Wind turbines manufacturer Vestas has delivered strong results and profitability for Q3, including another all-time high order backlog, and with all regions contributing to a 25 percent increase in order intake year-on-year.
Global demand for wind energy continues to be strong, and although the industry remains highly competitive, the average selling price in the third quarter continued to stabilize, the company noted.
Its service business performed well with 14 percent organic growth in the quarter, while offshore joint ventures contributed to net profit with 23 million euros. To ensure Vestas sustains its leading position and ability to achieve long-term growth in the renewable energy industry, the company remains focused on managing its fixed costs, effectively mitigating external factors such as tariffs, and delivering the profitability needed to innovate and deliver industry-leading renewable energy solutions.
With the aim of fulfilling an all-time high order backlog and expected higher activity in 2019, Vestas is continuing to leverage its balance sheet and have increased guidance for 2018 on investments to 600 million euros and decreased guidance for cash flow to minimum 100 million euros.