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Vestas gets record-high order intake in Q1, maintains 2016 outlook

Xinhua, April 29, 2016 Adjust font size:

Danish wind turbine manufacturer Vestas received a record order intake for the first quarter of 2016, and maintained its annual guidance for the full-year, the company said Friday.

The intake of firm and unconditional wind turbine orders amounted to 2,403 megawatts in the first quarter, up from 1,750 megawatts for the same period last year, according to Vestas' quarterly financial report.

The value of the combined backlog of wind turbine orders and service agreements stood at 18 billion euros, which is an increase of 3 billion euros and the highest level ever.

First quarter revenue was 1.464 billion euros, a decrease of 4 percent year-on-year primarily driven by the lower megawatt deliveries for the project segment, according to the report.

Earnings before interest and tax (EBIT) stood at 85 million euros for the first three months of 2016, up from 79 million euros year-on-year.

Vestas' revenue outlook for 2016 is maintained at minimum 9 billion euros while EBIT margin is held at minimum 11 percent.

It also retained guidance for total investments to reach approximately 500 million euros and free cash flow of minimum 600 million euros.

It, however, warned that movements in exchange rates may impact the company's financial results for 2016. (1 euro = 1.14 U.S. dollars) Endit