Markets News

UPDATE 1-Wind turbine maker Nordex expects 2020 sales to rise by a third

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FRANKFURT, Nov 9 (Reuters) - German wind turbine maker Nordex on Monday said it expected 2020 sales to rise by a third to 4.4 billion euros ($5.2 billion), adding the impact from the coronavirus crisis on its supply chain would ease from next year.

“The Nordex Group expects its future business performance to be positive. The highly competitive Delta4000 series is making an important contribution to this, with consistently high demand and good market positioning,” it said.

Nordex, which competes with Siemens Gamesa and Vestas, also said it expects its core profit (EBITDA) margin to decline to 2%, from 3.8% last year. Nine-month core profit climbed 18% to 70.8 million euros, the group said.

The company, in which Spain’s Acciona owns 36.41%, earlier this year withdrew its outlook for 2020, citing the COVID-19 pandemic’s impact on key markets and supply chains. It had originally expected sales of 4.2-4.8 billion euros and EBITDA of 160-240 million.

Nordex also said it expected sales of 5 billion euros and EBITDA margin of 8% in 2022. ($1 = 0.8462 euros) (Reporting by Christoph Steitz; editing by David Evans and Alistair Bell)