Vestas back in the black with solid Q3

Vestas recorded an operating profit in the third quarter, of 2023 turning around a loss in the same period of 2022 and putting the company on course for a full-year surplus.

The Danish turbine giant banked EBIT before special items of €70m, compared to a €127m loss in Q3 12 months ago.

The earnings were on the back of a jump in revenue to €4.4bn, up from €3.9bn, while EBIT margin before special items also turned positive to 1.6% compared to -3.2% last year.

Vestas said profits were largely due to positive performance from its power solutions unit as well as increased pricing.

Supply chain disruptions that have hammered the outfit in recent times have also eased, while activity in the servicing division increased, it added.

Chief executive Henrik Andersen said the third quarter shows positive recent momentum towards a recovery has continued in 2023.

“Based on our results for the first nine months, we remain on track to become profitable in 2023 and are narrowing our guidance for the full year,” he said.

Vestas now expects revenue of between €14.5bn and €15.5bn, compared to €14bn in the lower end previously, for the 12-month period. 

“Despite continued market design and permitting challenges, we saw strong commercial activity with underlying stable pricing and received 4.5GW of orders, including 2.1 GW for our V236-15.0 MW offshore turbine,” added Andersen.

“With around 50 days left of 2023, Vestas remains fully focused on becoming profitable again while strengthening our commercial and operational discipline.”

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