SA Transcripts • Fri, Nov. 7
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Global Macro Trade Alert: The Long Case For Vesta Wind Systems
- Vestas’ first V164-8.0 MW prototype wind turbine has successfully produced its first kWh of electricity, making it the world's most powerful turbine in operation.
- Vestas is the only global energy company dedicated exclusively to wind energy.
- 110 years of expertise, willpower and passion for Vestas, founded in 1898, has made it the dominant global player in wind.
Vestas Wind Systems A/S Q1 2010 Earnings Call TranscriptApr. 30, 2010
Fri, Nov. 7, 9:56 AM
- Vestas Wind Systems (OTCPK:VWDRY) +16% in Copenhagen trading after the wind turbine manufacturer swung to a Q3 profit that beat expectations, and raised its full-year earnings forecast (.pdf).
- Q3 free cash flow was €105M vs. €56M in the year-ago period, EBITDA more than doubled to 163M from €67M a year ago, and the operating margin before special items was 9% vs. 4.6% in the same quarter last year.
- Vestas now expects FY 2014 sales of €6.4B-€7B from an earlier forecast of €6B, raises its operating margin outlook to 7%-8% from 6% earlier, and sees €400M-€700M in full-year free cash flow from a previous forecast of €300M.
- While Q3 order intake fell 24% in the period to 1,170 MW, mostly due to fewer U.S. orders, the order book for the first nine months of the year has increased 12%.
Fri, Aug. 29, 11:41 AM
- Vestas Wind Systems (OTCPK:VWDRY) says it has won a 30 MW order for taller-than usual wind turbines in Finland that are able to reap more power during low winds.
- The order for nine V126-3.3 MW turbines from Reconcept GmbH is for the Ylivieska Pajukoski project in Finland’s Ylivieska region, and includes a 12-year service contract.
- The towers will have a height to the hub of 137 meters (449 ft.), allowing for longer rotors that generate more energy in areas with low wind speeds.
Wed, Aug. 20, 8:46 AM
- Vestas Wind (OTCPK:VWDRY) reports Q2 net profit of €94M ($125M), compared to a loss of €62M in the same period last year, bringing the wind turbine maker halfway to its first annual profit since 2010.
- Q2 EBIT rose to €104M from €12M a year ago; operating margin before special items rose to 7.8% from 1% a year earlier, and Vestas expects EBIT margin to reach at least 6% for the year, up a percentage point from previous guidance.
- Q2 revenue totaled €1.34B, up 13% Y/Y from €1.185B; free cash flow was -€21M, which was expected because of a payment to the offshore wind business it divested.
- Orders in the quarter gained 18% to 1,932 MW; shipments increased 27% to 1,457 MW.
- Reiterates FY 2014 forecasts for revenue of at least €6B and a minimum of €300M of free cash flow.
Fri, May. 9, 7:59 AM
- Vestas Wind Systems (VWDRY) reports a Q1 net profit for the first time in five years, earning a net profit of €2M ($2.77M) after a €151M loss in the prior-year quarter and beating analysts’ expectations of an operating loss by reporting a profit of €27M.
- Q1 operating margin before special items was 3.1%, up from -9.9% a year earlier, and free cash flow improved by €36M to -€24M.
- Reaffirms full-year guidance of an operating profit margin of at least 5% before special items and a free cash flow of a minimum of €300M.
- The results mark a turnaround from two years ago, when dwindling liquidity reserves and a steep decline in demand threatened its future, but the wind turbine maker appears to have regained its footing after thousands of jobs cuts and a series of divestments.
Fri, May. 2, 5:45 PM
- Offshore wind power is set to grow six-fold by 2020, benefiting turbine makers including Vestas Wind Systems (VWDRY, VWSYF) and Gamesa Tecnologica (GCTAF), HSBC says.
- Total global installed capacity of wind turbines at sea is forecast to rise to 43 gw by 2020 from 6.5 gw at the end of 2013, with the U.K., China and Germany the biggest offshore wind markets, according to HSBC.
- The opportunity for manufacturers justifies a strategic long-term focus on the offshore segment, the firm advises; after 2015, “the rapid growth in offshore installations becomes a key to driving growth in wind technology."
- ETF: FAN
Mon, Feb. 3, 6:49 PM
- 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.
Mon, Jan. 6, 2:15 PM
- Vestas Wind Systems (VWDRY +6%) raises its cash flow target for the third time in a year, as the wind turbine manufacturer shows further signs that its recovery is taking hold.
- Vestas says its free cash flow last year would total ~€1B vs. a previous forecast of €500M-€700M and a year ago expecting cash flow just above zero.
- Vestas enjoyed one of its busiest-ever months for orders in December as it unveiled a number of large U.S. deals involving more than 400 turbines from the likes of Enel Green Power and First Wind.
Dec. 26, 2013, 2:13 PM
- Wind turbine project developers are rushing to begin construction on projects before year's end, and thereby guarantee the projects are eligible for a tax credit (worth $0.023 per kWh) that expires on Jan. 1.
- However, this isn't the first time construction has picked up ahead of a subsidy expiration. And since previous deadlines required projects to be completed (rather than just started) before a subsidy expired, the pressure on developers isn't quite as intense this time around.
- Over the last two decades, Congress has allowed a wind tax credit to expire several times before later renewing it. Construction activity has generally fallen sharply following an expiration.
