Vestas has sustained a loss in the first quarter of 2024 along with a fall in revenue.
EBIT before special items amounted to negative €68m in first quarter 2024, equivalent to an EBIT margin of -2.5%, compared with €40m and margin of 1.4% in the same period of 2023.
Operating profit EBIT after special items amounted to a negative €67m (-2.5% margin) compared with €66m (2.3% margin) in 2023.
In first quarter turbine order intake was 2300MW, worth €2.2bn, compared with 3303MW, worth €2.9bn, in 2023, representing a decrease of 30% in MW order intake.
The average selling price for the period rose to €970,000 compared with €890,000 in 2023.
In first quarter 2024 revenue from the power solutions segment amounted to €1.8bn compared with €2bn in 2023, with the decrease due to lower volume of MW delivered, partially offset by higher average prices.
Turbine deliveries to customers amounted to 1720MW in 2024 compared with 2317MW in 2023.
Offshore deliveries fell to 81MW in the quarter from 214MW in the same period last year.
Group president and chief executive Henrik Andersen said: “Vestas’ underlying performance continued to improve in the first quarter of 2024, and our financial results were in line with expectations. Our revenue was €2.7bn with an EBIT margin of -2.5%, which represents a 30% increase in gross profit driven by higher project profitability and service growth, but lower project deliveries.
“Following a very strong finish to 2023, we secured 2.3GW of orders, while maintaining a strong commercial discipline.
“As we ramp up to deliver on our growing backlog and deliver across both onshore and offshore, we continue to lead the industry and focus on achieving our financial goals.
“We maintain our guidance for 2024 and want to thank our customers, partners, and shareholders for their ongoing support, and our more than 30,000 colleagues for the dedication to both Vestas and the energy transition.”