Vestas posted largely flat earnings and revenue in the second quarter, compared with year-ago figures, and narrowed its top-end guidance for full-year 2018.
The Danish manufacturer notched sales of €2.2bn in the period, up 2%, while net profit was €184m compared with €186m in the same quarter of 2017.
EBIT was €259m, down €20m, equivalent to a margin of 11.5% compared with 12.6% in the year ago period.
Order intake was 3807MW in the second quarter and the backlog value was an all-time high €10.2bn as of end-June. Service deals are worth future revenue of €12.8bn.
Revenue guidance for the year was narrowed to between €10bn and €10.5bn, down from €11bn at the top end.
EBIT margin for 2012 is expected to be between 9.5% and 10.5% rather than 9 to 11% as previously announced.
Chief executive Anders Runevad (pictured) said: “Vestas’s second quarter order intake increased 43% year over year, contributing to the continued growth of our order backlog to an all-time high.
“Price per megawatt stabilised around the levels in recent quarters but continues to impact short-term results. External factors such as existing and potential tariffs, however, are creating some uncertainty in the industry.
He added: “With long-term perspectives for renewable energy getting stronger, Vestas continues to effectively manage its costs and invest in the solutions that together will help us lead the global energy transition.”
Vestas separately announced plans to buy back Dkr1.5bn worth of shares through the end of the year.
Image: Vestas
Vestas steady as she goes
By EBS