- Vestas (OTCPK:VWDRY +7.3%) is sharply higher despite missing Q3 earnings estimates, as the company says prices of wind turbines have stabilized and it now expects higher sales and activity levels next year.
- Vestas says its wind turbine orders in Q3 rose 25% Y/Y to 3,261 MW, below the 3,330 MW expected by analysts but raising its order backlog to an all-time high; Q3 order intake came with an average selling price of €780K/MW vs. €710K/MW in Q2 and €720K/MW analyst consensus estimate.
- “This confirms that the price pressure in the industry is on the decline, there is a stabilisation, and Vestas is on its way towards record high activity levels in 2019,” says Sydbank analyst Jacob Pedersen, who maintains his Buy rating on the stock.
- Vestas reaffirms its guidance for full year revenues of €10B-€10.5B and an EBIT margin before special items of 9.5%-10.5%.
- Now read: Aqua America, Inc. 2018 Q3 - Results - Earnings Call Slides
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