Wind power giant Orsted 1st quarter operating profit rises, meets forecasts

"We remain focused on project execution and on de-risking the continued supply chain challenges in the industry," CEO Mads Nipper said in a statement. The company kept its 2024 forecast for EBITDA excluding new partnerships unchanged at between 23 billion and 26 billion Danish crowns. ($1 = 6.9582 Danish crowns)

Danish renewable energy company Orsted reported on Thursday a rise in first-quarter operating profit that matched expetations thanks to higher earnings from its offshore wind farms, and confirmed its full-year guidance.

Orsted in February initiated a turnaround drive that included trimming its investment and capacity targets, after it announced some $5.6 billion of impairments in late 2023 and its finance and operations chiefs stepped down. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) excluding new partnerships rose 8% to 7.49 billion Danish crowns ($1.08 billion) from a year ago, in line with 7.44 billion expected by analysts in a company-provided poll.

Earnings from offshore wind farms totalled 6.9 billion crowns, 1.1 billion more than last year, driven by strong winds and a ramp-up of Orsted's Greater Changhua 1 and 2a in Taiwan, and South Fork off New York State, the company said. "We remain focused on project execution and on de-risking the continued supply chain challenges in the industry," CEO Mads Nipper said in a statement.

The company kept its 2024 forecast for EBITDA excluding new partnerships unchanged at between 23 billion and 26 billion Danish crowns. ($1 = 6.9582 Danish crowns)

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