Gurit up in Q3 but loses the wind from its sales
By PRW Staff
Posted 29 October 2012
Gurit has reported 15.4% jump in net sales to CHF 287.2m (£191m) for the first nine months of 2012.
However, the reduced outlook for the wind energy market, especially in the US and China, due to over-capacities and the expiry of the US tax incentives, forced Gurit to mothball prepreg production in Canada and China and reduces its global work-force by some 150 employees.
The related restructuring costs, including impairment charges for fixed assets, are estimated to amount to approximately CHF 12m (£8m), of which some CHF 3m (£2m) will be “cash effective”.
Net sales for the full year 2012 are expected to be around CHF 355m (£236m) and the full year operating profit margin, including all restructuring charges, is forecast to be in the range of 2 to 4% of net sales.
Excluding all the one-off charges, the operating profit margin for the full year should, however, almost reach the guidance provided earlier, according to the company.
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