Nordex Stock Rises: Nordex Back in The Black

Hamburg, Germany - Wind turbine manufacturer Nordex has achieved a turnaround in the past 2023 financial year and is back in the black operationally.

According to the preliminary results, the company increased consolidated sales to just under EUR 6.5 billion (previous year: EUR 5.7 billion) and exceeded the upper end of the forecast range of EUR 5.6 to 6.1 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached break-even on a full-year basis at EUR 2.0 million (previous year 2022: minus EUR 244 million). This corresponds to an EBITDA margin of zero per cent (previous year 2022: minus 4.3 per cent) and is roughly in the middle of the expected corridor of minus 2 to plus 3 per cent.

"2023 was a transition year with a step-up in the right direction. Looking back, business performance has developed as assumed at the beginning of the year. After a weak start, as expected, we gradually improved each quarter with a stronger second half of the year. Overall, we reached break-even in terms of profitability and now have laid a good foundation for our further business development," explains José Luis Blanco, CEO of the Nordex Group.

The Nordex share is in strong demand in today's trading, climbing by more than 7 per cent to a current price of around EUR 10.20.

Source: IWR Online, 12 Feb 2024