Vestas unveils surprising first quarter results

Defying dour expectations, the wind turbine giant posts profits of 202 million kroner

The Danish wind turbine giants Vestas posted surprising profits in its 2014 first quarter financial results, the first time since 2009 that the company has shown profits in a first quarter.

With operating profits of 202 million kroner, the result goes against dour analyst expectations and much improved from the 911 million-kroner operating loss that the company endured in last year’s first quarter.

“As we expected, first quarter showed improvements in all major areas,” Vestas head, Anders Runevad, said in a press release. “This is a result of a lot of hard work from my colleagues and we remain focused on executing on our strategy, Profitable Growth for Vestas.”

READ MORE: Vestas scandal continues to widen

Annual status quo 
Vestas also showed 15 million kroner net profits, a huge upswing from the 1.1 billion kroner net loss it suffered during the same financial period in 2013.

Turnover increased to 9.58 billion kroner from 8.18 billion kroner the year before, which is also above analyst predictions.

Despite the encouraging results, the company will maintain its annual expectations for 2014.

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