Vestas has upgraded guidance for 2016 following a boost in the third quarter that saw revenue jump 37% compared with 12 months ago.
The Danish manufacturer said revenue was €2.9bn in the third quarter of this year, while EBIT before special items grew to €433m from €201m in the same period last year.
The company now expects revenue this year of between €10bn and €10.5bn compared with a previous forecast of €9.5bn.
“The upgrades are based mainly on improved delivery visibility for the remainder of the year,” the company said.
It has also adjusted 2016 guidance on total investments to about €600m from €500m previously.
Orders in the third quarter amounted to 1769MW in the third quarter of 2016, with the value of the wind turbine order backlog amounting to €7.2bn by 30 September.
Vestas also had service agreements with expected contractual future revenue of €9.9bn at the end of September.
The combined €17.1bn backlog of wind turbine orders and service agreements was €0.7bn higher than a year-earlier period.
Vestas goup president and chief executive Anders Runevad said: “Revenue and earnings are up strongly, as are deliveries across all regions.
“Order intake is up 17%, while combined turbine and service order backlog declined this quarter, largely due to high turbine delivery activity.”
Image: Vestas
