German Nordex reports lower net profit for Q3 2010

(ADPnews) - Nov 11, 2010 - German wind turbine maker Nordex (ETR:NDX1) booked a third-quarter net profit of EUR 5.6 million (USD 7.7m), down from EUR 7.6 million for the year-earlier period, and cut its full-year revenue outlook.

Market development holds back new business, the company said in a statement on Thursday.

Operating profit declined to EUR 10.2 million for July to September from EUR 12.4 million over the same period last year.

Revenue slipped to EUR 264.4 million from EUR 301.5 million mainly on a sluggish market environment, although sales volume was the highest in quarterly bases this year.

Still, the company reduced its full-year revenue guidance to EUR 1 billion, compared with EUR 1.183 billion for 2009. It had previously expected an year-on-year rise in revenue. Nordex, however, confirmed its operating profit margin guidance of 4% for the year.

(EUR 1 = USD 1.373)

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