Vestas Beats Profit, Revenue Views After Record Order Intake
By Christian Moess Laursen
Vestas Wind Systems beat market expectations as it swung to a full-year pretax profit, boosted by a strong order intake, and said it sees higher revenue in 2024.
The Danish wind-turbine maker said Wednesday that it swung to a fourth-quarter pretax profit of 173 million euros ($186.1 million) from a loss of EUR480 million in the same quarter a year prior, beating market views in a company-compiled consensus of EUR138 million.
Revenue dipped slightly to EUR4.77 billion in the quarter from EUR4.78 billion, but beat consensus of EUR4.58 billion.
For the full year, Vestas comfortably met its revenue target, booking EUR15.38 billion versus a EUR14.5 billion-EUR15.5 billion range. This was in large part driven by growth in its service business, it said.
The company reached a record full-year order intake of 18.4 gigawatts, driven by strong growth in both offshore and onshore, particularly in the U.S., it said.
Vestas's performance was helped by an improving business environment, but continued geopolitical volatility and slow permitting and insufficient grid build-out across markets are expected to cause uncertainty in 2024, Chief Executive Officer Henrik Andersen said.
The Aarhus-based company expects to post higher revenue in 2024, aiming for EUR16 billion to EUR18 billion, while targeting an adjusted EBIT margin of between 4% and 6% and total investments of around EUR1.2 billion.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 07, 2024 02:47 ET (07:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations