Fibre and metal coatings maker OC Oerlikon's sales hit by Red Sea tensions (updated)
07/05/2024 06:12
(Adds year-on-year comparison in paragraph 2, Red Sea impact in
paragraph 3, background in paragraph 4)
May 7 (Reuters) - Swiss fibre and metal coatings maker
OC Oerlikon OERL.S reported an order intake of 642 million
Swiss francs ($707.83 million) for the first quarter, beating a
company compiled consensus of 572 million by 12%.
OC Oerlikon, which expects a downturn in Polymer Processing
Solutions for 2024, reported a 38% increase in new orders for
the division from the previous quarter but a decline of almost
16% year-over-year.
However, sales in the division, which supplies fibres used
in products such as clothes and carpets, were impacted by
customers postponing investments and delayed shipments due to
tensions in the Red Sea, the company said in a statement.
OC Oerlikon, which makes glossy coatings for precious
metals, said in February it was exploring options to separate
its polymer division to focus on metal coatings.
The company also confirmed its 2024 guidance.
($1 = 0.9070 Swiss francs)
(Reporting by Chiara Holzhaeuser and Louis van Boxel-Woolf;
Editing by Savio D'Souza and Rashmi Aich)
((Chiara.Holzhaeuser@thomsonreuters.com;
Louis.vanBoxel-Woolf@thomsonreuters.com))