- Vestas Wind Systems (VWDRY) reports its first quarterly profit since 2011 and says it plans to raise new financing by issuing shares and replacing a credit line.
- Q4 net income was €218M ($295M) while revenue fell to ~€2.35B from €2.5B, but both figures easily beat analyst expectations.
- Vestas says it expects revenue of at least €6B in 2014, margin of at least 5% on EBIT and a minimum of €300M of free cash flow.
- The company plans to sell as many as 20.4M new shares through a private placement at market price, equivalent to nearly 10% of existing stock, and arranges a five-year €850M revolving credit facility which replaces an existing €650M line.
- Vestas “delivered in style," Sydbank analyst Jacob Pedersen says, adding that the share sale is “the best way, the cheapest way and the right tactic,” to raise money.