Gurit has reported a decline in sales of 4.8% for the first quarter of 2021.
Net sales for this period were CHF 127.7 million, a decline of -4.8% at constant exchange rates or -5.2% in reported CHF versus prior year.
However, the company’s marine and industrial markets have rebounded to pre-Covid-19 levels.
Composite Materials achieved net sales of CHF 59.8 million for the period, a decrease of 9.8% at constant exchange rates compared to the first quarter of 2020.
The decrease is mainly due to wind volumes in China and reduced prices in Balsa.
For the year 2021, Gurit expects a revenue of around CHF 530–580 million and an operating profit margin between 9–11%. After the transition year 2021 the company expects the wind market to continue to grow strongly, driven by increased demand for renewable energy.
Content extracted from https://www.boatingbusiness.com/news101/industry-news/decline-in-sales-for-gurit