For the second quarter alone, Vestas generated revenue of 2.557 billion euros, an increase of 46 percent from 1.749 billion euros, year-on-year. Earnings before interest and tax (EBIT) before special items jumped to Euro 399 million from Euro 145 million, with EBIT margin before special items gaining 7.3 percentage points to 15.6%. It now expects revenue of at least 9.5 billion euros, rather than the 9 billion guided previously.
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Vestas Wind Systems A/S (VWDRY.PK) reported that its second-quarter profit increased to 278 million euros from 125 million euros, prior year.
“Our colleagues have executed well on a high activity level, which along with a favourable mix of projects contributed to Vestas achieving extremely solid results on revenue, EBIT margin, net profit, and free cash flow”, chief executive Anders Runevad said in a statement. Its operating profit margin is forecast at a minimum of 12.5 percent, compared to the previous outlook of at least 11 percent.
“It is a very strong set of results, where Vestas blows away all expectations and delivers better than expected on all parameters”, Alm. Brand analyst Michael Friis Jorgensen told Ritzau.
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The share price of Vestas at the Copenhagen Stock Exchange rose more than 10 percent after the first minutes of trading on Thursday. The value of its combined backlog of wind turbine orders and service agreements, however, increased by Euro 1.2 billion year-over-year to Euro 18.1 billion.
