Vestas Beats Profit Estimates as Wind Turbine Orders Swell

Vestas Wind Systems A/S beat analysts estimates for profits in the first quarter of the year, as demand for wind turbines increased.

Chief Executive Officer Henrik Andersen said it was the company’s best first quarter since 2018, with Vestas’s order backlog reaching a new high of €36.3 billion ($42.6 billion). The wind industry is turning the page after steep losses in recent years, with the energy market turmoil triggered by the Iran war underlining the need for governments to prioritize energy security and supplies closer to home.