Dhe wind turbine manufacturer Nordex started the new year with high losses. Costs for the realignment of the company in rotor blade production, lower installation performance and increased raw material and logistics costs led to a consolidated loss of almost 151 million euros in the first quarter, as the company announced on Tuesday in Hamburg. In the same period of the previous year, Nordex recorded a minus of almost 55 million euros. The adjusted operating result before realignment costs (Ebitda) slipped into the red at 52 million euros, after a profit of 10.4 million euros in the previous year.
At the end of January, Nordex announced that it would discontinue rotor blade production at its German site in Rostock at the end of June. This is justified with a difficult competitive environment and a shift in demand for larger rotor blades that could not be manufactured in Rostock. According to the latest information, around 600 employees are affected.
The change in production to other rotor blades and a lower installation performance due to the weather led to a drop in sales of a good quarter to 933 million euros. Incoming orders without the service business were 903 million euros and thus slightly below the previous year’s figure. Nordex confirmed the lowered forecast at the end of May. The company also confirmed its medium-term goal of achieving an operating margin (Ebitda) of eight percent. For 2022, the wind turbine manufacturer is assuming minus four to zero percent for this key figure.
Nordex had to postpone the presentation of the figures for the first quarter due to a cyber security incident. The company’s stock fell on Monday from the SDax small value segment.