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Germany

Germany

Nordex announces 7% sales increase

GERMANY: Turbine manufacturer Nordex has announced a 7% increase in sales for the first nine months of the year, with Europe performing particularly well.

The company also had a strong Q3 with an 11% rise in sales compared to the same time in 2011. It was its strongest quarter in terms of sales for the year. Orders in Europe climbed by 16%.

However, the company only expects to reach the lower end of its 2012 target, with €1-1.1 billion in sales predicted.

It also said late delivery of towers and blades had caused additional expense. As a result, its EBIT margin is likely to be 1%, rather than within 1-3%.

Nordex's Q3 EBIT rose from €9.4 billion in 2011 to €15.4 billion, an increase of 63%. Operating losses in Asia have grown, with North America breaking even.

The company also said a 6% reduction in costs had brought the company back to profit, with operating costs reduced by €10 million.

In August, Nordex suffered a €13.1 million loss on the first half of 2012 and today blamed the losses on weak sales in its American and Asian markets.







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