Vestas Reports Unexpected Profit Surpassing Analyst Predictions

The Danish wind turbine manufacturer Vestas is doing better than expected. The adjusted operating result for the first quarter was 14 million euros. The average forecast among analysts before the quarterly report was a loss of 25.9 million euros, according to Bloomberg.

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Vestas Reports Unexpected Profit Surpassing Analyst Predictions
Photo: Max Whittaker/AP/TT

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Vestas revenue during the first quarter increased by 29 percent to 3.5 billion euro.

The company is simultaneously confirming its forecast for the year, which is expected to generate revenue of 18-20 billion euro with a profit margin of 4-7 percent.

Group CEO Henrik Andersen writes in a comment that Vestas continues to improve despite increased geopolitical uncertainty and global regionalization.

"Our order intake increased by more than 70 percent to 3.9 billion euro", he adds.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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