Nordex Group earnings were down 13.4% in the first quarter of 2017 at €51.2m, compared with €59.1m in the same period of 2016.
Consolidated net profit also fell to €7.1m from €25.5m the previous year, a drop of 72.2%.
However, sales increased to €648.4m in the first three months of the year, from €637m last year, while revenue was up 3.7% to €663.6m.
Nordex said the results were in line with expectations and its outlook for 2017 remains unchanged.
It expects sales for the year to be between €3.1bn and €3.3bn.
“The 2017 forecast reflects the overall subdued estimates for the market with high price pressure which in turn is visible in the sales and earnings figures,” the company said.
Nordex added that several order delays and a “slower than initially expected business start in India” had also impacted the company.
However, it expects the order intake to “pick up significantly” particularly in North and Latin America.
Image: Nordex
