Vestas shows the way back to profitability while Nordex ties
Back to black. Good news for the sector and for Western manufacturers in particular, who are beginning to see light at the end of the tunnel. After some years of journey, Vestas has managed to return to profitability in the results of the year 2023, while Nordex has practically remained at a tie.
Let’s start with Vestas. These have been their highlights:
- Return to profitability with an EBIT of 1.5%. As a result, Vestas will pay bonuses to its employees for the first time in 4 years.
- Record orders with 18.4 GW thanks to significant growth in onshore and offshore.
- Revenues of 15,400 million euros due to price increases and growth in the services division.
Furthermore, Vestas commits to maintaining commercial discipline by prioritizing value over volume, while expecting revenues between 16,000 and 18,000 million euros in 2024 and an EBIT of 4-6%.
Here are the links to the reports for those who want more detail:
- Investor Presentation (pdf). Summary of the main data and figures.
- Annual Report 2023 (pdf). Complete report.
Nordex, on the other hand, has announced its preliminary results, of which we can highlight:
- Tie in profitability with an EBIT of 0% (2 million euros).
- Record orders with 7.4 GW.
- Revenues of 6,500 millions, even above the most optimistic forecast.
Financial reports presentations are not yet published, only this press release.
Regarding Siemens Gamesa and General Electric’s wind business, analyzing the results is a bit more complicated since they are diluted within their respective parent companies. However, in the case of GE, it will soon spin off GE Vernova, which will encompass the renewable and electrical networks business.
In the case of Siemens Gamesa, the latest available results are from Q1 of FY24 (the fiscal year does not align with the calendar year), but in any case, the picture is very different. They continue to face issues with the onshore 4.X and 5.X platforms, and the company is focused on resolving them, even having halted sales.
Here are the links to Siemens Energy’s presentations and reports:
As for GE, it can be interpreted as a mixed bag. The onshore business is profitable, while offshore seems to still have issues with Haliade X deliveries.
Here are the links to General Electric’s presentations and reports:
Sergio Fdez Munguía
Ingeniero en el sector eólico. Me apasiona el mundo de la energía. Disfruto aprendiendo.