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Vestas Wind Systems A/S ADR (VWDRY)

- OTCPK - Current
  • Mon, Oct. 19, 10:48 AM
    • Vestas Wind Systems (OTCPK:VWDRY -0.2%) says the U.K. government's decision to reject the Navitus Bay offshore wind farm project will not affect the company's order backlog, as it was not a firm and unconditional order but a potential order.
    • Vestas says it will not challenge the decision by the U.K. Energy and Climate Secretary to refuse consent for the project, which comprised up to 194 turbines which would have a maximum installed generating capacity of 970 MW.
    | Mon, Oct. 19, 10:48 AM | Comment!
  • Wed, Aug. 12, 9:15 AM
    • Vestas Wind Systems (OTCPK:VWDRY) says it has received a firm and unconditional order in the U.S. for 50 V110-2.0 MW turbines, with a total capacity of 100 MW, from an undisclosed customer.
    • The contract covers supply and installation of the turbines, as well as a five-year service agreement' delivery is expected in Q3 2016.
    • The order takes Vestas' YTD announced order intake to 4,435 MW.
    | Wed, Aug. 12, 9:15 AM | 1 Comment
  • Thu, Jun. 4, 9:17 AM
    • Vestas Wind Systems (OTCPK:VWDRY) says Norwegian power company Statkraft has decided not to proceed with a plan to use Vestas' turbines in a 1,000 MW wind power project, citing lower electricity prices in the region that have made the project unprofitable.
    • Statkraft scrapped the project even after Norway's government agreed to inject 5B crowns ($648M) and keep dividends with the company to support new investments.
    • The project, worth 11B crowns ($1.4B), could have more than doubled wind power capacity in the country.
    | Thu, Jun. 4, 9:17 AM | 1 Comment
  • Wed, May 6, 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.
    | Wed, May 6, 12:59 PM | Comment!
  • Wed, Apr. 29, 9:57 AM
    • Vestas Wind Systems (OTCPK:VWDRY) says it has been awarded an unconditional order for a 78 MW project in the U.S. from a Sempra Energy (NYSE:SRE) subsidiary.
    • The contract is for 38 V110 2MW low wind turbines to go to the Black Oak Getty wind project in Minnesota.
    • Vestas says the project will be commissioned in Q2 2016, and the deal includes a 20-year service agreement.
    | Wed, Apr. 29, 9:57 AM | Comment!
  • Mon, Mar. 9, 3:58 PM
    • Siemens (OTCPK:SIEGY) gained over Vestas (OTCPK:VWDRY) as the leader in the global wind turbine market as measured by market share of newly installed machines connected to the grid in 2014, according to a new industry report.
    • But the gap is small, as wind turbine units of Siemens, General Electric (NYSE:GE) and Vestas ranged between 10.8% and 10.1% each of global market share, showing the intense competition in the industry.
    • GE climbed to second place from fifth the previous year, due to turbines that already had been installed in 2013 but were only turned on in 2014.
    • Siemens accounted for 76% of new capacity installed offshore last year in the world and 88% offshore Europe.
    | Mon, Mar. 9, 3:58 PM | 3 Comments
  • Wed, Feb. 11, 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.
    | Wed, Feb. 11, 8:34 AM | 2 Comments
  • Dec. 12, 2014, 9:44 AM
    • Vestas Wind Systems (OTCPK:VWDRY) wins an order to supply what it says will be Africa’s biggest wind power plant, as clean energy investments are accelerating on the continent.
    • Vestas says the order from Lake Turkana Wind Power for 365 of its 0.85-megawatt turbines is the most machines it has sold to a single plant and would generate enough power to meet ~15% of Kenya’s electricity demand; the company does not disclose the value of the order.
    • The project will benefit from wind conditions that are among “the best in the world,” Vestas says.
    | Dec. 12, 2014, 9:44 AM | Comment!
  • 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%.
    | Nov. 7, 2014, 9:56 AM | Comment!
  • Aug. 29, 2014, 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.
    | Aug. 29, 2014, 11:41 AM | Comment!
  • 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.
    | Aug. 20, 2014, 8:46 AM | 1 Comment
  • 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.
    | May 9, 2014, 7:59 AM | Comment!
  • May 2, 2014, 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
    | May 2, 2014, 5:45 PM | 1 Comment
  • 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.
    | Feb. 3, 2014, 6:49 PM | Comment!
  • Jan. 6, 2014, 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.
    | Jan. 6, 2014, 2:15 PM | 1 Comment
  • 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. 26, 2013, 2:13 PM | 1 Comment
Company Description
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
Sector: Utilities
Industry: Water Utilities
Country: Denmark