In the third quarter of this year, Vestas generated revenue of EUR 2.903 billion – representing an increase of 37% over the same period last year.
Earnings before interest and tax (EBIT) before special items increased by EUR 201 million to EUR 433 million. The EBIT margin before special items was 14.9%, compared with 10.9% in the third quarter of 2015, and the free cash flow amounted to EUR 155 million, compared with EUR 158 million in the third quarter of 2015.
In addition, Vestas says the intake of firm and unconditional wind turbine orders amounted to 1.769 GW, and the value of the wind turbine order backlog amounted to EUR 7.2 billion as of Sept. 30. In addition to the turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 9.9 billion at the end of September.
Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 17.1 billion – representing an increase of EUR 0.7 billion compared with the same period one year ago.
Anders Runevad, the group’s president and CEO, who says he is “very pleased with Vestas’ solid third-quarter performance,” notes that deliveries in all regions, as well as revenue and earnings, are “up strongly.”
“Order intake is up 17 percent, while combined turbine and service order backlog declined this quarter, largely due to high turbine delivery activity. With better visibility toward the end of the year, we are also upgrading the full-year guidance,” he says.