Nordex lowers 2011 forecast amid European debt crisis

GERMANY: Nordex has blamed project postponements on its decision to lower its sales and earnings forecast for 2011.

Nordex said the European debt crisis had resulted in the postponement of projects due to the difficulty in providing finance.

As a result, Nordex said it was lowering its sales target for 2011 from €1 billion to €920 million.

The Q4 fall of €80 million will cut Nordex’s operating earnings by €20 million and contribute to an operating loss before one-off costs of €10 million.

In the year to 30 September, EBIT amounted to €11 million, a fall of €6.3 million for the same period last year. In the year to date, Nordex has suffered a net loss of €600,000.