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Vestas lifts 2015 outlook after strong Q3 performance

Xinhua, November 5, 2015 Adjust font size:

Danish wind-turbine manufacturer Vestas raised its full-year expectations Thursday after posting strong third-quarter results.

Revenue for 2015 is now expected to be 8-8.5 billion euros against a previously forecast of 7.5 billion euros, and EBIT (earnings before interest and tax) margin before special items from minimum 8.5 percent to 9-10 percent, Vestas said in its third quarter financial statement.

Moreover, the guidance on free cash flow is also upgraded from minimum 600 million euros to 800-1000 million euros.

Revenue for the third quarter of 2015 amounted to 2.12 billion euros, up 17 percent from 1.813 billion euros the same period of last year, according to the statement.

EBIT before special items for the third quarter rose 42 percent year-on-year to 232 million euros, it added.

The EBIT margin before special items for the third quarter was 10.9 percent and the free cash flow increased by 53 million euros to 158 million euros compared to the same period last year.

"Vestas has delivered another quarter with strong results on key financial and operational parameters," said Vestas President and CEO Anders Runevad, who noted that Vestas is growing in all regions, consistent with its profitable growth strategy.

The company confirmed its unconditional wind turbine order intake for the third quarter 2015 at 1,508 gigawatts, which is an increase of 29 percent year-on-year.

The total value of the combined backlog of wind turbine orders and service agreements stood at 16.4 billion euros as of September 30, 2015, up 3 billion euros compared with the same period last year.

In order to adjust capital structure, Vestas on Thursday also announced a share buy-back program of up to approximately 150 million euros. It is to be executed during the period of November 5 to December 31, 2015.

The company's share price on Thursday morning increased by 5.4 percent after the first minutes of trading at the Copenhagen Stock Exchange following the announcement.

Vestas is among the world's leading wind-turbine manufacturers, delivering wind energy in 74 countries worldwide. Endit