Vestas profit jumped 25 percent in 2010
By Cathy Proctor, Business Journal Staff Writer
Business Journal Staff Writer
Vestas received a 58-turbine order for an unnamed Canadian wind farm.
Wind turbine manufacturer Vestas on Wednesday reported its full-year 2010 net profit rose 25 percent to about $214.3 million, up from about $171.7 million in 2009.
Vestas Wind Systems, which has its U.S. headquarters in Portland, is based in Randers, Denmark, and trades on the Copenhagen Stock Exchange at the symbol VWS. The company employs nearly 1,500 people in Colorado where it operates three manufacturing plants.
The company reports its results in euros.
Revenues for the year rose 36 percent, to $9.5 billion, from nearly $7 billion in 2009, the company said. It expects revenues to hit $9.6 billion in 2011.
Vestas revenues beat the average $9.3 billion that 30 analysts surveyed by Bloomberg were expecting.
Vestas delivered 5,842 megawatts worth of wind turbines in 2010, compared to 4,764 megawatts delivered in 2009, the company said.
The Global Wind Energy Council, based in Brussels, Belgium, said new wind turbine installations dropped to 35.8 gigawatts in 2010, from 38.6 gigawatts in 2009. Based on Vestas’ reported deliveries, the company’s world-wide market share rose to 16 percent in 2010, from 12 percent the previous year.
By the end of 2010, Vestas had a total of 44,114 megawatts worth of wind turbines installed around the world. It’s global backlog of orders at the end of the year stood at 7,622 megawatts, with a value of $10.6 billion, compared to a backlog of about 5,015 megawatts, valued at $7.4 billion in 2009.
Vestas had a record year for North American orders in 2010, racking up 15 orders for 871 turbines capable of producing 1,883 megawatts worth of electricity. That's enough to support the power needs of more than 1.1 million homes.
In other Vestas news Wednesday, CEO Ditlev Engel said the company will unveil a 6-megawatt offshore wind turbine, its biggest ever, in London in March, Bloomberg News reports.
Cathy Proctor is a reporter in Denver. Erik Siemers covers Vestas for the Portland Business Journal. Reach Erik at email@example.com or 503.219.3418.
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