Vestas benefits from a full order book in the 3rd quarter

From July to September, the historic turbine manufacturer recorded a net profit of 127 million euros. Its turnover increased by 19% to 5,177 billion euros.

"During the quarter, we received 4,4 GW of orders with an average sales price of EUR 1,10 million/MW, bringing our turbine order book to a record level of EUR 28 billion," said the group's CEO, Henrik Andersen, in a press release.

In addition to the price increase, Vestas is benefiting from the attractiveness of its service activities, its other pillar, with orders worth 35,1 billion euros in this segment.

However, margins improved "a little more slowly than expected" in this sector due to rising costs in Europe and America, the quarterly report noted.

Vestas, which employs 33.000 people worldwide, has not changed its forecasts for the whole year, still weighed down by its investments and depreciations of 225 million euros announced in the second quarter.

For 2024, the group's turnover should be between 16,5 and 17,5 billion euros, rather in the lower range, the group warned.

"They are finally sticking to their forecasts for the year. Despite the problems, it is a sign that some underlying things are going really well," economist Jacob Pedersen, an analyst at Sydbank, told the financial daily Borsen.

At 08:45 GMT on the Copenhagen Stock Exchange, Vestas shares plummeted, losing 11% due to the lack of improvement in forecasts, in a market oriented downward (-2%).