CAPTION: German wind turbine manufacturer Nordex reports Q1 loss on weak sales. (icture alliance/dpa)
German wind turbine manufacturer Nordex reported that its first-quarter consolidated net loss stood at €150.5 million ($159 million), with profitability impacted by higher raw material and logistics costs.
The Q1 loss was wider than the prior year's loss of €54.7 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) were minus €88.9 million, compared to positive €10.4 million last year.
The company generated sales of €933 million, down 25.4% from €1.25 billion a year ago. The trend in sales is attributable to a planned change in production to different blades and weather-related lower installation output.
Nordex installed 197 wind turbines in 12 countries with an aggregate output of 867 MW in the first quarter of 2022. In the prior-year quarter, 381 wind turbines with an aggregate output of 1,453 MW were installed in 19 countries.
Looking ahead, the company confirmed its recently updated guidance for 2022 and mid-term strategic target of 8%.
The company now expects consolidated sales of €5.2 billion to €5.7 billion and an operating margin of -4% to 0%.
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