COPENHAGEN (dpa-AFX) - Vestas Wind Systems A/S (VWDRY.PK) reported that its EBIT before special items for the the first quarter of 2016 increased by 6 million euros to 85 million euros.
Group President & CEO Anders Runevad said, 'Vestas delivered record-high first quarter order intake as well as our largest ever combined wind turbine and service order backlog. EBIT margin also improved, while free cash flow, although at negative levels, was in line with expectations as we build up inventory preparing for a busy remainder of 2016. Full-year guidance remains unchanged'.
The EBIT margin before special items was 5.8 percent compared to 5.2 percent in the first quarter of 2015.
Quarterly revenue was 1.464 billion euros, a decrease of 4 percent compared to the year-earlier period.
Vestas maintains its 2016 guidance on revenue of minimum 9 billion euros, EBIT margin before special items of minimum 11 percent, total investments of approx 500 million euros, including the acquisition of Availon Holding GmbH, and free cash flow of minimum 600 million euros, including the acquisition of Availon Holding GmbH.
Copyright RTT News/dpa-AFX