Vestas Sees Increased Earnings, Revenue, In Q3, Increases Full-Year Guidance
The world’s number one wind turbine manufacturer, Vestas, has reported increased revenue and earnings in its third quarter earnings.
An increase across revenue, earnings, and free cash flow, also allowed Vestas to upgrade its outlook for the full-year 2015.
Across the third quarter, Vestas generated revenue of €2,120 million, an increase of 17% on Q3’14, and brought its three quarterly figure up to €5,388 million. The Danish wind energy giant took in wind turbine orders of 1,508 MW in the third quarter, bringing the value of its turbine order backlog up to €8.2 billion. This combines with another €8.2 billion in future revenue to be garnered from service agreements Vestas has signed, bringing the company’s total combined backlog revenue to €16.4 billion, an increase of €3 billion compared to a year earlier.
“Vestas has delivered another quarter with strong results on key financial and operational parameters,” said Anders Runevad, Group President & CEO. “With greater clarity on deliveries for the remainder of the year and a very solid financial position, we are raising our guidance on revenue, EBIT margin, and free cash flow and initiating a share buy-back programme. I am very pleased that year-on-year for orders, Vestas is growing in all regions, consistent with our profitable growth strategy.”
Based on such strong performances throughout the third quarter — which itself followed on from similarly successful second quarter — Vestas has increased its 2015 guidance. Expected revenue is up from €7.5 billion to between €8 billion and €8.5 billion, EBIT margin before special items from a previous minimum of 8.5% to 9% to 10%, and free cash flow from a minimum of €600 million to between €800 million and €1,000 million.
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