By Anastasiia Kozlova
(Reuters) – Wind turbine maker Nordex on Thursday said it expected its full-year core profit margin to come at the top end of its earlier 3-4% guidance range, helped by continued strong growth in its third-quarter earnings.
Wind power producers are facing growing headwinds with Donald Trump’s victory in the U.S. presidential election, right-wing sentiments in Europe and competitive pressures from China. But Nordex is still showing good order momentum thanks to robust demand in its core regions, mainly in Europe.
The company, which competes with GE and Siemens Energy in the onshore wind turbine market, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 71.5 million euros ($76.8 million) for the third quarter, up 33% from a year earlier.
“This puts us on a strong path to further improve profitability and reach our mid-term goal of an 8 percent EBITDA margin,” CEO José Luis Blanco said in the earnings statement.
The results came in contrast with bigger Danish rival Vestas, which on Tuesday reported lower-than-expected operating earnings for the quarter and said it expected its operating margin to come at the lower end of its guidance range.
($1 = 0.9308 euros)
(Reporting by Anastasiia Kozlova; editing by Milla Nissi)
