EnergyWatch

Vestas upgrades forecast across the board

Danish wind turbine manufacturer Vestas upgrades its full-year forecast once again and now projects revenue of EUR 10 billion as early as this year.

Photo: Polfoto

Many thought that this late in the year, Danish turbine manufacturer Vestas could not possibly surprise analysts any more than it already has. But in the third quarter 2016, the company once again managed to do just that. With revenue up 37 percent year-on-year to EUR 2.9 billion, a profit margin for special items at 14.9 percent, and a result of EUR 309 million after taxes, Vestas has beaten all expectations.

"I am very pleased with Vestas' solid third quarter performance. Revenue and earnings are up strongly, as are deliveries across all regions. Order intake is up 17 percent, while combined turbine and service order backlog declined this quarter, largely due to high turbine delivery activity," says Group President & CEO Anders Runevad, referring to the interim results.

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