Economy: Nordex Order Intake Declines in First Quarter of 2021
Hamburg, Germany – The wind turbine manufacturer Nordex received orders for a total of 279 wind turbines with a total capacity of 1,247 megawatts (MW) in the first quarter of 2021.
With an output of 906 MW, around 74 percent of the turbines are attributable to the higher-margin Delta4000 series, with all other turbines belonging to the Delta series in the 3 MW class. The regional focus in the first quarter was on Europe. In ten European countries, Nordex received orders for a total capacity of 1,151 MW in the first quarter of 2021. The largest individual markets were Spain, Turkey, Germany and Finland. With an order from Mexico, the Latin America region also accounted for 96 MW.
"In the first quarter, we benefited from our traditionally good positioning in European markets such as Germany, Spain and Turkey, but also won projects in Italy, Poland and Lithuania, for example. In addition to the N149, the success of the Delta4000 series is also increasingly based on the other rotor variants N133, N155 and N163, which allows us to cover all wind classes", said José Luis Blanco, CEO of the Nordex Group.
Nordex stock gains slightly
The share price of the RENIXX-listed Group rose by 1.5 percent to EUR 24.66 in yesterday's trading (closing price, April 15 2021, Stuttgart Stock Exchange). This represents an increase of 11 percent since the beginning of the year. Alongside China Longyuan, Daqo New Energy, Sunpower and Tesla, Nordex is thus one of the few companies in the global stock index for renewable energies RENIXX World to be trading in positive territory for the year to date.
Outlook for 2021 positive
The wind turbine manufacturer recently issued a positive outlook for 2021 as a whole. The Nordex Group expects consolidated sales to increase to EUR 4.7 to 5.2 billion (2020: EUR 4.65 billion). In terms of the EBITDA margin, the company is targeting a range of 4.0 to 5.5 percent, which should gradually increase over the course of the year (2020: 2.0 percent). According to Nordex, the reason for this is that low-margin projects come to an end and the more profitable Delta4000 platform gains a greater share of projects. In addition, the Nordex Group currently expects the impact of the Covid-19 pandemic on its business to be reduced from the second quarter onwards. The stabilized supply chain and proven concepts for working effectively and efficiently in all areas of the Company even under pandemic conditions also play an important role. Overall, Nordex considers itself to be on the right track and confirms its strategic targets for 2022, i.e. sales of around EUR 5 billion and an EBITDA margin of 8 percent.
Source: IWR Online, 16 Apr 2021