Nordex sees higher sales in 2010, keeps 2009 outlook

German wind turbine maker Nordex sees sales growth and higher profitability next year after its US business helped it report underlying third-quarter earnings that beat market expectations.

Nordex said on Tuesday it expected top-line growth in 2010 "in the single-digits or low teens accompanied by a sustained improvement in profitability", and also confirmed its 2009 outlook of sales of about 1.2 billion euros (USD 1.8 billion).

Wind turbine makers are hoping for a pick-up in the market following months of customer delays and financing problems, with governments around the world - most notably the United States - boosting spending on renewable energy.

Market leader Vestas in late October reported a bigger-than-expected rise in third-quarter operating profit, kept its 2009 outlook, adding it expected an EBIT margin of 10-12% and revenues of 7-8 billion euros in 2010.

It chief executive then said he saw determination in the world's biggest economy to "re-engage in a big way" in the wind energy market.

However, German peer REpower, majority owned by Indian company Suzlon, earlier this month said the expected recovery of the US market had so far failed to materialise, but stuck to its 2009-10 forecast.

Nordex said third-quarter earnings before interest and tax (EBIT) came in at 12.4 million euros, above the 11.5 million forecast in a Reuters poll. But third-quarter sales of 301.5 million euros slightly missed the 308 million forecast.

According to Thomson Reuters database StarMine, which weighs analyst estimates based on their track records, Nordex trades at 19.7 times 12-month forward earnings, a premium to Vesta's 17, but at a discount to Suzlon's 39.

($1 = 0.6679 euro)