Q3 2023 Vestas Wind Systems A/S Earnings Call Transcript
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Good morning, everyone, and welcome to this Vestas Q3 presentation. And let me upfront just thank every stakeholder on this call, not least also our colleagues at Vestas, as this quarter marks Vestas' return to an operational profit for the year for the third quarter. With that, let's go to the highlight of the Q3.
So order intake in Q3, 4.5 gigawatts. The wind turbine orders more than doubled year-on-year, driven by offshore and higher activity in North America and Europe. We had positive earnings from operations, as mentioned. Return to profitability reflects, first of all, the good execution in the quarter and also gradual improvements in the project profitability and the backlog.
When we look at the revenue, EUR 4.4 billion, that's a growth of 11% year-on-year driven by higher value of the turbine deliveries, stable volumes and also double-digit growth again in Service. EBIT margin, as said, 1.6%. Profitability improvement driven by higher gross margin, better pricing.
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