In the third quarter of 2017, Vestas generated revenue of € 2,743 million, a decrease of 6 percent compared to the year-earlier period. EBIT decreased by € 78 million to € 355 million. The EBIT margin was 12.9 percent compared to 14.9 percent in the third quarter of 2016 and free cash flow amounted to € 193 million compared to € 155 million in the third quarter of 2016.
The intake of firm and unconditional wind turbine orders amounted to 2,615MW in the third quarter of 2017. The value of the wind turbine order backlog amounted to € 8.8 billion as at 30 September 2017. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of € 11.4 billion at the end of September 2017. The value of the combined backlog of wind turbine orders and service agreements stood at € 20.2 billion – an increase of € 3.1 billion compared to the year-earlier period. Vestas adjusts the 2017 guidance on revenue to range between € 9.50 billion and € 10.25 billion (compared to between € 9.25 billion and € 10.25 billion previously), EBIT margin before special items of 12-13 percent (compared to 12-14 percent previously), and free cash flow to range between € 450m to € 900 million (compared to minimum € 700 million previously). The adjustments are based mainly on delivery visibility for the remainder of the year. Vestas also adjusts 2017 guidance on total investments from approximately € 350 million to approximately € 400 million.
