March 24, 2014 / 11:11 AM / 4 years ago

UPDATE 1-Wind turbine maker Nordex posts first net profit in three years

* Says 2013 net income 10.3 million euros

* Sees EBIT margin rising to 3.5-4.5 pct in 2014

* Expects sales of 1.4-1.5 billion euros this year

* Shares rise 2.2 pct (Adds details on outlook, industry context, shares)

FRANKFURT, March 24 (Reuters) - German wind turbine maker Nordex posted its first net profit since 2010 on Monday as cost cutting and new products helped it more than double its share of its core European market at the expense of rivals.

Net profit for 2013 reached 10.3 million euros ($14.20 million), in line with guidance from Chief Financial Officer Bernard Schaeferbarthold in an interview with Reuters in February.

“The turnaround is concluded,” Chief Executive Juergen Zeschky told reporters during Nordex’s annual news conference.

Shares in the company rose 2.2 percent by 1103 GMT.

Nordex said its margin for earnings before interest and tax (EBIT) was set to rise to 3.5-4.5 percent this year, up from about 3 percent last year.

Sales are expected to come in at 1.4-1.5 billion euros in 2014, compared with 1.43 billion last year and in line with the 1.47 billion Thomson Reuters I/B/E/S estimate.

Emerging from a global overcapacity crisis, Nordex has cut costs and closed down production lines abroad, focusing on a new line of turbines.

Along with peers, including sector leader Vestas as well as China’s Goldwind, Nordex, the world’s No.10 maker of wind turbines, was hit when lavish state subsidies for wind power were scaled back in Europe.

Nordex, which also competes with Spain’s Gamesa and India’s Suzlon Group, is part-owned by BMW shareholder Susanne Klatten, Germany’s richest woman. ($1 = 0.7256 euros) (Reporting by Christoph Steitz; Editing by Victoria Bryan and Louise Ireland)

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