Free Trial

Vestas Wind (Baa2): 1Q24 Results

CAPITAL GOODS

Small negative for spreads. Confirmed guidance brings some comfort but these results put high operational leverage in the spotlight.


• Revenue and adj. EBITDA miss expectations by 10% and 47%. Lower than expected turbine deliveries driving the miss, with negative EBIT margin for the quarter.

• Adj. FCF at -€997mn will also be seen as a miss, expected negative on seasonal working capital but not to this extent. Net debt to EBITDA is left at 1.1x is close to 1x targeted.

• FY24 guidance confirmed.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.