Gurit reports unaudited sales results for the first quarter of 2022. Net sales for this period were CHF 107.7 million which is a decline of -13.9% versus the first quarter of the prior year.
Gurit sales in the first quarter continued the trend of the second half of last year: Strong double-digit growth in Marine and Industrial, but significantly lower Wind market with a particular challenging environment for the Manufacturing Solutions business.
Composite Materials achieved net sales of CHF 61.2 million for the first quarter of 2022. This represents an increase of 2.6% at constant exchange rates compared to the first quarter of 2021. The increase is mainly due to a continued double-digit growth of the Marine and Industrial markets and stronger PET sales while Balsa and PVC continued to decline in demand compared to the first quarter 2021.
Kitting recorded net sales of CHF 35.8 million for the first quarter of 2022. This is a decrease of -12.1% at constant exchange rates compared to the first quarter of the prior year. Kitting net sales were negatively impacted by lower Balsa pricing and the reduced demand for wind blades primarily of Western customers.
Manufacturing Solutions (Tooling) saw a significant decrease in its first quarter 2022 net sales by -65.9% at constant exchange rates compared to a solid first quarter of 2021 to CHF 10.9 million. The decrease is a result of a continued lack of demand for new moulds as a consequence of Western customers launching only few new blade designs. This low demand period started in Q2, 2021 and Gurit expects it to change in 2023.
Aerospace net sales in the first quarter of 2022 of CHF 9.0 million increased by 42.7% at constant exchange rates compared to a very weak first quarter of 2021. Gurit announced on April 14th the sale of the Aerospace business to the Isovolta Group.
Considering the impacts of the sale of the Aerospace business, Gurit expects a revenue of between CHF 410 and 450 million, and an operating profit margin between 5.5% and 8.0%.
