Vestas Shares Jump After Raised Revenue Forecast
Mohammad Ali (@ChaudhryMAli88) Published August 18, 2016 | 03:12 PM
COPENHAGEN, (APP - UrduPoint / Pakistan Point News - 18th Augst,2016) - Shares in Danish wind turbine maker Vestas Wind Systems rose on Thursday after the company raised its annual revenue forecast and posted strong quarterly results. "Our colleagues have executed well on a high activity level, which along with a favourable mix of projects contributed to Vestas achieving extremely solid results on revenue, EBIT margin, net profit, and free cash flow," chief executive Anders Runevad said in a statement. Order intake had been "in line with expectations," he said. Revenue was expected to reach at least 9.5 billion Euros ($10.7 billion) this year rather than a previous estimate of at least nine billion euros, according to the group.
The EBIT (earnings before interest and taxes) margin would be at least 12.5 percent this year, rather than 11 percent. Net profit in the second quarter more than doubled to 278 million euros from 125 million euros in the same period a year ago, as revenue gained 46 percent to 2.56 billion euros. The US government's decision to extend wind production tax credits, or PTCs, means "Vestas' team in the US will be extremely busy until December 31, because there is a high level of activity in the US market," Runevad told Danish news agency Ritzau. The group also said it would buy back shares worth 2.98 billion kroner (400 million euros, $453 million) starting Thursday and ending December 30.
Recent Stories
Pakistan's total liquid foreign reserves reach $ 13.42 billion
European stock markets head into Easter break with slight gains
Over Rs 64 billion disbursed among deserving, needy under Benazir Kafaalat schem ..
Battles, bombardment in Gaza as US says Israel talks back on
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the ..
China lifts punitive tariffs on Australian wine
Asian markets mixed after Fed official floats rate cut delay
CCP to sign MoU China’s market regulatory
Attaullah Tarar’s success notification from NA-127 challenged
Rupee gains 01 paisa against dollar
PSX closed at historic high level of over 67,000 points
PSX witnesses positive trend today
More Stories From World
-
Haiti situation 'cataclysmic': UN
53 minutes ago -
Profits fall for China's top chipmaker as sanctions bite
53 minutes ago -
Portugal awaits new government after hung polls
53 minutes ago -
China willing to work with Pakistan to enhance capability of tackling security challenges: Col Wu Qi ..
1 hour ago -
Haiti situation 'cataclysmic': UN
1 hour ago -
Detectives return to French village to solve missing toddler mystery
1 hour ago
-
Japan Moon probe survives second lunar night: space agency
2 hours ago -
Battles, bombardment in Gaza as US says Israel talks back on
3 minutes ago -
Blond vs pink: French-Swiss battle for 'fourth' chocolate
2 hours ago -
Zangnan has been China's territory since ancient times: Spokesperson
3 hours ago -
Nicoll relishes her shot at double Olympic stardom
3 hours ago -
China lifts punitive tariffs on Australian wine
3 minutes ago