Nordex's core profit margin for 2024 is at the upper end of its guidance range

Nordex, a manufacturer of wind turbines, said on Thursday that it expects its core profit margin for the full year to be at the upper end of its previous guidance range between 3-4%. This is due to continued growth in its third quarter earnings.

The wind power industry is facing increasing headwinds due to Donald Trump's win in the U.S. Presidential election, right-wing sentiments across Europe and competition from China. Nordex, however, is still enjoying a good order flow thanks to a robust demand for its products in Europe and other core regions.

The company reported earnings before tax, depreciation, and amortization (EBITDA), which was 71.5 million euro ($76.8 millions) for the third-quarter, a 33% increase from a year ago.

In the earnings report, CEO Jose Luis Blanco stated that "this puts us on a solid path to improve profitability further and reach our goal of an EBITDA margin of 8 percent by mid-term."

This was in stark contrast to the results of Vestas, the larger Danish competitor. Vestas reported on Tuesday lower-than expected operating earnings for the third quarter and stated that it expected the operating margin to be at the lower end its guidance range. $1 = 0.9308 euro (Reporting and editing by Milla Nissi; Anastasiia Kozolova)

(source: Reuters)