By Nina Kienle
Nordex shares rose Monday after the company posted preliminary results for 2023 which exceeded expectations.
At 0950 GMT, shares rose 5.4% at EUR10.02.
The Germany-based manufacturer of wind turbines reported sales of 6.5 billion euros ($7.01 billion), up from EUR5.7 billion in the prior year, which exceeded Nordex’s EUR5.6 billion to EUR6.1 billion guidance for revenue.
Earnings before interest, taxes, depreciation, and amortization amounted to EUR2 million compared with a EUR244 million loss a year ago. The company said the result corresponds to an Ebitda margin of 0%, which came within its estimated range of negative 2% to positive 3% for the year.
Analysts had expected Nordex’s 2023 sales at EUR6.08 billion and Ebitda at EUR0.82 million, according to consensus complied by Visible Alpha.
The company is set to disclose full-year 2023 results along with this year’s guidance on Feb. 29, it said.
Write to Nina Kienle at [email protected]
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