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
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
Attack in restive Chilean province leaves three police officers dead
PM, Saudi Royal court advisor discuss ways to boost economic ties
England clinch third successive Women's Six Nations Grand Slam
DC Bahawalnagar leads fight for fair bread prices
Sheffield Utd relegated from Premier League
02 proclaimed offenders arrested by Wah Police
Pakistan level T20I series with nine-run victory over New Zealand
Minister meets Chinese Consul General, discusses bilateral cooperation, Chinese ..
More Stories From World
-
Pakistani youth asked to carry forward spirit of Pak-China all-weather friendship
4 minutes ago -
Ukraine warns battlefield situation 'worsened' as Russia claims fresh gains
34 minutes ago -
Ukraine army commander says situation 'worsened'
1 hour ago -
Spanish MotoGP results
1 hour ago -
Italian PM Meloni says will stand in EU Parliament elections
2 hours ago -
Two-time defending world champion Bagnaia denies Marquez fairytale win
2 hours ago
-
Pakistan Embassy Beijing to create platform for students, professionals to explore opportunities: Am ..
3 hours ago -
One man dead after migrant boat sinks off Greek island
3 hours ago -
Tesla CEO Musk meets China's number two official in Beijing
4 hours ago -
Hamas official says delegation to respond to Gaza truce plan in Egypt Monday
4 hours ago -
Tennis: ATP/WTA Madrid Open results
5 hours ago -
PM calls upon bridging gap between Global South, North in health sector
5 hours ago