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Vestas Wind Systems profit beats consensus by 33.2% in Q1

Vestas Wind Systems A/S said its first-quarter normalized net income came to 63 euro cents per share, compared with the S&P Capital IQ consensus estimate of 47 cents per share.

EPS increased 377.0% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €133.8 million, an increase of 365.2% from €28.8 million in the prior-year period.

The normalized profit margin increased to 7.1% from 2.0% in the year-earlier period.

Total revenue increased 28.8% on an annual basis to €1.89 billion from €1.46 billion, and total operating expenses rose 21.4% year over year to €1.67 billion from €1.38 billion.

Reported net income increased 357.1% from the prior-year period to €160.0 million, or 75 cents per share, from €35.0 million, or 16 cents per share.