Net earnings (EBITDA) at Nordex more than halved in the first quarter of 2018 to €20m, from €51.1m in the year-ago period, due mainly to a low order intake in the company’s home market of Germany.
The manufacturer said its EBITDA margin stood at 4.1% for the three months of this year, compared with 7.9%, with sales at €488m, down from €648m.
Nordex installed 171 turbines in eight countries totalling 523MW, up from 416MW installed during Q1 2018, with Latin America accounting for around half of total capacity.
Sales increased in the company’s service division by 8% to €72.8m.
However, new orders for turbines rebounded in the three months to a shave over 1GW, up from 368MW, largely on the back of increased demand from Europe led by Turkey, France and Sweden.
The German company said Q1 was a “solid start” in line with expectations.
The manufacturer also said its balance sheet structure has “changed significantly” due to new accounting standards. Net debt now totals €152m compared with €60m at end-December 2017.
Image: Nordex
German hangover knocks Nordex
By EBS