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Nordex reduces 2010 revenue target

Nordex has reduced its 2010 revenue target to €1 billion, compared to the previous €1.2bn, as sales fall due to “weak market conditions”.

Nordex’ third quarter (Q3) sales fell 12% to €264.4 million. The EBIT fell 18% to €10.2m and the consolidated profit was down by over a quarter to €5.6m.

The wind turbine maker has launched a cost-cutting programme, but did not give details beyond, saying it has launched “an initiative to boost the efficiency of its turbines to enhance its competitiveness on a sustainable basis.”

For the time being, it does not appear as if Nordex is cutting staff, as it says rising staff costs and depreciation/amortization expense “reflects the company’s investments in its future profitability.”

Outlook

Despite the reduced revenue target for 2010, Nordex maintains its guidance of an EBIT margin widening to 4% from last year’s 3.5%.

In the fourth quarter, Nordex expects “a substantial increase in new business as a basis for growth in the new year,” and that the fourth is likely to be the strongest quarter in 2010.

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