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20 Mar '17, 10am

Nordex CEO quits after poor forecast

Nordex CEO quits after poor forecast

The German manufacturer announced at the end of February it would reduce its forecast for the 2017 and 2018 financial years after a review of its budgets. The firm said the fall in revenues was due to "reduced expectations for businesses in certain core markets". On 1 March, Nordex reported a 56.6% increase in earnings year-on-year, but warned of continued pricing pressure over the next two years. This warning was echoed by compartriot Senvion . Shares in the company fell around 35% after it announced revenues in 2017 should be €3.1-€3.3 billion, and €3.4-3.6 billion in 2018, down from an expected €4.2 billion. Nordex share price fell from €19.72/share prior to the forecast warning to a low of €13.10/share and has not shown any signs of recovery since, trading on 20 March at €13.78/share. On his resignation, Krogsgaard said: "Nordex is fundamentally stronger than ever, but...

Full article: http://www.windpowermonthly.com/article/1427875/nordex-ce...

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