Nordex dips as market tightens
'Intensive steps' underway as 2017 sales and operating profit fall
Nordex reported reduced 2017 revenue on the back of project delays, resulting in a decline in full-year operating profit.
The turbine manufacturer said in preliminary results that sales were €3.08bn over the 12 months, down from €3.4bn in 2016, with installed capacity during the year flat at 2.7GW.
EBITDA was €242m, down from €285.5m in 2016, excluding exceptional items in connection with an ongoing cost-cutting programme.
Nordex met its profitability expectations with an EBITDA margin of 7.9%.
The company is currently working to produce cost reductions of €45m in 2018 while also investing €144.3m to develop new products.
“We took intensive steps to adjust to new market conditions,” said chief executive Jose Luis Blanco.
“We have lowered our structural costs permanently and sped up the roll-out of new and substantially more efficient turbines in the market,” he added.
Full financials and the outlook for 2018 will be published on 27 March.