Nordex's revenue falls after low 2017 orders

GERMANY: A low order intake from Germany in 2017 meant Nordex's first-quarter revenue fell 24.7% year-on-year, the manufacturer stated.

Nordex received 100MW-plus orders for projects in Spain and Sweden in Q1 2018
Nordex received 100MW-plus orders for projects in Spain and Sweden in Q1 2018

It posted total revenue of €487.9 million for the first three months of 2018, down from €648.4 million in the same period one year earlier, in its first quarter results.

In its service segment Nordex increased sales 8.2% year-on-year from €72.8 million to €78.8 million, while project sales fell 29.1% to €409.6 million over the same period.

Nordex’s operating profit (Ebitda) also dropped from €51.2 million in Q1 2017 to €20 million this year.

The company stated the declines in sales and Ebitda were mainly due to a lower order intake from Germany in the last calendar year.

It received 2.74GW in orders in 2017, down nearly 22% on the 3.5GW recorded in 2016.

The manufacturer's order intake more than doubled in Q1, however compare to the same period in 2017. Intake grew from €333.3 million to €819.9 million in Q1 2018. These orders accounted for over 1GW of capacity in the project segment, up from 367.5MW a year ago.

José Luis Blanco, CEO of Nordex, said the company "began 2018 as expected".

Nordex confirmed its guidance for 2018, presented at the end of the March. According to these estimates, the manufacturer expects consolidated sales of between €2.4 billion and €2.6 billion for the year.

The manufacturer won 100MW-plus orders in Spain and Sweden in the first quarter, and installed 171 wind turbines with a combined capacity of 522.9MW in eight countries — around half of which was in Latin America, it stated.

In April, it unveiled a new turbine, the N133/4.8, which is designed for high-wind sites, and which it claims is particularly suited for windy regions such as north-west Europe, Turkey, Australia and central and south America.

Blanco added: "We introduced our new high-wind turbine to the market and are continuing to work on reducing the cost of energy.

"We are also steadily developing out supply chain to enable us to process projects more efficiently in our growth and volume markets.

"We expect the results in each quarter to differ in 2018. Installations and sales will be higher in the second half of the year than in the first two quarters," he said. 

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