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The Business Unit Composite Materials reported net sales of CHF 185.4 million for the first nine months of 2019. This is an increase of 14.5% (currency-adjusted 17%) over the same period in 2018. Demand continued to be strong, in particular for core materials.
Net sales of the Business Unit Kitting amounted to CHF 127.1 million. There is no comparison with the previous year, as the Group company JSB was acquired in October 2018. The demand situation in the Wind market continues to generate a positive momentum for Kitting services.
The Business Unit Tooling saw net sales of CHF 90.3 million, which represents an increase of 1.2% (currency-adjusted 3.3%). In the second half of 2019 Gurit Tooling will see a markedly lower demand mainly due to new customer projects being re-timed into 2020.
The Aerospace Business Unit achieved net sales of CHF 41.3 million for the first nine months of 2019. This represents an increase of 9.2% (currency-adjusted 11.5%) over the previous year period.
The discontinued Composite Components reported net sales of CHF 13.1 million for the first nine months of 2019, this translates into a growth of 38.8% (currency-adjusted 44.0%).
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NET SALES
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First 9 months
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Sales by quarter
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rounded up to mCHF
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2019
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2018
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Change in reported CHF
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Change @ constant 2019 rates
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Q1
2019
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Q2
2019
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Q3
2019
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Composite Materials
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185.4
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161.9
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14.5%
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17.0%
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60.7
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61.5
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63.2
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Kitting
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127.1
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0.0
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34.4
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40.8
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51.9
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Tooling
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90.3
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89.3
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1.2%
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3.3%
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36.1
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31.7
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22.5
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Aerospace
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41.3
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37.8
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9.2%
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11.5%
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14.3
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13.1
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13.8
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Elimination
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-28.7
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-3.2
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-7.2
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-10.5
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-10.9
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Total Continued Operations
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415.5
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285.9
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45.3%
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48.4%
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138.2
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136.7
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140.6
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Composite Components
(Discontinued Operations)
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13.1
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9.4
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38.8%
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44.0%
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4.5
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5.4
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3.2
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Total Group
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428.5
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295.3
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45.1%
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48.3%
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142.7
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142.0
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143.8
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Outlook
For 2019 Gurit now expects to achieve above CHF 550 million in net sales (previously CHF 525 million) and an Operating Profit Margin within the upper half of the target range of 8 – 10% (unchanged).
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