Germany's Nordex, which competes with GE and Siemens Energy in the onshore wind turbine market, swung to a third-quarter operating profit, citing the completion of high-margin projects.

The wind sector is currently struggling with inflation and permitting delays, posing a major challenge for equipment manufacturers, which have to renegotiate contracts to avoid being left with loss-making projects.

Nordex, 47.1% owned by Spain's Acciona, posted third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) of 48 million euros ($51.4 million), compared with a loss of 27 million euros in the same period last year.

Shares of the Frankfurt-listed company were up 2.8% at 0716 GMT.

"The third quarter was marked by a high level of installation by Nordex Group. As a result, we have achieved an improvement in our sales and profits thanks to the completion of higher-margin projects," said Jose Luis Blanco, CEO.

"Looking ahead to the fourth quarter, we also expect a high level of intensity with the emergence of some short-term challenges that may lead to increased volatility in project execution."

The group confirmed its outlook and continues to expect sales of between €5.6 billion and €6.1 billion in 2023, up from €4.5 billion last year, and an EBITDA margin of between -2% and +3%, up from -1.5% in 2022.

(1 U.S. dollar = 0.9346 euros)

(Report by Christoph Steitz; edited in Spanish by Benjamín Mejías Valencia)