Revenue, earnings, and free cash flow increased compared to last year’s third quarter. Solid order intake in the quarter and combined order backlog at all-time high level. Guidance for 2019 maintained.
In the third quarter of 2019, Vestas generated revenue of EUR 3,646m – an increase of 30 percent compared to the year-earlier period. EBIT before special items increased by EUR 153m to EUR 429m. The EBIT margin before special items was 11.8 percent compared to 9.8 percent in the third quarter of 2018, and free cash flow* amounted to EUR 205m compared to EUR (223)m in the third quarter of 2018.
The intake of firm and unconditional wind turbine orders amounted to 4,738 MW in the third quarter of 2019.
The value of the wind turbine order backlog amounted to EUR 16.5bn as at 30 September 2019. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 16.3bn at the end of September 2019. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 32.8bn – an increase of EUR 9.1bn compared to the year-earlier period.
Vestas maintains its 2019 guidance on revenue of EUR 11bn-12.25bn, EBIT margin before special items of 8-9 percent, and total investments* of approx. EUR 800m.
*) Excl. the acquisition of SoWiTec Group GmbH, any investments in marketable securities, and short-term financial investments.
