Europe and South Africa push Nordex into profit

GERMANY: Nordex has posted upbeat results for the first nine months of the year, with the company moving back into the black thanks to resurgent sales.

Increased installations helped Nordex post stong results
Increased installations helped Nordex post stong results

The turbine manufacturer banked a slim net profit of EUR 5.3 million in the first three quarters, following a loss of EUR 15.6 million a year before.

This came on the back of a 47% leap in sales to EUR 1.1 billion, with the company pointing to strong growth in its core European and South Africa markets.

Overall, production was up 64% to 1GW, with the volume of new installations climbing by 61% to 924MW.

Nordex said that "disproportionately low" staff costs also played apart in the swing back into profit, with a small fall in the number of employees worldwide.

After upping its sales and margin guidance in August, the company opted to hold them at EUR 1.3 – 1.4 billion and 2.5 – 3.5% respectively. But it did extend its order intake projections.

Speaking about the results, Nordex CEO Jürgen Zeschky said:"As we are even more confident about our order intake, we are now looking for a higher figure of EUR 1.4 - 1.5 billion. At the same time, we confirm our expectation of being able to achieve our medium-term goal in 2015."

Over the first nine months, the company saw its orders climb 85% to EUR 1.2 billion. There were positive signs in the Americas, with the region accounting for 12% of orders, compared with just 6% of sales.

And the company is also investing more, with capital spending coming in at EUR 45.7 million, an increase of 28% on the previous comparable period.

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