Apparently, July 2019 was not the best month for carbon fibre manufacturer SGL Carbon (Wiesbaden / Germany). The company noted a significant deviation from its expectations in the monthly analysis of its Composites Fibers & Materials (CFM) business unit. This will result in negative corrections to forecasts and probably also in restructuring measures. As a consequence, CEO Jürgen Köhler has resigned with effect from 31 August.
The management lowered CFMs 2019 guidance for EBIT before special items from EUR 21m to a mid-single digit million euro amount. The group guidance has also been revised down even though its electrode division has performed better, it cannot completely compensate the deterioration in the CFM business unit. Group EBIT, which was previously forecasted at the prior years level of EUR 65m, is expected to be EUR 10m below the level of the prior year. Consolidated net results are expected to reach a high single-digit million loss instead of the previous guidance for a break-even consolidated net result. The company’s forecasts for the years up to 2022 are also toppling.
Only recently, CFM had extended its existing supply agreement with Airbus subsidiary Elbe Flugzeugwerke (Dresden / Germany) by one year until the end of 2020. Elbe purchases carbon fibre prepregs from SGLs plant in Willich / Germany to manufacture CRP sandwich floor panels for the Airbus A350 plane.
SOURCE: K-Online
