Gurit nine-month 2010 target market sales abreast with prior year period at constant translation rates

Zurich/Switzerland, October 28, 2010. Gurit reports net sales of CHF 236.6 million for the first nine months of 2010. Target market sales totaled CHF 235.9 million for the first nine months, representing an increase of 1.1% at constant rates over the first nine months 2009. Excluding acquisitve effects, target market sales were CHF 191.6 million, or 17.8% below the same period last year at constant rates. The operational EBIT margin for Q3 2010 remained within the targeted 8-10% corridor. 

Wind Energy reports net sales of CHF 42.0 million for Q3 2010 and CHF 116.2 million for the first nine months of 2010. This confirms a certain recovery from the low recorded in Q1 2010, yet sales are 27.4% below the prior year’s first nine months. Markets remain stagnant in Europe and America as evidenced by recently revised business expectations of larger customers. Sales in China are growing.

Tooling reports as previously announced lower net sales of CHF 9.1 million for Q3 2010 due to a temporarily somewhat hesitant market situation in China as customers decide about the next generation of wind turbine blades. At the same time, international Tooling sales increased in India and – with a first mould order – in Europe. Sales for the first nine months of 2010 totaled CHF 36.9 million.

Transportation gained – as expected – some momentum in Q3 with net sales of CHF 14.9 million: While sales had been 14.8% below the prior year’s period at the end of June, the gap has narrowed to 10.3% (at constant rates: -6.6%) by the end of September with net sales of CHF 41.5 million. This decline also reflects the phased out production of pultruded lamellas.

Marine net sales stood at CHF 13.9 million in Q3 2010, a bit lower than in the preceding quarter. With CHF 41.3 million for the first nine months 2010, they grew by 26.2% over the same period of 2009. Market activity was stronger than anticipated during summer, but visibility still remains low.

Outlook: Gurit anticipates overall slightly higher sales in H2 2010. For FY 2010, Gurit still expects to meet its EBIT margin target of 8-10% before exceptional items.

Key financial figures for the first nine months

For further information:
Bernhard Schweizer, Group Communications/Investor Relations,
phone +41 44 316 1555; Mobile: +41 79 373 2178; bernhard.schweizer@gurit.com;

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On Gurit: The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Ex-change: GUR) are specialised on the development and manufacture of advanced com-posite materials and related technologies featuring bespoke physical and chemical characteristics. The comprehensive product range comprises fibre reinforced prepregs, structural core materials, gel coats, adhesives, resins and consumables as well as certain finished parts. Gurit supplies growth markets in Wind Energy, Transportation and Marine. The international Group has production sites and offices in Switzerland, Germany, the UK, Canada, Spain, Australia, New Zealand, the USA, India, Singapore and China.