Work progressing on main bearings test bench for 25-MW wind turbines
Sep 20, 2024 11:07 CESTAug 17, 2011 - Shares in Danish wind-turbine maker Vestas Wind Systems (CPH:VWS) opened 20% higher today as the company maintained its full-year financial outlook and reported black figures for the first half of 2011.
By 1009 CET, Vestas stock had gained 18.31% to DKK 105.30 on the exchange in Copenhagen. Recently, Vestas shares were under big pressure as investors sold out for fears the company would not be able to achieve its guidance for the financial performance. The current quotation is still about 40% below the price at the end of 2010.
The company reiterated its guidance for 2011, as it already had secured firm and unconditional orders covering almost all the expected revenue of EUR 7 billion for 2011. Vestas forecast an EBIT margin of 7% and a positive free cash flow.
In spite of the macro-economic and financial uncertainty, Vestas still expects an intake of firm and unconditional orders of 7,000-8,000 MW in a market that remains fiercely competitive, the company stated.
The company moved to positive earnings before interest and tax (EBIT) of EUR 8 million (USD 11.5m) in the first half of 2011, against a loss of EUR 219 million a year earlier. Revenues increased 31% on the year to EUR 2.461 billion. The bottom line showed an after-tax loss of EUR 30 million, which was however an improvement by EUR 152 million from a year earlier. Still, the result for the second quarter alone was positive, at EUR 55 million, compared with a EUR-143-million loss in April-June 2010.
Order intake for the first six months of the year was 2,895 MW, and the order backlog stood at EUR 8 billion at the end of the reporting period. Vestas delivered a total of 1,062 wind turbines during the first half of the year, up by 38% and the delivered capacity added up to 1,991 MW, a rise of 25% on the year.
(EUR 1.0 = USD 1.481; DKK 1.0 = USD 0.193/EUR 0.134)
Work progressing on main bearings test bench for 25-MW wind turbines
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