Nordex cuts Q1 losses
Surge in European sales drives manufacturer towards break-even
German wind turbine manufacturer Nordex reported reduced losses in Q1 2013 results out today.
The loss in earnings before interest (EBIT) was “fully in line with budget” at €0.6m on 31 March, compared to €9m of red ink the previous year, the company said.
Consolidated net loss was €8.4m, compared with a loss of €14m year on year.
Globally, Nordex experienced its “best first quarter since 2008”. Turbine production was up 60% and installations more than doubled compared to a year ago. Firmly financed orders grew to €1141m from €837m in 2012.
The change in fortune was driven largely by a surge in demand in Europe, which contributed 94% of sales in the quarter.
Business in America contracted 57.6% to account for only 5% of consolidated sales, while activity in Asia “remained persistently weak”.
However, this was offset by reduced structural costs following closures of factories in the United States and China which had been operating below capacity.
Image: The Delta turbine (Nordex)