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Nordex Gains Most in Two Years on Sales Outlook: Frankfurt Mover

March 11 (Bloomberg) -- Nordex SE, a German wind-turbine maker, rose the most in two years in Frankfurt trading after increasing its sales outlook for the year.

Nordex climbed 15 percent to close at 4.43 euros, the biggest gain since March 2011, after saying today it sees sales as high as 1.3 billion euros ($1.7 billion) and a margin on earnings before interest and taxes of as much as 3 percent.

Revenue jumped 17 percent to 1.075 billion euros last year, the Hamburg-based manufacturer said in its statement.

“The numbers are phenomenal,” said Wais Samadzada, a Montega AG analyst with a buy recommendation. “Nordex raised its sales guidance for this year and generated an extremely positive cash flow in 2012. While consolidation will probably continue to hit the wind industry, Nordex is protected.”

Wind-turbine installations in Germany may rise as much as 43 percent this year as the home of Siemens AG and Nordex defies a global slump, the BWE wind lobby said on Jan. 30. That may help producers that cut prices to compete with Asian peers after U.S. and European governments lowered clean-energy incentives.

Nordex’s outlook “could trigger upward revisions with regard to the 2013 consensus,” Christopher Rodler, an analyst at Warburg Research, said in an e-mailed note.

Nordex booked 75 million euros of charges after output and job cuts in the U.S. and China, where sales fell. It instead focused on higher margins in Europe and Africa, Samadzada said.

The producer also was first to mimic carmakers in reducing costs by assembling in platforms, where different models are built on top of a unified chassis, he said.

“While large wind turbine manufacturers such as Siemens AG and Vestas Wind Systems A/S want to manufacture in platforms, Nordex is already there,” Samadzada said. “They’re about two years ahead of the pack.”

To contact the reporter on this story: Stefan Nicola in Berlin at

To contact the editor responsible for this story: Reed Landberg at

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