FAN - Q1-2021 Wasn't The Best Of Quarters For Ørsted

April, 30 2021 03:55 AM First Trust Global Wind Energy

Ørsted is trading 5% down intraday upon having released a forgettable Q1-2021 statement.
Financial performance deteriorated compared to Q1-2020 with revenue up 23% but EBITDA down 30% and EBIT down 42%.
Ørsted is negatively impacted by a warranty provision of DKK 800 million which may negatively impact profits in the coming quarters.
Strategically, Ørsted has been awarded further offshore wind projects, conducted an acquisition and transitioned its top management with the announcement of a well renowned and experienced Danish CEO.
It could be a situation of "buy the dip" for those who are long the renewables transformation with Ørsted trading well below its 52-week high of $76.4 per share.

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Company Name:	First Trust Global Wind Energy
Stock Symbol:	FAN
Market:	NYSE