Vestas Wind Systems A/S said its fourth-quarter normalized net income amounted to €1.45 per share, compared with the S&P Capital IQ consensus estimate of €1.67 per share.

EPS increased 42.0% year over year from €1.02.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €303.8 million, a gain of 35.4% from €224.4 million in the year-earlier period.

The normalized profit margin rose to 9.2% from 7.4% in the year-earlier period.

Total revenue rose 9.2% on an annual basis to €3.31 billion from €3.04 billion, and total operating expenses increased 5.8% year over year to €2.78 billion from €2.63 billion.

Reported net income increased 15.0% on an annual basis to €342.0 million, or €1.63 per share, from €297.3 million, or €1.35 per share.

For the year, the company's normalized net income totaled €3.74 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €4.54.

EPS rose from €2.47 in the prior year.

Normalized net income was €821.9 million, an increase from €551.3 million in the prior year.

Full-year total revenue increased on an annual basis to €10.24 billion from €8.42 billion, and total operating expenses increased year over year to €8.79 billion from €7.56 billion.

The company said reported net income rose on an annual basis to €964.0 million, or €4.39 per share, in the full year, from €684.3 million, or €3.07 per share.