Vestas Records 70% Rise in Q3 Net Profit

29 October 2009 (Last Updated October 29th, 2009 18:30)

Danish wind systems company Vestas has reported a $244m (€165m) net third quarter profit, representing a 70% rise compared to $143m (€97m) for the same period last year. The company recorded $2.6bn (€1.8bn) revenue for Q3, a 3% increase compared to $2.5bn (€1.7bn), while EBIT was $360m

Danish wind systems company Vestas has reported a $244m (€165m) net third quarter profit, representing a 70% rise compared to $143m (€97m) for the same period last year.

The company recorded $2.6bn (€1.8bn) revenue for Q3, a 3% increase compared to $2.5bn (€1.7bn), while EBIT was $360m (€244m) for Q3 2009, an increase of 53% compared to $236m (€160m) for the same period last year.

Earnings were slightly impacted by the shutdown of production and termination of employees at the Isle of Wight plant in England, and the continuing upgrade of the company's labour force in China and the US, the company said in a statement.

Net profit for the first nine months of 2009 was $390m (€264m), a 35% hike compared to $288m (€195m) for the same period last year.

Revenue for the first nine months of 2009 was $6bn (€4.1bn), a 16% increase compared to $5.2bn (€3.5bn) for the same period last year, while EBIT was $587m (€398m) a 39% rise compared to $422m (€286m) for the same period last year.

Vestas shipped 979 turbines with 1,635MW aggregate capacity for Q3 2009 compared to 836 turbines with 1,479MW capacity in Q3 2008.