Danish wind turbine manufacturer Vestas Wind Systems
A/S (VWS.KO) said Wednesday its third quarter net loss narrowed to EUR87
million as its turnaround efforts continue according to plan, and upgraded its
full year Ebit margin and free cash flow guidance.
MAIN FACTS:
-Vestas
upgrades its pre-items Ebit margin outlook for 2013 to a minimum of 2% from a
minimum of 1%.
-Free cash flow is upgraded from minimum EUR200 million to EUR500
million-EUR700 million.
-All other guidance is maintained.
-"The improved Ebit despite a 27% drop in revenue and another quarter of
debt reduction are important results of the ongoing turnaround, and we remain
focused on delivering according to plan in the last part of the year,"
said CEO Anders Runevad.
-Net loss narrowed to EUR87 million, from a net loss of EUR175 million a year
earlier but missed analysts' expectations for a net profit of EUR4 million.
-Revenue fell to EUR1.44 billion from EUR1.99 billion, falling short of
analyst's expectations of EUR1.54 billion.
-Ebit increased to EUR3 million from a negative Ebit of EUR140 million;
analysts had expected Ebit to be positive with EUR42 million.
-Intake of firm and unconditional orders in the third quarter was 1,547 MW, up
from last year's 401 MW.
-Turbine order backlog was EUR7.3 billion at the end of the third quarter, down
12% from last year's EUR8.3 billion.
-Vestas produced and shipped 1,607 MW in 3Q, down 0.6% from last year's 1,616
MW.
-Service revenue was 227 million, down 2.6% from last year's EUR233 million.
-Still expects to further reduce the number of employees during 2013 and the
year-end number of employees is still expected to be no more than 16,000.
-Shares closed Tuesday at DKK145.50, valuing the company at EUR3.97 billion.