COPENHAGEN (dpa-AFX) - Vestas Wind Systems A/S (VWDRY.PK), a Danish maker of wind turbines, on Tuesday reported a net profit for the first quarter, helped by increased revenue primarily driven by an increase in MW delivered in Power Solutions and to a lesser degree driven by higher average prices on MW delivered.
In addition, the turbine maker has reaffirmed its annual guidance.
For the three-month period to March 31, the company recorded a net income of 5 million euros, compared with a loss of 68 million euros, posted for the same period last year. Earnings per share stood at 0 euro as against the prior year's loss of 0.07 euro.
Pre-tax profit was 7 million euros, compared with a loss of 105 million euros a year ago. Operating income stood at 20 million euros as against last year's loss of 67 million euros.
Revenue was 3.468 billion euros, up from 2.681 billion euros in the previous year.
Looking ahead, for the full year, Vestas still expects EBIT margin before special items of 4 to 7 percent with revenue of 18 billion euros to 20 billion euros.
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