Wind turbine-maker Nordex saw losses widen in the first quarter as “old projects with a poor cost structure” continued to weigh on the German group. Nordex posted a net loss of €214.8m for the first three months of the year, against a €150.5m deficit at the same stage in 2022.
Wind turbine-maker Nordex saw losses widen in the first quarter as “old projects with a poor cost structure” continued to weigh on the German group. Nordex posted a net loss of €214.8m for the first three months of the year, against a €150.5m deficit at the same stage in 2022.
German OEM says 'adverse impact on margins' continues but sees improvements filtering through
Wind turbine-maker Nordex saw losses widen in the first quarter as “old projects with a poor cost structure” continued to weigh on the German group.
Nordex posted a net loss of €214.8m for the first three months of the year, against a €150.5m deficit at the same stage in 2022.
Operating profit (Ebitda) was a negative €114.9m with a margin of -9.4%.
The manufacturer said it was continuing to feel the pinch from the pressures that have left all European wind OEMs in the red, but could see signs of improvements down the line.
Nordex CEO José Luis Blanco told investors: “We are still focused on processing our order book efficiently, as the high costs …
... more [truncated due to possible copyright]German OEM says 'adverse impact on margins' continues but sees improvements filtering through
Wind turbine-maker Nordex saw losses widen in the first quarter as “old projects with a poor cost structure” continued to weigh on the German group.
Nordex posted a net loss of €214.8m for the first three months of the year, against a €150.5m deficit at the same stage in 2022.
Operating profit (Ebitda) was a negative €114.9m with a margin of -9.4%.
The manufacturer said it was continuing to feel the pinch from the pressures that have left all European wind OEMs in the red, but could see signs of improvements down the line.
Nordex CEO José Luis Blanco told investors: “We are still focused on processing our order book efficiently, as the high costs associated with old projects are still adversely impacting our margins. In this respect, we expect to steadily improve our profit margin over the course of the year due to our revised pricing and contract arrangements.”
Sales grew in the quarter to €1.22bn from a year-earlier €933m, with Nordex adding: “Both the average installed capacity (in MW) per turbine and the number of installed wind turbines increased.”
Order intake excluding service grew slightly to €917m “despite a decline in total nominal output to 1.02GW from 1.17GW.
“Overall, we continue to see improving volumes in our key markets, on the back of positive political momentum” added Blanco.