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Vestas Wind Systems profit beats consensus by 54.2% in Q1

Vestas Wind Systems A/S said its normalized net income for the first quarter came to 21 euro cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS climbed 379.1% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €47.5 million, a gain of 406.7% from €9.4 million in the year-earlier period.

The normalized profit margin rose to 3.1% from 0.7% in the year-earlier period.

Total revenue grew 18.4% year over year to €1.52 billion from €1.28 billion, and total operating expenses climbed 15.8% year over year to €1.44 billion from €1.24 billion.

Reported net income increased 2,700.0% year over year to €56.0 million, or 25 cents per share, from €2.0 million, or 1 cents per share.