Gurit has reported its unaudited sales results. As expected, net sales of continued operations have been low in the first quarter of 2024 and reached CHF 97.2 million, a decline of -11.3% at constant exchange rates or -17.2% in reported CHF versus the first quarter of 2023.
Wind Materials achieved net sales of CHF 65.6 million for the first quarter of 2024. This represents a decrease of -10.6% at constant exchange rates compared to 2023. As anticipated, wind customers took the opportunity in the first quarter to transition to new blades, decrease blade inventories, or continued to solve quality issues. For the coming quarters, higher demand from both Western and Chinese OEMs is expected as new blades will be launched, and demand in North America is expected to increase gradually.
Manufacturing Solutions achieved net sales of CHF 7.7 million, which represents a decline of -31.7% at constant exchange rates compared to 2023. Numerous projects are being finalised but will impact sales only in the second half of the year. Gurit was successful with new projects for several Indian domestic wind customers as the Indian wind market is gearing up, and Gurit can leverage the new mould and CNC manufacturing facilities in Chennai.
Gurit is reiterating its guidance for a back-end loaded 2024 with expected net sales of 435–485 million CHF and an operating profit margin of 5–8%.
