Wind turbine manufacturer Vestas increased sales by three percent in the third quarter. The company delivered more turbines and secured new land-based wind orders.
Vestas generated over €5.3 billion in revenue during the period. That equals nearly 40 billion Danish kroner.
The results represent a three percent improvement over the same quarter last year. Higher turbine deliveries drove the growth.
Quarterly net profit reached €304 million after tax. That converts to approximately 2.3 billion kroner.
CEO Henrik Andersen said the performance reflects strong execution. 'Results are driven by higher deliveries and continued improvement in executing our land-based wind projects,' he noted in the earnings statement.
Despite the positive quarter, Vestas narrowed its full-year sales expectations. The company now forecasts revenue between €18.5 and €19.5 billion. This compares to previous guidance of €18 to €20 billion.
Order intake grew by four percent during the quarter. Land-based turbine orders surged by sixty percent.
Currency fluctuations negatively impacted third-quarter results. Exchange rate movements reduced revenue by €163 million compared to last year.
Vestas operates internationally, so currency changes affect earnings when converted to Danish kroner. The weakening US dollar meant the company received fewer euros and kroner for each dollar earned.
The manufacturer also announced a share buyback program. Vestas will repurchase shares worth €150 million, about 1.1 billion kroner.
The mixed results show Vestas faces both strong demand and economic headwinds. While orders are growing, the company must navigate currency volatility and adjust expectations accordingly.