ex-dividend as from Thursday, April 11, 2019 (ex- dividend date). The positions entitled to dividend payments will be recorded on Fri- day, April 12,2019 (record date), and the payments will be made on Monday, April 15, 2019 (payment date).
Gurit Half-Year 2019 Report
Gurit will publish its half-year report 2019 on August 16, 2019. Management will also discuss the results in further detail at a joint media and analyst conference on August 16, 2019, at 09:00 a.m. CEST. The conference will take place at the Marriott Hotel, Neumuehlequai 42, CH-8006 Zurich.
As always, the presentations will be held in English and will also be accessible as webcast at www.gurit.com/Investors/Webcasts where an archived version will later be available fordownload.
For up-to-date information on Gurit`s financial calendar, please visit http://www.gurit.com/Investors/Events
To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time ofpublication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.
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