Germany

Germany

Nordex reports 3Q profits

Listed German wind turbine manufacturer Nordex has so far weathered the worst of the financial crisis, reporting sales of EUR 781 million in the first nine months of the year, 58% up on the same period last year. Earnings before interest and tax (EBIT) rose 60% to EUR 37.3 million and net profit was 40% higher at EUR 29.2 million. The third quarter saw an 85% rise in orders to EUR 315.2 million, with highest demand from European neighbours and the US. Nordex expects continued support from strong global energy demand and maintains its EUR 1.1 billion sales outlook for 2008, with full-year EBIT rising 65% to EUR 66 million. But it says the financial meltdown will likely delay some customers' projects "beyond 2009," lowering sales growth by 10-15% next year and potentially bringing "a smaller, yet positive return."

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