Wind turbine manufacturer Vestas has reported an operating profit (EBIT) of €235 million for the third quarter of 2024, marking a significant increase from €70 million in the same period last year. Gross profit for Q3 2024 also rose, reaching €544 million compared to €351 million in Q3 2023, as revenue climbed 18.9% to €5.2 billion.
The company's EBIT margin before special items improved to 4.5%, up from 1.6% a year ago. Order intake for the quarter stood at 4.4 GW, bringing the turbine order backlog to €28 billion. Alongside these hardware orders, Vestas held service agreements with expected contractual future revenue of €35.1 billion, raising the combined order and service backlog to €63.4 billion—an increase of €9.4 billion compared to Q3 2023.
Vestas maintained its full-year revenue guidance of €16.5-17.5 billion and EBIT margin projection of 4-5%, though it now anticipates achieving the lower end of this range.
Group President and CEO Henrik Andersen highlighted the company's robust commercial discipline, noting the average selling price for turbine orders reached €1.10 million per MW. While underlying business areas, particularly Power Solutions, showed strong performance, the company faced challenges in the Service division, with slower-than-expected margin improvements and higher warranty provisions.
Despite geopolitical uncertainties and trade volatility, Andersen affirmed Vestas' commitment to closing the year on a strong note, attributing progress to the dedication of its workforce and support from partners and customers.
