Nordex Cost Cuts Raise Prospects for Best Turnaround
This article is for subscribers only.
German wind-turbine maker Nordex SE is set to achieve its cost-cutting program this year and has sold out of its newest-model machine, raising prospects for the biggest earnings comeback among renewable-energy companies.
The unprofitable manufacturer told analysts in Frankfurt it’s on target to cut product costs 15 percent over three years and will seek a further 4 percent cut in 2013, Ralf Peters, head of Nordex investor relations, confirmed after the closed-door meeting yesterday. The Hamburg-based company sold the 60-plus production run of its 2.4-megawatt turbine that debuted this year, he said. The stock rose to its highest in more than four months.