Vestas posted pre-tax earnings in the first quarter of 2018 of €126m, a decrease of €85m on the same period last year.
Revenue was €1694m in the three months to March, representing a 10% decrease on the year before, the Danish manufacturer said.
Group president chief executive Anders Runevad said the slide was due to fierce competition and currency headwinds, but said the company had an “all-time high” order backlog for the period.
Developers placed some 1629MW of firm and unconditional orders with Vestas during the first three months of the year and the company has an order backlog worth some €9.3bn.
Wind service revenue grew 5% to €12.3bn during the period, the company added.
“Vestas continues to execute on its strategy, manage its cost base and use its leading position to invest in technology and innovations that over the long term will enable the company to increase wind energy’s prominence in the global energy mix,” Runevad said.
The company maintains its guidance for 2018 and is predicting revenues of between €10bn and €11bn.
Image: Vestas
Vestas earnings dip
By EBS