Nordex orders drop 32%
‘Muted’ new business in Europe the main reason for the fall to €905m
Nordex Group reported a 32% drop in orders to €905m in the first half of 2017, compared with more than €1.3bn in the same period last year.
The manufacturer said “muted new business in Europe” was the main reason for the fall.
Operating earnings were also down at €117.5m in the first six months of the year, from €136.6m in 2016. Nordex said this result was in line with expectations.
However, sales at the company rose to more than €1.50bn in the first half of 2017, up from €1.48bn in the same period last year.
Nordex also reported growth in its service business, up 24% on last year at €150.3m from €121.2m in 2016.
Output improved in both turbine assembly and rotor blade production in the first six months of 2017, the company said.
Turbine assembly output increased 18% to 1536MW, compared with 1298MW last year.
Nordex said the growth in output was “largely due to the production of wind power systems in Spain, where Nordex addresses non-European market demand”.
Rotor blade production increased by 30% in the first half of the year, “reflecting preparations for non-European projects scheduled for short-term completion”, the company said.
As of 30 June, Nordex had an order backlog including its service business of €3.6bn.
Sales for the whole of 2017 are expected to be in the range of €3.1bn to €3.3bn, the company said.
Nordex chief executive José Luis Blanco said: “Our focus is now on landing the projects that we are in an inch of getting.
“And we are responding to the changes in business volumes by stepping up cost discipline to support our profitability.”