Offshore Wind: Orsted Earnings, Shares Dented By Lower

By Tim Barsoe
April 29, 2021
© Kruwt/AdobeStock
Lower wind speeds and cable problems hit first-quarter earnings at Denmark's Orsted , sending shares in the world's biggest offshore wind farm developer lower on Thursday.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 4.9 billion Danish crowns ($799 million), missing analysts' consensus forecast of 5.2 billion crowns.
However, Chief Executive Mads Nipper said the company's operational performance "was good during Q1 2021 and slightly exceeded our expectations".
Nipper took the helm in January. His predecessor, Henrik Poulsen, stepped down after leading the energy company's transformation away from fossil fuels.
Orsted said quarterly earnings suffered from significantly lower wind speeds compared to last year, and a warranty provision of 800 million crowns made after it discovered cable problems at its offshore wind farms in Europe.

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