Nordex Q1 Loss Widens On Weak Sales; Confirms FY22, Medium Term View
Nordex AG (NRDXF.PK), a German wind turbine maker, reported Tuesday that its first-quarter consolidated net loss was 150.5 million euros, wider than prior year’s loss of 54.7 million euros.
Earnings before interest, taxes, depreciation, and amortization or EBITDA were minus 88.9 million euros, compared to positive 10.4 million euros last year. Adjusted EBITDA was negative 52.0 million euros, and the adjusted EBITDA margin was minus 5.6 percent, compared to last year’s positive 0.8 percent.
Profitability was impacted by higher raw material and logistics costs.
The company generated sales of 933 million euros, down 25.4 percent 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 Group 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 percent EBITDA margin.
The company now expects consolidated sales of 5.2 billion euros to 5.7 billion euros and an operating margin or EBITDA margin of minus four to zero percent.
Further, Nordex Group confirmed its strategic goal of achieving a Group EBITDA margin of 8 percent in the medium term, having already achieved its sales target of around 5 billion euros and production capacity of more than 6 GW.
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