Nordex SE (NRDXF.PK), a provider of wind turbines, Wednesday reported a narrower loss at EBIT level for the first quarter, reflecting increase in sales and reduced structural costs in the United States and China.
For the quarter, the firm's loss at EBIT level narrowed to 0.6 million euros, from 9 million euros reported during the corresponding quarter last year. The consolidated net loss declined by 40 percent to 8.4 million euros from the prior year's 14 million euros.
For the three-month period, the firm reported sales of 259 million euros, a 30.6 percent increase from the prior year's 198.3 million euros. This reflects strong business in the core European region, which contributed 94 percent of sales. While America region contributed 5 percent to the sales, Asian business remained weak.
The greater volume of business was also reflected in production and installation activity. Nordex produced 60 percent more turbines in the first quarter, completing more than twice the capacity of the same period previous year.
Nordex SE confirmed its forecast for 2013 and expects a further increase in sales to 1.2 - 1.3 billion euros. Given slightly weaker capacity utilisation in the first half of the year compared with the second half, management expects operating earnings to improve in the final quarters, resulting in a full-year EBIT margin of 2 - 3 percent.
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