Danish wind company Vestas increased revenue by 2 percent to €2.26 billion in the second quarter of 2018, compared to the same period of 2017, the company said on Thursday.
Vestas said that its intake of firm and unconditional wind turbine orders amounted to 3,807 megawatts in the second quarter of 2018.
"The value of the wind turbine order backlog amounted to €10.2 billion as at June 30, 2018. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of €12.8 billion at the end of June 2018," the company said.
"In the first half of 2018, the wind industry strengthened its position as the cheapest form of energy generation in many markets, which drove strong global demand. This development saw Vestas’ second quarter order intake increase 43 percent year over year, contributing to the continued growth of our order backlog to an all-time high. In the second quarter, price per megawatts stabilized around the levels in recent quarters, but continues to impact short-term results," the company's CEO Anders Runevad said.
Runevad said external factors, such as existing and potential tariffs, however, are creating some uncertainty in the industry.
"In this environment, I am very pleased that Vestas continues to deliver best-in-class margins," he concluded.
By Murat Temizer