High Flight: Nordex Stock in the Fast Lane in November
Münster, Germany - Since the resumption of the annual forecast and publication of the 9 monthly figures on November 9, 2020, the stock of the German wind turbine manufacturer Nordex has been doing well. Supported by a further major order from the USA, the shares of the RENIXX Company have risen by around 40 percent since then.
In the first nine months of the year, Nordex increased its sales by over 63 percent year on year to EUR 3.17 billion (9M/2019: EUR 1.94 billion). This sales growth was primarily due to a substantially higher number of installations and production in the Projects segment. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 70.8 million (9M/2019: EUR 60.2 million), corresponding to an EBITDA margin of 2.2 percent (9M/2019: 3.1 percent). The sale of the project development business had a positive impact on the EBITDA margin in the amount of a gross inflow of around EUR 400 million, while Covid-19 and significant one-off effects had a dampening effect.
In its new forecast, Nordex expects consolidated sales of around EUR 4.4 billion and an EBITDA margin of 2 percent for the year as a whole. The Group expects a positive trend for 2021. A comprehensive corporate program comprising important initiatives for further improving operating business in order to secure the Group's strategic goals is making a key contribution to this. In 2022, the Board of Management intends to generate sales of around EUR 5 billion with an EBITDA margin of 8 percent.
"By the end of 2020, we will have evolved the Nordex Group into a 6 GW company – despite the ongoing COVID-19 pandemic. Meanwhile our supply chain has largely recovered, production is also returning to normal for the most part and our concepts are effective," said Nordex CEO José Luis Blanco on the publication of the 9-month figures. The focus is now on implementing the corporate program efficiently and expanding capacity and supply chains in India for the global market in order to achieve the strategic goals for 2022, Blanco continued.
Source: IWR Online, 23 Nov 2020