Vestas Wind Systems A/S’s profit fell less than expected as orders surged and margins widened.
The Danish manufacturer of wind turbines said its net income declined 38 percent to 35 million euros ($40 million) in the first quarter, which is usually the weakest of the year. The result beat the median of seven analysts’ forecasts for 25.9 million euros. Revenue fell 3.6 percent to 1.46 billion euros, in line with expectations.
Earnings before interest, taxes and special items rose by 6 million euros to 85 million euros. The company maintained its guidance for full-year revenue of at least 9 billion euros.
“Vestas delivered record-high first-quarter order intake as well as our largest ever combined wind turbine and service backlog,” Chief Executive Officer Anders Runevad said in a statement to the Copenhagen Stock Exchange.
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Lead image credit: Vestas.