Nordex Stock Rises: Nordex Back in The Black
Hamburg, Germany - Wind turbine manufacturer Nordex has achieved a turnaround in the past 2023 financial year and is back in the black operationally.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached break-even on a full-year basis at EUR 2.0 million (previous year 2022: minus EUR 244 million). This corresponds to an EBITDA margin of zero per cent (previous year 2022: minus 4.3 per cent) and is roughly in the middle of the expected corridor of minus 2 to plus 3 per cent.
"2023 was a transition year with a step-up in the right direction. Looking back, business performance has developed as assumed at the beginning of the year. After a weak start, as expected, we gradually improved each quarter with a stronger second half of the year. Overall, we reached break-even in terms of profitability and now have laid a good foundation for our further business development," explains José Luis Blanco, CEO of the Nordex Group.
The Nordex share is in strong demand in today's trading, climbing by more than 7 per cent to a current price of around EUR 10.20.
Source: IWR Online, Feb 02 2024