COPENHAGEN (dpa-AFX) - Vestas Wind Systems A/S (VWDRY.PK) reported Wednesday that its first-half profit declined to 184 million euros from 186 million euros last year.
EBIT decreased to 259 million euros from 279 million euros a year ago. The EBIT margin was 11.5 percent, compared to 12.6 percent in 2017.
In the second quarter, Vestas generated revenue of 2.26 billion euros, an increase of 2 percent from 2.21 billion euros last year.
The intake of firm and unconditional wind turbine orders amounted to 3,807 MW in the second quarter of 2018, up from 2,667 MW last year. The value of the wind turbine order backlog amounted to 10.2 billion euros, higher than 9.1 billion euros a year ago.
The value of the combined backlog of wind turbine orders and service agreements stood at 23.0 billion euros, an increase of 2.8 billion euros from last year.
Looking ahead, Vestas narrowed the 2018 guidance on revenue to range between 10.0 billion euros and 10.5 billion euros, compared to previously expected 10.0 billion euros to 11 billion euros.
EBIT margin is now expected to be 9.5-10.5 percent, compared to previously expected 9-11 percent.
The adjustments are based on improved visibility for the remainder of the year.
Further, the Board has decided to initiate a new share buy-back programme of up to 1.5 billion Danish kroner or 200 million euros.
Copyright RTT News/dpa-AFX