Morgan Advanced Materials Reports Positive Sales Growth in First Nine Months
Morgan Advanced Materials reports sales growth in first nine months and margin improvement despite challenges. Company focuses on cost-cutting and expansion for future growth.
Troy D. Hanson
November 09, 2023
Morgan Advanced Materials, a leading supplier of ceramic, carbon, and composite products, has announced a 2.4% increase in sales for the first nine months of the year on an organic constant-currency basis. The company witnessed sales improvements across multiple business units, including Electrical Carbon and Technical Ceramics. Though there were slight increases in Thermal Ceramics, decreases were observed in Molten Metal Systems and Seals and Bearings.
Despite facing challenges such as adverse movements in foreign exchange, the company's margins have shown sequential improvement. Morgan Advanced Materials remains focused on pursuing cost-cutting opportunities to ensure a favorable cost structure for 2024. While some uncertainty persists in certain end markets, the company anticipates continued margin improvement and robust growth in the first half of 2024.
In line with its growth strategy, Morgan Advanced Materials is investing in expanding capacity for its rapidly growing segments. The company is also exploring potential acquisitions to enhance its offerings and returns to shareholders. Chief Executive Peter Raby expressed confidence in the company's future prospects.
As of 0921 GMT, Morgan Advanced Materials' shares were trading at 233.0 pence.