Vestas kikser fælt i forhold til analytikernes Q2 forventninger

Kommentar: Vestas leverer i Q2 et overskud per aktie på 0,45 euro, mod analytikernes forventning på 0,59 euro per aktier.

Vestas skriver: “Earnings per share amounted to EUR 0.45 in second quarter of 2019, a decrease of EUR 0.47 compared to EUR 0.92 in the same quarter of 2018 driven by lower net profit. In the first half of 2019, earnings per share amounted to EUR 0.58 compared to EUR 1.42 for the same period in 2018, due to lower net profit in the first half year of 2019. Return on capital employed (ROCE) was 15.5 percent for rolling 12 months, compared to 23.6 percent for the same period a year ago. Return on equity was  17.1 percent in current period, compared to 27.1 percent in same period
a year ago, which was a decrease of 10.0 percentage points. For both ratios, this decline was mainly a result of the lower operating and net profit.”

Ifølge estimater, indsamlet af StreetEvents data from Refinitiv (tidligere Thomsonreuters) forventede analytikerne et eps overskud i Q2 på 0,59 Euro. Det realiserede svarer til et mis på næsten 25 %.

Ledelsen skriver om helårsforventningerne, som præcseres i den nedre del af det tidligere udmeldte interval for driftsoverskud: “Based on performance and improved visibility for the remainder of the year, Vestas narrows guidance on revenue and EBIT-margin before special items for 2019.

• Vestas revenue is expected to range between EUR 11.0bn and 12.25bn (compared to
previously EUR 10.75bn-12.25bn), including Service revenue, which is expected to grow by approx. 10 percent.
• Vestas expects to achieve an EBIT margin before special items of 8-9 percent (compared to previously 8-10 percent). Factors such as escalation of tariffs and increased transportation complexity related to rerouting and scarcity in the market has increased costs for the Power solutions area. The increased costs in Power solutions are only partly expected to be offset by improved profitability within the Service business, which is now expected to deliver an EBIT margin of minimum 24 percent (compared to approx. 24 percent previously). Total investments* are expected to amount to approx.
EUR 800m (compared to approx. EUR 700m previously). Vestas adjusts its guidance on total investments due to high activity levels and strong order intake. It should be emphasised that Vestas’ accounting policies only allow the recognition of revenue when the control has passed to the customer, either at a point in time or over time. isruptions in production and challenges in relation to shipment of wind turbines and installation
hereof, for example bad weather, lack of grid connections, and similar matters, may thus cause delays that could affect Vestas’ financial results for 2019.”

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