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%.
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.
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.
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."
Nov. 27, 2012, 10:56 AMTalks between Vestas (VWDRY.PK) and Mitsubishi Heavy Industries to build the biggest offshore wind turbine are bolstered by securing €900M in financing yesterday through 2015. Vestas’ negotiating power is now “slightly improved... It doesn’t increase the financial flexibility of Vestas, but it removes the short-term default risk." Shares -9.5% after jumping 22% yesterday. | Comment!
Aug. 28, 2012, 11:52 AMShares in Vestas Wind Systems (VWDRY.PK +18.2%) surge after the wind-turbine maker confirms it’s in talks with Mitsubishi Heavy Industries over a strategic pact. Analysts believe any partnership between the two companies may emerge as a joint offshore-wind business which may erase lingering fears over Vestas’ cash position. | Comment!
Jan. 2, 2012, 7:40 AMOwners (or prospective owners) of beleaguered solar energy companies, it might be time to prepare for more of this action in 2012: China's LDK Solar (LDK) offers to buy Germany's Sunways for €1.90/share, a near 30% premium to Friday's close. Sunways lost 63% in 2011, weighed down like most by production overcapacity coming out of Asia. | 2 Comments
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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