UPDATED: Vestas had revenue of 3.75 billion euros in the second quarter. This corresponds to around 28 billion kroner and is 13.6 percent more than in the same period the year before. This is shown by the wind turbine manufacturer's second-quarter accounts, which were published on Wednesday morning.
Vestas maintains its expectations for the year and thus continues to expect revenue for the whole year to land between 18 and 20 billion euros.
In the second quarter, Vestas earned 34 million euros after tax - corresponding to around 254 million kroner. In the second quarter of 2024, Vestas had a loss of 156 million euros.
But even though Vestas has improved on both the top and bottom lines, the figures do not quite meet analysts' expectations ahead of the financial statements.
According to an estimate collected by Vestas, analysts had expected revenue of around 3.95 billion euros and earnings after tax of 51 million euros. MarketWire writes.
CEO: Political uncertainty affected key markets,
Vestas' CEO, Henrik Andersen, emphasizes in connection with the financial statements that the results in the second quarter ensure that the company is on track to meet its own expectations for 2025.
- In the quarter, we had momentum for orders in Europe, the Middle East and Africa, but political uncertainty affected key markets, and Vestas continues to work with customers, partners and governments to address market challenges and help build secure and sustainable energy systems that are affordable, he says in a comment on the financial statements.
Vestas notes that there is still considerable uncertainty in connection with tariffs - especially in the USA. Higher tariffs will probably increase costs over time, the financial statements say.
In general, since Donald Trump was elected president, there has been uncertainty surrounding the market for wind turbines in the US.
The uncertainty increased significantly when work on an offshore wind farm that was being built by Norway's Equinor was suddenly ordered to stop by the US government.
According to Equinor, the farm had all the necessary permits, and this created fears that something similar could happen to other players. However, in May, the work stoppage was lifted and work could resume.
Vestas will supply offshore wind turbines to the farm, which will supply electricity to citizens of New York.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
