COPENHAGEN (dpa-AFX) - Danish wind turbines maker Vestas Wind Systems A/S (VWDRY.PK) reported Wednesday that its first-quarter profit was 16 million euros, compared to last year's loss of 765 million euros.
Operating profit or EBIT before special items amounted to 40 million euros, compared to loss of 329 million euros a year ago. EBIT margin before special items was 1.4 percent, compared to negative 13.2 percent in the first quarter of 2022.
Vestas generated revenue of 2.829 billion euros, an increase of 14 percent from 2.485 billion euros a year ago, driven by higher average pricing on deliveries, higher volume, and 29 percent Service growth.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,303 MW with an average price per MW of 0.89million euros. Wind turbine orders in GW grew by 12 percent.
The value of the wind turbine order backlog was 19.7 billion euros as at March 31.
Looking ahead for fiscal 2023, Vestas continues to expect revenue to range between 14.0 billion euros and 15.5 billion euros, including Service revenue, which is expected to grow minimum 5 percent.
Vestas expects to achieve a EBIT margin before special items in a range between negative 2 percent and positive 3 percent. Service segment EBIT margin would be approximately 22 percent.
Total investments would amount to approximately 1 billion euros in 2023.
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