2024-02-12 19:50:05 ET
Summary
- Vestas Wind Systems published its annual report for 2023, titled 'a return to profitability', after a loss-making 2022.
- Despite razor-thin margins at 1.5% and ongoing struggles in the wind energy industry, Vestas was able to grow its revenue and earnings.
- Vestas achieved a record order intake of 18.4 GW for the full year and aims to continue building momentum in 2024.
- The Power Solutions segment of Vestas is expected to do much better in 2024, while the Services segment remains a solid and non-cyclical grower.
- The average selling price of wind turbines is an important point of concern though, since Vestas did not sell its wind turbines for a materially higher price per MW in 2023 compared to 2021, when correcting for inflation.
Vestas Wind Systems ( VWDRY ) published its annual report 2023 on the 7th of February, which the company titled 'a return to profitability'. After a loss-making 2022, the company started making profit again in 2023, although 2023 margins were razor-thin at 1.5%. But considering all the headwinds that Vestas had to deal with during the last couple of years, I believe this is good news....
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Vestas: A Return To Profitability