Vestas’ revenue increases 29% in 1Q20

Denmark's Vestas generated a revenue of €2.23 billion in the first quarter of 2020, an increase of 29% compared to the first quarter of last year, the company announced on Tuesday.

The quarterly intake of firm and unconditional wind turbine orders amounted to 3,311 megawatts (MW).

"The continuing uncertainty as regards the full impact of COVID-19 makes Vestas maintain the suspension of the 2020 guidance," the company explained.

Vestas said with the current visibility for the rest of the year, it assesses that revenue growth and EBIT margin before special items for full year in service will be able to meet initial expectations.

"In the first quarter of 2020, the global demand for wind energy remained strong in spite of the COVID-19 pandemic’s continuing impact on societies and operations across all continents," Group President and CEO Henrik Andersen said.

Andersen added that the company delivered an increased revenue and order intake year on year, and continued strong service performance to provide it with stability in the current period of high uncertainty.

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