Vestas Rebounds with Solid Profit

Vestas, the wind turbine manufacturer, has recovered from a dreadful 2022, reporting a profit of 582 million Danish kroner in 2023 after a loss of 12 billion kroner the year before. CEO Henrik Andersen expressed satisfaction with the company’s improved performance and return to profitability. The improvement was particularly boosted by a strong fourth quarter, which saw a profit of 1.1 billion kroner. Revenue also grew, with Vestas generating nearly 115 billion kroner in 2023 compared to just over 108 billion kroner the previous year. Furthermore, Vestas anticipates continued growth with projected revenues of 119 to 134 billion kroner for the current year, albeit with some uncertainty due to geopolitical volatility. To cap off the year, Vestas reached a record order intake of 18.4 gigawatts.