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(Bloomberg) — Vestas Wind Systems A/S beat analysts estimates for profits in the first quarter of the year, reflecting increasing orders for wind turbines.
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The Danish turbine-maker sees the margin for full-year earnings before interest and taxes in the range of 6% to 8%, it said in a statement on Wednesday. The company’s order backlog reached a new high of €36.3 billion ($42.6 billion) through strong offshore orders in the UK and good onshore momentum more broadly.
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The move reflects growing confidence in the company as the broader wind industry turns the page from steep losses in recent years after costs of steel and other key materials soared and it grappled with delays due to supply chain disruptions. It also signals growing demand for wind power as governments prioritize energy security and homegrown sources of energy following the war in the Middle East.
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“The current geopolitical uncertainty and energy crisis underline the need for affordable, secure, and sustainable energy,” Chief Executive Officer Henrik Andersen said in the statement.
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Vestas shares have jumped more than 10% this year after the company announced a slew of new orders for onshore wind turbines. The company saw strong orders from the UK, Germany and South Korea, taking the overall intake to 4.5 gigawatts, the company said.
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The company’s pipeline of development projects amounted to 26.9 gigawatts, with Asia Pacific taking the lead, following by the Americas and EMEA, the company said. Australia and the USA are the company’s largest project pipelines.
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President Donald Trump has been trying to thwart offshore wind development and while onshore wind has largely stayed out of his focus, the New York Times reported that 150 projects have also been delayed while being reviewed by the administration.
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Vestas also announced plans to return $100 million more in cash to investors after posting the positive outlook for the year. That’s the third quarterly buyback in a row.
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The company posted €127 million in earnings before interest, taxes and significant items for the first quarter this year, beating analyst estimates of €70.2 million.
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