Germany's Nordex boosts net profit in H1 2014

Aug 15, 2014 - German wind turbine maker Nordex SE (ETR:NDX1) said today its net profit improved to EUR 16.5 million (USD 22m) in the first half of 2014 from EUR 1.3 million in the same period of 2013 as sales rose 23.4%.

The company’s consolidated operating profit, or earnings before interest and tax (EBIT), surged by 147% to EUR 37.1 million, driven by economies of scale. EBIT margin more than doubled to 4.5% from 2.2%.

Total sales climbed to EUR 815.4 million from EUR 660.6 million thanks to Nordex’s solid performance in new markets such as Latin America and Asia. The company noted that sales in the Americas in particular grew at high three-digit rate. Globally, Nordex installed 279 turbines of a total 667 MW, up 19%.

First-half order intake rose to EUR 908.9 million from EUR 839.4 million a year back and order backlog increased to EUR 1.4 billion at the end of the period compared with EUR 1.3 billion as of December 31, 2013.

Nordex reiterated its previous guidance for 2014 sales of between EUR 1.5 billion and EUR 1.6 billion. EBIT margin is still seen at 4-5% and order intake is expected to be as much as EUR 1.7 billion.

(EUR 1.0 = USD 1.338)

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