Vestas takes 3GW of orders in Q2 with revenues up 30%

DENMARK: Vestas has posted revenue of €1.75 billion in the second quarter as orders amount to over 3GW.

by David Weston 19 August 2015

Vestas received orders totalling over 3GW in Q2

This was the company's best Q2 on record, with revenue 30% higher than the previous year.

Growth was helped by turbine orders, which increased 56% on the same period last year – it was the second highest order intake in Q2 for Vestas. Orders were placed from 20 countries worldwide.

The US, Mexico, Germany and Chile were the main contributors to the order intake in Q2, the company said. Its 3MW offshore turbine also featured.

The firm's order backlog has therefore improved to more than 9.4GW at the end of June 2015. EMEA accounted for 51% of the backlog, the Americas for 44%, and Asia-Pacific for 5%.

Pre-tax earnings for Vestas also increased by €41 million to €145 million.

The outlook for 2015 remains the same, despite a strong first half of the year. Vestas is targeting a minimum €7.5 billion in revenues across the year, with an earnings before interest and taxes (EBIT) margin of 8.5%.

Vestas CEO Anders Runevad said: "The profitable growth strategy is firmly on track as we leverage our key strengths — global reach, technology and service leadership, and scale".