Nordex hikes Jan-Sep profit, upgrades 2014 revenue forecast

Nov 13, 2014 - German wind turbine maker Nordex SE (ETR:NDX1) said today it had lifted its January-September net profit to EUR 28 million (USD 35m) and upgraded its full-year revenue guidance.

For comparison, the company’s bottom line in the first nine months of 2013 stood at EUR 5.3 million. In view of the improvement, Nordex now expects to book sales of between EUR 1.65 billion and EUR 1.75 billion in 2014, as compared to EUR 1.5 billion-1.6 billion previously. Its earnings before interest and tax (EBIT) margin is seen at 4.5%-5%, instead of less than 5% previously.

Nordex’s EBIT in the first nine months of 2014 jumped by 93% year-on-year to EUR 59.9 million, while EBIT margin went up to 4.7% from 3%, mainly thanks to economies of scale.

Revenues climbed by 20.5% to EUR 1.27 billion, helped by increased sales in the Americas. Sales in Europe, the Middle East and Africa (EMEA) region rose by almost 9% to over EUR 1 billion. Globally, Nordex installed 1,068 MW of wind turbines, up 15.6% on the year.

January-September order intake went up to EUR 1.25 billion from EUR 1.19 billion and order backlog increased to EUR 1.35 billion at the end of the period, compared with EUR 1.26 billion at end-December 2013.

Free cash flow increased to EUR 119.8 million from EUR 23.8 million at the end of December 2013.

(EUR 1.0 = USD 1.247)

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