Orsted, a renewable energy company, reported on Wednesday a profit operating above expectations for the first quarter. However, it said that the offshore wind industry is still facing challenges.

Orsted's value has fallen by 80% since its peak in 2021, due to cost inflation and disruptions of supply. The company now faces additional opposition from the United States as President Donald Trump's Administration rejects offshore wind development.

The offshore wind industry faces challenges in the near term due to headwinds related to the supply chain, macroeconomic and regulatory developments, the company stated in a press release.

For the period January-March, the company's quarterly profit was 8.6 billion Danish crowns (1.31 billion dollars) before interest, taxes, depreciation, and amortization (EBITDA). This excludes new partnerships and cancellation charges.

A poll conducted by the company revealed that analysts had expected an EBITDA in average of 7.88 billion crowns. (Reporting and editing by Louise Breusch Rasmussen, Terje Solsvik and Stine Jacobsen)

(source: Reuters)