VWDRY - Vestas posts Q2 earnings miss but keeps full-year sales guidance

2023-08-09 07:30:31 ET

Vestas Wind Systems ( OTCPK:VWDRY ) on Wednesday reported a larger than expected Q2 net loss and warned of continued supply chain disruptions during the rest of this year, but maintained full-year guidance.

Q2 net loss fell slightly to €115M (~$126M) from a year-earlier net loss of €119M, while revenues rose 3.8% Y/Y to €3.43B; a FactSet consensus had anticipated a net loss of €73M on revenues of €3.42B.

Q2 EBIT showed a loss of €70M compared to a year-earlier loss of €182M and an average analyst forecast of a €62M loss in a poll shared by the company.

Q2 order intake rose to €2.5B from €2.1B, the turbine order backlog rose to €20B from €18.9B and the service order backlog rose to €31.6B from a downwardly adjusted €29B.

Vestas ( OTCPK:VWDRY ) maintained its FY 2023 guidance for revenues of €14B-€15.5B and EBIT margin of negative 2% to positive 3%, which would mark an improvement from the previous year's negative 8%.

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