Nordex experienced a significant drop in revenue and profit for the first half of 2018 but remains “on track” to meet full-year expectations.
The German manufacturer posted sales of €957.1m in the first six months of the year compared with €1.5bn in the year-ago period.
Operational earnings were €38.4m compared with €117.5m in the corresponding period of 2017, with the EBITDA margin at 4% compared with 7.8%.
Service sales grew by 7.7% year-on-year to €150.2m during the first half while project sales declined 41% to €797m.
Orders were healthy at 2.1GW compared with just 900MW in the year-ago period, led largely by Latin America and Europe.
“The global positioning of our company is paying off,” said chief executive Jose Luis Blanco. “While orders in the wind energy sector remain flat in our home market Germany, Nordex has secured numerous orders in its international markets.”
Nordex confirmed its 2018 guidance of consolidated sales of up to €2.6bn and an EBITDA margin of up to 5%.
Image: Nordex
Nordex rides rough and tumble
By EBS