New orders in Nordex Group’s projects business segment were down 49% to almost €1.11bn in first nine months of 2017, compared with about €2.17bn in the same period last year.
The German manufacturer’s service unit also suffered in the period, with new business of €193.9m, down from €424.1m in 2016.
The third quarter was particularly difficult, with only €203m of new project orders, compared with €841.0m last year.
Nordex said this was mainly down to the German market, where the order intake “remained in the single-digit million euro range”.
Revenue in the period remained static compared with last year at more than €2.36bn, the same figure as 2016.
However, earnings before interest, taxes, depreciation and amortisation fell 11% to €181.9m this year, from €203.9m in 2016.
Nordex chief executive Jose Luis Blanco described the current environment for wind turbine manufacturers as “turbulent times”.
He said: “Driven by the introduction of auction markets, wind power generation costs are rapidly closing in on the price level of conventional power sources and are already under cutting them in many markets.
“I am sure that this fact will spur on our sales opportunities in coming years. At the same time, this development poses a great challenge to the efficiency of our wind power systems.”
Blanco added that “without question” the company’s business performance is being “hit negatively by this intense competition”.