Q3 2024 Nordex SE Earnings Call Transcript
Key Points
- Nordex SE (NRDXF) reported a stable pricing environment with an average selling price of EUR 0.9 million per megawatt, indicating strong market demand.
- The company achieved a significant improvement in gross margins, reaching 21.6% in Q3 2024 compared to 18.3% in the same period last year.
- Nordex SE (NRDXF) ended the quarter with a healthy liquidity level of EUR 962 million, reflecting strong financial management.
- The order book remains robust at EUR 11.5 billion, with a notable increase in service order book by 29% year-on-year.
- The company is on track to achieve its midterm EBITA margin target of 8%, supported by a stable market environment and strong order intake pipeline.
- Total installations in 2024 are expected to be slightly lower than in 2023, indicating potential challenges in scaling operations.
- The company faces geopolitical uncertainties, such as potential changes in the US and German political landscapes, which could impact future market dynamics.
- Legacy projects continue to affect profitability, with some projects having lower than average profitability.
- There is ongoing competition from Chinese manufacturers in certain markets, which could pressure pricing and market share.
- Provisions related to legacy products have increased, reflecting ongoing challenges in resolving past issues and impacting financial performance.
Thank you, sir and also a very warm welcome from the Nordex team here in Hamburg. Thank you for joining the Q3 2024 Nordex conference call. As always, we ask you to take notice of our safe harbor statement with me. Our CEO Jose Luis Blanco, our CFO I Harman our CSO Kilana, all three of them will lead you through the presentation as usual afterwards, we will then open the floor for your questions.
And now I would like to hand over to our CEO Jose Luis. Please go ahead.
Thank you. Thank you very much Ania for the introduction. I would like as well on behalf of my colleagues to welcome you to the call and appreciate your participation. I would like to start with our as always our executive summary for the first three quarters of 2024. In the first three quarters of this year, we secure an order intake of 5.1 gigabytes compared to 4.9 gigabytes last year.
Pricing. Again, continue to be stable with average selling price of around 0.9 million per megabyte
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