Wind turbine maker Vestas reported Tuesday a better-than-expected first-quarter net profit and stuck to its annual earnings forecast despite "geopolitical uncertainty" and US tariffs. Report BSS/AFP
The Danish firm posted a net profit of five million euros ($5.7 million) for the first quarter after a loss of 75 million euros in the same period last year.
Sales jumped 29 percent to 3.5 billion euros over the same January-to-March period, driven by an increase in deliveries and higher average prices.
Analysts had forecast a net loss of 42 million euros and three billion euros in sales.
"In the first quarter of 2025, Vestas' performance continued to improve, although new events contributed to further geopolitical uncertainty and regionalization," Vestas chief executive Henrik Andersen said.
The company said it still expects annual revenue of between 18 billion and 20 billion euros, even though US tariffs "create notable challenges" to delivering its backlog of orders.
"Although ongoing geopolitical and trade volatility is expected to cause uncertainty, the execution of our record-high order backlog is expected to drive increased revenue in 2025," Vestas said in its quarterly earnings report.
