Business World of Renewable Energy

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Vestas Significantly Increases Sales and EBIT in Q3 2019, All-Time High Order Backlog

Aarhus, Denmark - The wind turbiney manufacturer Vestas has published its figures for the third quarter of 2019: Vestas generated a revenue of EUR 3,646 m – an increase of 30 percent compared to the year-earlier period. EBIT before special items increased by EUR 153 m to EUR 429 m.

The EBIT margin before special items was 11.8 percent compared to 9.8 percent in the third quarter of 2018, and free cash flow amounted to EUR 205m compared to EUR (223)m in the third quarter of 2018. The intake of firm and unconditional wind turbine orders amounted to 4,738 MW in the third quarter of 2019.

The value of the wind turbine order backlog amounted to EUR 16.5 bn as at 30 September 2019. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 16.3bn at the end of September 2019. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 32.8 bn – an increase of EUR 9.1bn compared to the year-earlier period.

Vestas maintains its 2019 guidance on revenue of EUR 11 bn - 12.25 bn, EBIT margin before special items of 8 - 9 percent, and total investments of approx. EUR 800 m.

“Vestas’ performance in the third quarter of 2019 was in line with expectations with a 30 percent increase year-over-year in revenue driven by all regions, reflecting unprecedented high activity levels. Our order backlog increased to a record-high EUR 32.8bn, which corresponds to a 38 percent increase year-over-year and underlines the continued strong global demand for Vestas’ wind energy solutions”, said Group President & CEO Henrik Andersen

Source: IWR Online, 07 Nov 2019