Vestas’ order book thicker than ever

Vestas has no shortage of work with a record high order book for wind turbines amounting to a capacity of 4.4 gigawatts in the third quarter of the current fiscal year. Including undisclosed orders, the turbine order value has reached €28.3 billion. When service business is included, the order book grows to €63.4 billion, a €9.4 billion increase from the previous year. Vestas saw a 19% increase in sales with a turnover of €5.2 billion and a net profit of €127 million, an improvement by €99 million over the same quarter last year. However, for the first nine months, Vestas still records a loss of €104 million, due to a €300 million write-down in the second quarter related to unexpected service business costs and inefficiency. The operating margin for the third quarter was 4.5%, lower than the analysts’ expectation of over 7%.