COPENHAGEN Feb 8 Wind turbine maker Vestas Wind
Systems on Wednesday posted fourth-quarter operating
profit in line with expectations but said revenue this year
could fall from 2016's record level.
The Danish company said its board of directors would
recommend a dividend payout of 9.71 Danish crowns per share,
compared with 6.82 crowns last year.
"I am extremely pleased with Vestas' 2016 performance,
delivering a record year on revenue, EBIT margin, net profit,
free cash flow, order intake, and combined order backlog," Chief
Executive Anders Runevad said in a statement.
Vestas said it expects 2017 sales of between 9.25 billion
and 10.25 billion euros, compared with 10.24 billion in 2016.
Vestas is set to lose its status as the world's biggest
wind turbine maker as Germany's Siemens and Spain's
Gamesa have agreed to combine their assets in the
The company delivered 2,544 megawatts of wind turbine
capacity in the fourth quarter, up from 2,150 MW a year earlier.
Operating profit before special items rose 25 percent in the
fourth quarter from a year earlier to 504 million euros, bang in
line with the figure forecast in a Reuters poll of analysts.
Vestas and its rivals are benefiting from a new focus on
renewables, encouraged by the Paris Agreement on climate change
in Dec. 2015 and a five-year extension of a key U.S. Production
Vestas' share price came under pressure after it warned in
November of a slowdown in the U.S. market in 2017, coupled with
the election win by Donald Trump, who had expressed support for
conventional fossil fuels.
(Reporting by Jacob Gronholt-Pedersen; Editing by Keith Weir)