Nordex keeps 2022 outlook amid sales drop, loss in H1

Nordex SE (ETR:NDX1) has maintained its guidance for 2022 as sales and earnings decreased in the first half of the year in line with expectations.

The German wind turbine maker switched to a loss before interest, tax, depreciation and amortisation of EUR 173.3 million (USD 178.24m) in the first half of 2022 from earnings of EUR 68.4 million a year earlier. Sales in the period fell 21.2% on the year to EUR 2.1 billion while the EBITDA margin stood at minus 8.1%, Nordex said on Sunday.

The net loss swelled to EUR 283.2 million from EUR 63.7 million.

The decline in both earnings and sales was caused by low installation figures outside Europe and Latin America as well as higher costs for energy, raw materials and logistics as a result of the pandemic and the war in Ukraine.

A substantial decline was observed in the installations of wind turbines. In the first six months of 2022, the group set up 416 machines with a total output of 1.9 GW compared with 775 wind turbines of a combined 3.0 GW installed a year earlier.

The manufacturer increased its order intake in the Projects segment by 7.9% to 3.0 GW, winning new orders worth EUR 2.36 billion. Europe remains the largest market for the group, accounting for 70% of the new work.

"We continue to see a strong order book and have a competitive product portfolio. We are therefore confident that we will benefit from the positive growth prospects of our industry in the mid-term,” said chief executive Jose Luis Blanco.

Consolidated sales in 2022 are seen in the range of EUR 5.2 billion to EUR 5.7 billion and the EBITDA margin is projected at minus 4% to 0%.

The strategic medium-term goal for an EBITDA margin of 8% was also reiterated.

(EUR 1 = USD 1.029)

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