German wind turbine manufacturer Nordex reports Q1 loss on weak sales

Rostock, Germany (dpa) - German wind turbine manufacturer Nordex reported on Tuesday that its first-quarter consolidated net loss stood at ?150.5 million ($159 million), with profitability impacted by higher raw material and logistics costs.

The Q1 loss was wider than the prior year's loss of ?54.7 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) were minus ?88.9 million, compared to positive ?10.4 million last year.

The company generated sales of ?933 million, down 25.4% from ?1.25 billion a year ago. The trend in sales is attributable to a planned change in production to different blades and weather-related lower installation output.

Nordex installed 197 wind turbines in 12 countries with an aggregate output of 867 MW in the first quarter of 2022. In the prior-year quarter, 381 wind turbines with an aggregate output of 1,453 MW were installed in 19 countries.

Looking ahead, the company confirmed its recently updated guidance for 2022 and mid-term strategic target of 8%.

The company now expects consolidated sales of ?5.2 billion to ?5.7 billion and an operating margin of -4% to 0%.

# Notebook