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Vetsas Q3 Pre-tax Profit Declines; Affirms FY Revenue Outlook - Quick Facts

Vestas Wind Systems A/S (VWDRY.PK) reported Wednesday that its profit before tax for the third quarter declined to 238 million euros from 337 million euros in the same period last year.

Operating profit or EBIT decreased to 236 million euros from 355 million euros a year ago. The EBIT margin was 9.8 percent, compared to 12.9 percent last year.

EBITDA for the quarter was 372 million euros, down from 453 million euros in the year-ago period.

Vestas generated third-quarter revenue of 2.81 billion euros, an increase of 2 percent from 2.74 billion euros last year.

The intake of firm and unconditional wind turbine orders amounted to 3,261 MW in the quarter, up from 2,615 MW last year. The value of the combined backlog of wind turbine orders and service agreements stood at 23.7 billion euros, an increase of 3.5 billion euros compared to the year-earlier period.

Looking ahead to fiscal 2018, Vestas maintained its outlook for revenue in a range between 10.0 billion euros and 10.5 billion euros, and EBIT margin before special items of 9.5 percent to 10.5 percent.

However, the company now expects total investments for the year to amount to about 600 million euros, compared to previously approximately 500 million euros. Free cash flow is now expected to be minimum 100 million euros in 2018, compared to a minimum of 400 million euros projected earlier.

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