German wind turbine-maker Nordex Group has registered earnings before interest, taxes, depreciation and amortisation (EBITDA) of €48m ($52.12m) for the third quarter of 2023 (Q3 2023), versus a €27m loss in the same period of 2022.
The company’s consolidated net loss in the first nine months of 2023 was €333.7m, a 10.2% improvement from a €371.6m loss a year previously.
In the nine months that ended on 30 September 2023, its sales were €4.47bn. This represented a 15.6% increase from €3.87bn in the previous year.
Gross revenue rose 13.6% to €4.42bn from €3.9bn, while operating loss (EBITDA loss) narrowed to €66.6m.
Nordex's EBITDA for the January to September 2023 period stood at a negative €66.6m, improving 66.7% from a negative €199.8m in the same period of 2022.
Earnings before interest and taxes (EBIT) in the nine months of 2023 was negative €205m, compared with negative €330.3m in the same period the year before.
Free cash flow improved 38.1% to negative €283.4m from negative €458m. Capital expenditure dropped 33.4% to €83m from €124.6m.
The improvement in performance was driven by an accelerated installation pace along with a higher average selling price per megawatt.
Order intake in the projects segment for the nine months of 2023 was €4.1bn, a 13.6% growth from €3.6bn in the same period of 2022.
The installed capacity for the period was 5.5GW through the deployment of 1,090 turbines, a 53.7% increase from 3.6GW the previous year through the installation of 791 turbines.
Nordex CEO José Luis Blanco stated: “The third quarter was marked by a high installation level for the Nordex Group. As a result, we achieved an improvement in our sales and earnings as higher-margin projects were completed.
“Looking ahead to the fourth quarter, we also expect a high level of intensity with some short-term challenges emerging, which can result in increased volatility in project execution. Therefore, delivering according to plan is important to further increase our profitability.”
The company has projected 2023 consolidated sales of €5.6bn–6.1bn, and an EBITDA margin between negative 2% and positive 3%.
