Vestas to Continue Growth Following Strong Commercial Activity in FY 2018
Vestas Wind Systems reported a 6% increase in total revenue from $11.15 billion ($9.95 billion) in FY 2017 to reach $11.86 billion (EUR10.13 billion) at the end of FY 2018. The increase is attributed to 15% increase in service revenue on a year-on-year basis which accounted for 16% of total revenue but partly offset by the lower prices in the power solutions segment. The company also reported a gross profit of $ 1.91 billion (EUR1.63 billion) in 2018, a 13% decline from $ 2.20 billion (EUR1.96 billion) in 2017 owing to lower average project margins in power solution segment. Furthermore, the decline in gross profit resulted in reduced EBIT margin before special items. In the geographical market segment, the company experienced bulk business activity in the Americas contributing 44% of total revenue, closely followed by EMEA (Europe, Middle East and Africa) with 43% and APAC (Asia Pacific) with 14%.
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