- Wind turbine maker Vestas (VWDRY) has scored a slew of U.S. orders ahead of the deadline. The deadline also has implications for struggling turbine component/software maker American Superconductor (AMSC -1.3%).
Dec. 18, 2013, 11:19 AM
- Vestas Wind Systems (VWDRY +4.1%) wins a 350 MW wind turbine order from Enel Green Power (ELPSY) in Oklahoma, its fourth U.S. deal in just over three months following eight months of inactivity.
- Vestas will supply 175 of its V100 2 MW turbines to Enel's U.S. unit and may add another 636 MW.
- A renewed U.S. tax credit, which pays wind-farm owners 2.3 cents for every KW-hour of power they produce, now applies to all projects that begin construction before the end of 2013; earlier this week, Siemens reported a 1,050 MW order from Warren Buffett's MidAmerican Energy.
Dec. 17, 2013, 3:24 PM
- Broadwind Energy (BWEN +14.4%) is set to be a major beneficiary of Siemens $1B-plus power contract with MidAmerican Energy, supplying the towers for the 448 wind turbines that will equip five wind power projects in Iowa.
- The move by Warren Buffett’s utility company shows how a drop in equipment costs is making renewable energy more competitive with power from fossil fuels - a boost for suppliers including BWEN, Siemens (SI), GE and Vestas (VWDRY, VWSYF), and a threat to coal miners (KOL).
- MidAmerican expects to close some coal-powered plants in 2015 as the price of wind power (FAN) continues to slide, an exec says.
Nov. 6, 2013, 11:35 AM
- Vestas (VWDRY +14.7%) shares soar to their highest level in two and a half years after reporting a narrower Q3 loss and significantly boosting its cash flow forecast for 2013, showing that turnaround efforts may be taking hold.
- Vestas posted a net loss of €87M in Q3, an improvement from a net loss of €175M a year earlier, partly due to asset sales; revenue fell 24% to €1.44B ($1.9B) as prices fell compared with a year ago.
- The Danish wind turbine maker now expects free cash flow of €500M-€700M vs. a minimum of €200M it forecast earlier, and says it should hit its cost saving target of €400M by the Q4 2014.
Oct. 9, 2013, 11:58 AM
- Shares in Danish wind turbine maker Vestas (VWDRY.PK -3.9%) tumble as investors reflect their disappointment at the sale of six manufacturing units for just €1, implying a writedown of €50M on the assets.
- Vestas says it made the sale "because we operate in a volatile market with steep ups and downs, and we realised that fixed costs were too high, so we needed to outsource non-core activities and focus on core competencies."
Sep. 27, 2013, 8:26 AM
- Vestas Wind Systems (VWDRY.PK) forms an offshore wind joint venture with Mitsubishi Heavy Industries (MHVYF.PK), sealing a deal that has been in the making for more than a year.
- Mitsubishi is expected to provide the venture with an immediate €100M ($135M) cash injection, followed by another €200M if certain targets are met.
- Vestas will transfer the development of its V164-8.0 MW turbine, its V112 turbine offshore order book, existing offshore service contracts and ~300 employees to the venture.
- The deal should ease some of the fears about Vestas' financial health and ability to compete in the market for offshore wind turbines with competitors with deeper pockets such as Siemens (SI).
Sep. 26, 2013, 5:40 PM
- Danish wind-turbine maker Vestas Wind Systems' (VWDRY.PK) major supply deal with Duke Energy (DUK), announced earlier today, may be a sign the U.S. wind-power market may be gaining steam.
- Vestas will supply 400 MW of power-generating turbines for two wind farms DUK plans to build near Brownsville, Tex., and sell the electricity to municipal utility Austin Energy under two 25-year contracts.
- After a slow start this year, the U.S. wind power market has been picking up as utilities look to sign new contracts for renewable energy, says Chris Brown, president of Vestas' U.S. business.
- Vestas' ADRs +7.5% today; DUK +0.6%.
- ETF: FAN.
Aug. 21, 2013, 7:54 AM
- Vestas Wind Systems (VWDRY.PK) names former Ericsson executive Anders Runevad as CEO, replacing long-standing CEO Ditlev Engel, effective Sept. 1.
- The announcement comes as Vestas reports its Q2 net loss widened to €62M ($83.2M) from a loss of €8M a year earlier, following a 26% decline in revenue to €1.19B.
- For the full year, Vestas forecasts an operating profit margin of 1% on revenue of €5B, due in part to an expected recovery in the U.S. market, which was responsible for nearly 25% of 6,039 wind turbines delivered in 2012 but just nine out of 877 delivered in Q2.
- Says it will not sell its tower factory in Pueblo, Colo.; machining and casting units are expected to be sold but their value has been further written down.
Feb. 6, 2013, 8:29 AMVestas Wind Systems (VWDRY.PK) says its full-year 2012 net loss widened to €963M vs. a loss of €166M in 2011 and analyst expectations of a €192M net loss. Revenue came in at €7.22B vs. €5.84B a year ago and analyst consensus of €6.91B. Cuts 2013 shipment guidance to 4-5 GW of capacity from previous 5 GW, and made no forecast on profitability. | Comment!
VWDRY vs. ETF Alternatives
Vestas Wind Systems A/S develops, manufactures and markets wind turbines that generate electricity. The company also installs the turbines and offers follow-up and maintenance services of the installations. Vestas produces the windmills and its components through subsidiaries and associated... More
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