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Vestas Q3 Profit Declines; Updates Full Year Outlook - Quick Facts

Vestas Wind Systems A/S (VWDRY.PK) said third quarter revenue increased from a year ago, while EBIT decreased as a consequence of supply chain challenges. The company noted that the supply chain instability and cost inflation caused by the pandemic is continuing to impact the wind power industry.

Vestas updated its full-year guidance on EBIT margin before special items, which is now expected to be around 4 percent (previously 5-7 percent). The company still expects revenue of 15.5-16.5 billion euros.

Third quarter EBIT before special items declined to 325 million euros from 412 million euros, prior year. EBIT margin before special items was 5.9 percent, compared to 8.6 percent.

Profit for the period declined to 123 million euros from 290 million euros, prior year. Earnings per share was 0.12 euros compared to 0.29 euros.

Revenue was 5.54 billion euros, an increase of 16 percent from previous year. The company said the increase was particularly driven by the inclusion of the offshore business and higher service revenue.

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