Vestas returns to the green in the first quarter

On the Copenhagen Stock Exchange shortly before 13:00 p.m. (11:00 GMT), the title took 5,34% in a stall market.

In the first quarter of 2022, the group had recorded a huge quarterly loss, of 765 million euros, linked to the consequences of the invasion of Ukraine by Russia and the disruption of supply chains.

Between January and March this year, driven by the increase in deliveries, Vestas' turnover increased by 14%, to around 2,8 billion euros.

Year-on-year, order intake rose 12% to 3,3 gigawatts.

"Compared to 2022, our profitability in the first quarter of 2023 was positively impacted by the sale of our +transformer+ branch, lower warranty provisions and solid profitability in the service sector", at 29%, noted the CEO Henrik Andersen, in the quarterly report.

However, geopolitical uncertainties, high inflation and slow permitting processes prompt Vestas to be cautious. The manufacturer, which employs 28.000 people worldwide, has therefore decided to maintain its forecasts for the whole of the year.

The group expects timid annual results in 2023, with sales of between 14 and 15,5 billion euros, and an operating margin excluding exceptional items of 3%.