Vestas Wind Systems Order Intake Rises on Strength in EMEA and Asia

By Dominic Chopping

Vestas Wind Systems said it benefited from strong order intake in Europe, Middle East and Africa and Asia during the second quarter, resulting in a sharp rise in overall order intake.

The Danish wind-turbine maker said order intake in the quarter rose 76% to 4.4 billion euros ($4.84 billion) from 2.5 billion euros in the same quarter a year earlier, as the average selling price per megawatt rose 16%.

The turbine order backlog rose to 28.1 billion euros from 20 billion euros, while the service order backlog rose to 34.9 billion euros from 31.6 billion euros.

Deliveries to customers fell due to lower onshore deliveries but the company said it had noted significant offshore order intake in Poland and Germany as well as a high level of onshore orders in the U.S.

Vestas earlier this week narrowed its full-year guidance and reported preliminary second-quarter revenue that missed expectations after it made an adjustment to cost expectations in its service business that resulted in a 300 million-euro hit to the unit's earnings.

It posted a net loss for the quarter of 158 million euros compared with a loss of 115 million euros in the same period last year.

Revenue fell 3.9% to 3.3 billion euros, as previously announced.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 14, 2024 02:54 ET (06:54 GMT)

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