Nordex confirms Q1 boost before Covid-19 uncertainty

Despite quarterly order intake, revenue, operating profit and installations all increasing year on year, Nordex reaffirmed its decision to scrap its guidance for the 2020 financial year due to the ongoing coronavirus pandemic.

Nordex increased its order intake, revenue, operating profit and installations in Q1 2020

Nordex installed 269 turbines, totalling 899.2MW, in Q1 2019, compared to 84 turbines for 260.9MW in the same period of 2019. 

Europe accounted for 60% of newly installed capacity, Latin America for 15%, North America for 13%, with the remainder installed in the rest of the world, the manufacturer said when reporting its official Q1 results. 

Project sales more than tripled to €862.6 million, while service sales grew 16.7% year on year to €102 million in Q1 2020.

It also increased turbine blade production 7% year on year to 321 units, and assembled turbines with a combined capacity of 1,641MW in the first three months of 2020 — up 135% from Q1 2019.

The manufacturer announced first quarter sales more than doubling to €964.6 million, Ebitda nearly quadrupling to €13.1 million and Ebitda margin rising 0.6 percentage points to 1.4% by the end of the quarter.

It had also announced a 58% surge in orders to 1,644MW in Q1 2020, with Europe accounting for nearly 79% of this total and Latin America the remainder.

Nordex ended the quarter with project orders worth €5.8 billion (up 31.8% from a year ago) and service orders worth €2.6 billion (up 18%).

The manufacturer also confirmed its decision to withdraw its guidance for the 2020 financial year due to continuing uncertainty about the duration and severity of disruptions caused by Covid-19.