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Vestas Wind Systems profit misses consensus by 30.0% in Q3

Vestas Wind Systems A/S said its normalized net income for the third quarter amounted to 99 euro cents per share, compared with the S&P Capital IQ consensus estimate of €1.42 per share.

EPS fell 14.9% year over year from €1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €210.6 million, a decrease of 18.0% from €256.9 million in the year-earlier period.

The normalized profit margin declined to 7.7% from 8.8% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to €2.74 billion from €2.90 billion, and total operating expenses decreased on an annual basis to €2.39 billion from €2.47 billion.

Reported net income declined 18.1% from the prior-year period to €253.0 million, or €1.19 per share, from €309.0 million, or €1.40 per share.