Nordex SE, whose losses have spurred a stock drop this year exceeding 20 percent, jumped the most in nine months after the German maker of wind turbines returned to profit and said orders put its 2012 sales goal within reach.
Nordex gained as much as 8.7 percent to 3.20 euros, the biggest intraday increase since Feb. 2, and traded up 6.7 percent as of 1:02 p.m. in Frankfurt. Volume was almost four times the three-month daily average.
Third-quarter earnings before interest and taxes amounted to 15.4 million euros ($19.6 million), following a loss in each of the previous three quarters, according to results published today. Firm orders of 735.1 million euros, up from 515 million euros a year earlier, “ensure that the full-year sales target for 2012 will be achieved,” the Hamburg-based company said.
Operating profit amount to about 1 percent of full-year sales, compared with a previous margin forecast of 1 percent to 3 percent, it said. The prediction includes extra expenses resulting from delays in the delivery of towers and rotor blades, Nordex said. The company is optimistic of reaching the top end of its order forecast range of 1 billion euros to 1.1 billion euros.
“Third-quarter orders are weak, but the indication for the fourth quarter is encouraging,” Sven Kuerten, an analyst at DZ Bank in Frankfurt, wrote in a report to clients. Kuerten has a sell recommendation on the stock.
Nordex and market leader Vestas Wind Systems A/S of Denmark have slumped on stock markets this year as they struggle with narrowing margins. Wind-turbine makers across the globe have reduced prices to compete for orders with their Asian peers as U.S. and European governments cut clean-energy incentives to curb budget deficits.