Vestas on track for highest order intake in 3 years: Analysts
Resource from: Economic Times Likes:181
Jan 04,2015
COPENHAGEN: Vestas Wind Systems, the world's largest wind turbine maker, likely received the highest orders in three years in 2014, and a US tax break on wind production could help keep its order book full, analysts said on Friday.
Last year the Danish company notched up orders for 5,864 megawatts (MW) of capacity, valued at around 5 billion euros ($6 billion) according to Reuters calculations based on figures on the company's website.
It also would have received a further number of smaller orders in the fourth quarter, which would be officially announced in its quarterly earnings report in February, analysts said.
The company typically announces orders below 66 million euros in its quarterly reports, rather than individually as it does with larger orders. Since 2010 average total smaller orders in the fourth quarter has been 744 MW.
Vestas declined to comment on any additional orders.
In 2013 Vestas booked orders for a capacity of 5,964 MW, 3,738 MW in 2012 and 7,397 MW in 2011.
Orders for this year and next could also be brisk after the US last month extended a tax break on wind production.
The US Senate renewed the production tax credit (PTC), one of dozens of temporary tax breaks known as "extenders", most of which expired at the end of 2013.
While this meant the tax break would apply retroactively for all of 2014, the uncertainty in the months before the Senate approval had caused power producers to delay turbine purchases.
"We expect the new framework agreements announced before New Year reduces the risk a lot and uncertainty is deferred further," analyst Jacob Pedersen from Sydbank told Reuters.
He maintained his buy recommendation on the share after a strong order intake finish in 2014.
In November, Vestas raised its 2014 forecast for sales, profit margins and cash flow on the back of a far stronger than expected performance in the three months to the end of September.
By 1400 GMT on Friday Vestas shares were up 5 percent outperforming the Copenhagen main index's 0.9 percent rise.
(Economic Times)
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