Wind turbine maker Nordex turns corner in overhaul

marinelink.com
Friday, February 28, 2014

Shares rise 4.6 percent to top TecDAX.

German wind turbine maker Nordex on Friday said it had swung to an operating profit last year, boosted by stronger demand in its core European market as well as cost cuts after shutting down production in China and the United States.

Nordex said its earnings before interest and tax (EBIT) reached 44.3 million euros ($60.6 million) in 2013, up from a loss of 61.1 million euros in 2012. Sales grew a third to 1.429 billion euros, the group said.

Analysts had, on average, expected an EBIT of 46.9 million euros on sales of 1.417 billion. "We were able to achieve our planned turnaround in 2013. It is now very important to ensure that this success is made permanent and, in particular, that we achieve our medium-term goal of further improvement in profitability," Chief Executive Juergen Zeschky said in a statement.

Nordex shares, which have more than tripled since the beginning of last year, were up 4.6 percent, at the top of Frankfurt's technology index. Nordex, along with peers Vestas, Gamesa and Enercon, is slowly emerging from an industry crisis triggered by overcapacity crisis and scaled-back state subsidies, much similar to the shakeout that has hit the solar power industry in recent years.

The company, which is part-owned by the Klatten family, a major shareholder in automaker BMW, saw particularly high demand for its products in Europe, where sales surged by more than 50 percent, outpacing a 6-percent decline in newly installed wind capacity.
 

Reporting by Christoph Steitz

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Corima Acquires Damen ASD 2810 Tug

On 20 January 2016, Corima, part of the Italy-based Gesmar Group, held an official handover ceremony for a Damen ASD 2810 tug. The festivities were attended by

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

Finance

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Energy

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0784 sec (13 req/sec)