HAMBURG (dpa-AFX) - The wind turbine manufacturer Nordex improved its sales and operating result last year. The Group, which competes in part with Denmark's Vestas and energy technology group Siemens Energy, was in the black in operating terms. Although Nordex's earnings fell somewhat short of analysts' expectations, the share price nevertheless rose sharply on Monday morning.

The stock, which is listed in the MDax mid-cap segment, rose by almost five percent in the morning, making it one of the biggest winners. The wind turbine manufacturer's key figures were solid overall, wrote Jefferies analyst Constantin Hesse in an initial reaction. Sales exceeded the average market expectation by seven percent.

The results thus underpinned the improvement in operating performance. Some investors may have doubted this recently, as a look at the share price performance shows. The Nordex share price had recently stabilized between around EUR 9 and around EUR 10 after a prolonged period of weakness - in 2023 it had fallen by 21 percent.

In 2023, revenue rose from EUR 5.7 billion to just under EUR 6.5 billion, as the company announced in Hamburg this morning on the basis of preliminary figures. Incoming orders increased from 6.3 gigawatts to 7.4 gigawatts. According to Nordex, the company gained market share in the process. Capital expenditure fell from EUR 205 million to around EUR 131 million and was well below Nordex's planned figure of EUR 200 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) broke even at EUR 2 million. In the previous year, a loss of 244 million euros was recorded. The corresponding margin was zero percent. Nordex's sales were stronger than previously forecast and the EBITDA margin was in line with the forecast range. Analysts had hoped for slightly better operating earnings.

"2023 was a year of transition with a step in the right direction," explained

direction", explained CEO José Luis Blanco. After a weak start, Nordex improved from quarter to quarter with a stronger second half of the year.

second half of the year. By reaching the break-even point, the company had "laid a good foundation for our future business development", said the manager.

Nordex intends to present its final figures on February 29. The company will then also issue its forecast for the current year./nas/niw/stk