Wind Turbine Maker Vestas Turns Q1 2014 Profit

Posted by George Backwell
Friday, May 09, 2014
Image credit Hans Hillewaert CCL

Danish wind turbine maker Vestas surprised the market on Friday by returning to profit in the first quarter due to improved margins, higher revenue and lower fixed capacity costs, sending its shares up 7 percent.

Operating profit before special items amounted to 40 million euros ($55.45 million) in the quarter from a loss of 108 million euros a year ago. Analysts polled by Reuters had on average expected a 29.9 million euros loss.

Vestas has shed more than 5,000 jobs, closed plants and sold unprofitable business in a turnaround effort after overcapacity and cut-throat competition hammered many renewable energy companies. It now aims to push into emerging markets like India and China.

Last year, Vestas made a net loss of 82 million euros, down from a loss of 963 million euros loss in 2012. It was the company's third year in a row of net losses.

"As we expected, first quarter showed improvements in all major areas. This is a result of a lot of hard work from my colleagues," Chief Executive Anders Runevad said in a statement.

Vestas reported a 84 percent rise in order intake in the first quarter to 1,188 megawatt (MW), above the 950 MW analysts expected in a Reuters poll.

After a five-fold increase in 2013, Vestas' share price has risen by a further 54 percent in 2014, outperforming the Danish benchmark index.

The shares were up 7.2 percent by 0722 GMT, outperforming the index which was up 0.6 percent.

The company repeated its expectations for 2014 revenue of at least 6 billion euros, and said it still predicted an operating profit margin before special items of at least 5 percent and free cash flow of at least 300 million euros.

($1 = 0.7214 Euros)

(By Shida Chayesteh and Teis Jensen)
 

 

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Piracy Still a Big Threat in the Indian Ocean

Underestimating the security risk in the Indian Ocean could put ships in danger once again, says maritime security company MAST Ltd.   “Whilst recent reports

Offshore

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

Finance

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

Environmental

First LNG-powered EcoLiner Launched

Europe’s greenest inland vessel debuts Damen group innovations   Damen Shipyards Group launched the first LNG-powered Damen EcoLiner inland shipping tanker

St. Lawrence Seaway Opening Date Pushed Back

Tthe opening date for the St. Lawrence Seaway 2015 navigation season has been delayed following review and consideration of factors and conditions affecting safe

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Energy

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

Wind Power

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

CTruk OWSV Enhanced with Volvo IPS

Since the launch of its first-of-class CTruk MPC22 late last year, the East Anglia-based workboat designer and builder informs it has incorporated performance feedback

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2596 sec (4 req/sec)