Danish wind turbine manufacturer Vestas Wind Systems A/S has beaten analyst forecasts for its first quarter, posting a 29% increase on revenue for €1,885 million, sending the company’s shares skyrocketing to a 9-year high.
Vestas’ revenue, earnings, and free cash flow all increased compared to the same quarter a year ago, and the company reports both solid order intake and a healthy order backlog are at a high level. However, despite the strong quarter, the company nevertheless allowed its 2017 guidance to remain unchanged.
Revenue for the first quarter reached €1,885 million, a 29% increase over Q1’16. EBIT increased by €126 million up to €211 million. Vestas’ order intake amounted to 2,049 MW for the first quarter, and the company’s wind turbine order backlog currently sits at €9 billion. Vestas also boasts service agreements valued at €11 billion at the end of the quarter.
“Vestas delivered solid first quarter results and is as expected off to a good start in 2017 with satisfactory order intake and improved combined order backlog,” said Group President & CEO Anders Runevad. “I am very pleased with the underlying improvements in revenue, EBIT and cash flow, although these include positive spillover effects from PTC component deliveries. We have a lot of hard work ahead of us and maintain our guidance for 2017.”
Vestas maintained its guidance for 2017 of revenue of between €9.25 and €10.25 billion, total investments of around €350 million, and free cash flow at a minimum of €700 million.
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