We Have an Optimistic Outlook for Wind Energy and Vestas
No-moat Danish wind turbine manufacturer Vestas reported full-year results on Feb. 7 that were below consensus and our expectations. Sales of EUR 10.1 billion, a 2% year-over-year increase, came in slightly below our EUR 10.3 billion and 3% growth forecast. The high-margin service segment delivered 10% growth, but the largest segment, power solutions, came in flat because of lower pricing. Reported EBIT margin at 9.5% was 100 basis points below our estimate, mainly as a result of lower gross mar...Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.
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