Danish wind giant Vestas reported revenues of 1.814 billion euros ($2.685 billion) for the third quarter of 2009, marking a 3 percent year-on-year increase, on the back of strong product shipments.
Vestas also recorded a 53 percent rise in total earnings before interest and taxes to 244 million euros relative to third quarter 2008.
In the third quarter of 2009, the company saw an increase in their production, shipping a total of 979 turbines, an increase of 17 percent, and wind power systems with an aggregate capacity of 1,635 megawatts, for an increase of 11 percent.
Europe accounted for 57 percent of revenues in the third quarter of 2009. Meanwhile, Americas and Asia-Pacific accounted for 31 percent and 12 percent of revenues, respectively.
Third-quarter revenues amounted to 25 percent of the expected full-year revenue, against 29 percent of actual revenues in 2008.
Vestas retains its earnings and revenue guidance for 2009, with expected earnings before interest and taxes margin of 11 percent to 13 percent and revenues of 7.2 billion euros. Net working capital is expected to represent 10 percent to 20 percent of revenue by the end of 2009.
Despite this, the company stated that earnings were, to a minor extent, adversely affected by the closedown of production and layoffs on the Isle of Wight in Britain, as well as the ongoing upgrade of the labor force in China and the United States.
Vestas said the upgrading of the workforce in the United States is not progressing as quickly as planned due to the credit crisis.
In 2010, Vestas expects to achieve earnings before interest and tax margin of 10 percent to 12 percent and revenues of 7 billion euros to 8 billion euros.
In general, the company expects prices and conditions to remain unchanged in 2010 relative to 2009.
Vestas expects to lift earnings before taxes and interest margin to 15 percent and revenues to 15 billion euros not later than 2015, through ongoing capacity expansion, savings and efficiency improvement measures, improved wind turbine output and the development of service products.
At the end of September 2009, Vestas had 117,068 registered shareholders, including custody banks, which held 87 percent of the company's share capital. Danish shareholders are estimated to own approximately 31 percent of Vestas, which has a free float of 100 percent.
Vestas is listed on Nasdaq-OMX Copenhagen.
Vestas makes slight increase in revenues
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