Vestas has posted €235m operating profit (EBIT) before special items in the third quarter of 2024 compared with €70m in the same period of last year.
Gross profit for the quarter was €544m compared with €351m in the third quarter of 2023.
In the third quarter of 2024, Vestas generated revenue of €5.2bn, an increase of 18.9% compared to the year-earlier period.
The turbine maker’s EBIT margin before special items is 4.5% for the third quarter of this year up from 1.6% in the same period of 2023.
Order intake stood at 4.4GW and in addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of €35.1bn.
The value of the combined backlog of hardware orders and service agreements stood at €63.4bn – an increase of €9.4bn compared to the year-earlier period.
The full-year guidance on revenue and EBIT margin before special items is maintained.
Revenue is expected to range between €16.5bn and €17.5bn.
The company expects to achieve an EBIT margin before special items for the group of 4-5%, however, it is now more likely in the lower end of the range.
Group president and chief executive Henrik Andersen (pictured) said: “In the quarter, we received 4.4GW of orders with an average selling price of €1.10m/MW that elevates our turbine order backlog to an all-time-high of €28bn, underlining our continued strong commercial discipline.
“Higher activity and higher pricing on deliveries continue to drive significant progress in our underlying business and especially Power Solutions, but the quarter was negatively impacted by a slightly slower-than-expected margin improvement in Service and elevated warranty provisions in the quarter.
“We maintain our guidance on revenue and EBIT for the year but adjust Service EBIT and total investments.
“We continue to execute on our strategy and are focused on ending the year strongly.
“We operate in an environment impacted by geopolitical uncertainty and trade volatility, and we want to thank our partners, customers and more than 33,000 colleagues for their continued support and hard work.”