Gurit Reports First Quarter Sales Decline, Anticipates Improved Performance

ZURICH, April 18, 2024 – Gurit Holding AG announced a decrease in net sales to CHF 97.2 million for the first quarter of 2024, marking a significant drop compared to the previous year. The company reported a reduction of 11.3% at constant exchange rates and 17.2% in reported CHF, compared to the first quarter of 2023. This performance is in line with expectations of a slow start to the year, attributed to various operational adjustments in their market segments.

The Wind Materials sector experienced a decrease in sales by 10.6% at constant exchange rates, totaling CHF 65.6 million. This decline was anticipated as customers adjusted inventories and transitioned to new products. Despite the sector's slow start, Gurit anticipates increased demand going forward, particularly from Western and Chinese OEMs.

Manufacturing Solutions saw a more substantial decline of 31.7% at constant exchange rates, achieving sales of CHF 7.7 million. The segment anticipates an improvement in the latter half of the year as new projects come to fruition. Meanwhile, the Marine and Industrial sector reported a modest decrease of 3.8% at constant exchange rates with CHF 23.9 million in sales, facing a temporary downturn in the US marine market.

Gurit reiterated its sales guidance for 2024, projecting net sales between CHF 435 and 485 million with improved performance expected in subsequent quarters. Additionally, the company's Annual General Meeting approved all proposed agenda items, including a CHF 0.35 per share dividend for the year 2023. Gurit remains optimistic about recovering and returning to stronger profitability margins towards the end of the year.