Fri, Apr. 29, 9:02 AM
Tue, Feb. 9, 8:01 AM
- Vestas Wind Systems (OTCPK:VWDRY) reports better than expected Q4 net profit and raises its dividend on 2015 earnings by 75%.
- Vestas says its Q4 net profit grew 54% Y/Y to €298M ($333.6M), beating analyst expectations of €266M, while revenue rose 23% to €3.04B, vs. expectations of €2.95B; FY 2015 net profit gained 75% to a record €685M from €392M in 2014, on a record €8.4B of sales.
- For 2016, Vestas predicts sales to reach at least €9B with an operating margin of at least 11%.
- Vestas says it will pay a dividend of 6.82 Danish kroner/share on 2015 earnings, or 30% of net profit, in line with its policy of paying an annual dividend of 25%-30% of net profit.
May 6, 2015, 12:59 PM
- Vestas Wind Systems (OTCPK:VWDRY +4.2%) is higher after reporting better than expected Q1 results and raising its FY 2015 profit target amid a record wind turbine and service order backlog of €15B.
- Vestas reported Q1 net income of €56M ($63M), almost double the €29.7M average analysts had expected, and a 13% increase in revenue from its services business even though the year-ago period was fattened with rare contracts maintaining machines offshore.
- Q1 EBIT margin before special items was a company record 5.2%, up 2.1 percentage points compared to Q1 2014, and return on invested capital hit a record 44%.
- Vestas says it now expects at least €7.5B in revenues this year, up from a previous forecast of at least €6.5B, with an operating margin of a least 8.5% from an earlier expectation of 7%; while analysts had expected higher forecasts, they were still surprised by the extent of the upgrades.
Feb. 11, 2015, 8:34 AM
- Vestas Wind Systems (OTCPK:VWDRY) says it will pay a dividend for the first time since 2003, as it posts its first full-year net profit in four years.
- Vestas plans to pay a dividend of NOK3.90/share, as FY 2014 earnings totaled €392M on a 14% Y/Y rise in revenues to €6.91B, but free cash flow of €841M was down 17% Y/Y.
- However, shares are -6% in Copenhagen trading as the company issues a cautious outlook for sales of ~€6.5B in 2015, less than the €6.9B it generated last year, and sees a margin of ~7% on EBITDA vs. 8.1% in 2014.
Nov. 7, 2014, 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%.
Aug. 20, 2014, 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.
May 9, 2014, 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.
Feb. 3, 2014, 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.
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.
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 AM
Vestas 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.| Feb. 6, 2013, 8:29 AM
Nov. 7, 2012, 8:31 AMVestas Wind Systems (VWDRY.PK) reports a Q3 net loss of €175M ($225.3M) vs. a net loss of €60M in the year-ago period and revenues of €1.99B vs. €1.34B Y/Y. The world's largest manufacturer of wind turbines says it will step up its cost-cutting efforts and reduce its headcount further during 2013 through divestments, a hiring freeze and layoffs. Shares -12% in Copenhagen. | Nov. 7, 2012, 8:31 AM
Aug. 22, 2012, 8:47 AM
Vestas (VWDRY.PK) cuts its full-year expectation for delivered orders and plans to lay off more workers as it scrambles to swing back to profit. The world's top manufacturer of wind turbines booked new orders with a total capacity of 945 MW in Q2, bringing its order backlog to a record €14.4B ($17.9B), but lowers its full-year target for shipped orders of turbines to 6.3 GW from 7.0 GW prior.| Aug. 22, 2012, 8:47 AM | 1 Comment