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Vestas Wind Systems A/S ADR Unsponsored Repstg 1 Ord Shs
This is a Z4 Research quick post quarter update.
Please see our prior background piece on Vestas (VWDRY) here and our recent look ahead to 2020 which outlined a strengthening outlook here.
The 4Q Numbers: Beat on Record Revenues
Vestas reported a record total revenue quarter with the higher margin service segment revenue at 529 mm EUR, up 10% YoY, to a new record quarterly high as well.
Service EBIT margins were 20.8% which is down 28.5% in 3Q due to bonuses, but segment margins were above guidance for the full year.