Nordex has reported €101m in earnings before interest, taxes, depreciation and amortisation (EBITDA) in its preliminary results for the first nine months of 2021, compared with €71m in the same period in 2020.
The increase in earnings corresponds to an EBITDA margin of 2.5% compared to 2.2% for the first nine months of 2020.
Nordex said that despite “unexpectedly increasing headwinds in 2021”, it generated consolidated sales of €4bn in the first nine months of 2021, against €3.2bn in the same period in 2020.
This sales growth is due to a strong performance in installations and production in the projects segment of the group, Nordex said.
The guidance for the financial year 2021 has been revised to take into account developments in the third quarter and the outlook for the fourth quarter.
Driven by high demand and strong performance in project execution, Nordex said it now anticipates consolidated sales of €5–5.2bn in 2021 from €4.7-5.2bn previously.
Against the background of the unexpected cost increases because of the volatility in commodity and logistics markets, the operating (EBITDA) margin of previously 4-5.5% has been adjusted to around 1%.
Nordex CEP Jose Luis Blanco (pictured) said: “Sales have developed better than expected and initiatives to enhance operational excellence and further expand capacity have been very successful – but this has not been enough to fully offset the increasing costs of materials and logistics, particularly the surge in shipping costs during the third quarter.
“These inflationary pressures are currently severe, but in the medium term we expect to benefit from the fundamentals shaping the industry and to return to a more positive business development.”