Vestas Q2 Revenue, Earnings Up

In the second quarter of 2015, Vestas generated revenue of EUR 1,749m, an increase of 30 percent compared to the year-earlier period. EBIT before special items increased by EUR 41m to EUR 145m.

The intake of firm and unconditional wind turbine orders amounted to 3,018 MW in the second quarter of 2015. The value of the wind turbine order backlog amounted to EUR 8.8bn at 30 June 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 8.1bn at the end of June 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 16.9bn – an increase of EUR 3.0bn compared to the year-earlier period.

Group President & CEO Anders Runevad said: “Vestas continued to execute well on our strategy in the second quarter of 2015, delivering a strong result on our key financial and operational parameters. Order intake was particularly strong, and with a combined order backlog of EUR 16.9bn we are well-positioned for the future. I am very pleased with our employees’ performance across the globe, which secures Vestas’ position as the wind industry leader. The profitable growth strategy is firmly on track as we leverage our key strengths – global reach, technology & service leadership, and scale”.

In an email statement for OffshoreWIND, Fiona Cincotta, a senior market analyst at Finspreads, said: “Vestas Wind has positioned itself well to take advantage of the increase in demand from the US, Brazil China and India. Furthermore global wind power installations are forecast to continue increasing. Although this is a demand story right now, Vestas Wind is also reaping the benefits of efficiency measures that have been implemented over the past few years.”