Danish turbine manufacturer Vestas has boosted revenues and earnings in a “solid” first quarter that marks “a good start” to 2017.
The company generated revenue of €1.885bn in the three months, up 29% year or year, with EBIT rising to €211m from €85m in the same period of 2016. Net profit was €160m, up from €35m in the year-ago period.
The EBIT margin was 11.2% compared with last year’s 5.8% and orders were 2049MW in the quarter. The value of the order backlog was €9bn while the service books held future revenue worth €11bn.
Vestas chief executive Anders Runevad (pictured) said: “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.
“I am very pleased with the underlying improvements . . . 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.”
Image: Vestas
Vestas hails ‘solid’ start to 2017
Revenue, earnings, backlog all up in first three months of year
By EBS