SGL: Not affected by COVID-19 pandemic yet

WIESBADEN, Germany — SGL Carbon said the company “has not yet been significantly impacted by the COVID-19 pandemic” and that revenue for the first quarter of 2020 was actually above what the company expected.

In a statement released Thursday, SGL reported sales of $266 million, roughly 15 percent lower than in the first three months of 2019 but slightly higher than the roughly $248 million the company expected in guidance published in March.

However, the company said that it expects “a significant double-digit percentage decrease” in overall sales and very likely a loss for the second quarter of 2020.

In the earnings statement, SGL said that a “reliable outlook” for 2020 sales and earnings will only be possible after the economic conditions have stabilized.

“We acted decisively and took various measures at an early stage, both to ensure the safety of our employees and to mitigate the economic impact of the pandemic,” said Michael Majerus, spokesperson for the SGL Carbon management board, in the Thursday statement.

SGL Carbon cooks and cures carbon fiber at its Moses Lake facility for use in creating fabric panels that are used to make automobile and aerospace components.

— Charles H. Featherstone