Germany

Germany

Nordex ups forecast with 63% earnings increase

GERMANY: Turbine manufacturer Nordex posted earnings of €97.6 million in the first nine months of 2015, a 63% rise on the same period last year.

Nordex has increased its 2015 sales forecast for two consecutive quarters
Nordex has increased its 2015 sales forecast for two consecutive quarters

Sales in the period also increased 41% to €1.8 billion compared to 2014 , and order intake was 57% higher than last year at €1.96 billion.

The strong results have led Nordex's management board to increase its sales target for 2015 from €2-2.2 billion to €2.3-2.4 billion. The order intake target has also been raised to €2.3-2.4 billion from €2.1-2.3 billion originally targetted.

It is the second consecutive quarter Nordex has increased its forecast. In July, the company lifted its sales target to €2-2.2 billion from €1.9-2.1 billion.

"We are currently growing more quickly than the wind power industry as a whole. To ensure that we remain on this course of expansion in the long term, we have now decided to substantially strengthen our business by combining our activities with those of Acciona Windpower," said Nordex CEO Lars Bondo Krogsgaard.

In early October, Nordex surprised the industry with the announcement it would acquire rival Acciona Windpower in a €785 million cash and shares deal. In return, the Acciona Group would become Nordex's reference shareholder with a 29.9% stake.

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