Offshore wind firm Orsted beats third-quarter expectations

The world’s largest offshore wind farm developer kept its full-year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) of 16-17 billion Danish crowns ($2.5-$2.7 billion)

COPENHAGEN: Danish energy group Orsted beat third-quarter profit expectations on Wednesday, but said offshore wind projects in the United States faced “significant” delays.

The world’s largest offshore wind farm developer kept its full-year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) of 16-17 billion Danish crowns ($2.5-$2.7 billion).

“Despite the tenacious COVID-19 pandemic, our operations and financial performance in the third quarter remain stable and fully in line with our expectations from the beginning of the year,” Chief Executive Henrik Poulsen said in a statement.

Quarterly EBITDA fell 18 per cent to 3.36 billion crowns, compared with the 3.21 billion forecast by 14 analysts in a poll gathered by the company.

Orsted is investing heavily as it seeks to become one of a handful of “renewable majors” leading a shift away from fossil fuels.

But permits for upcoming offshore wind projects in the United States, its most important growth market, faced “significant” delays, it said.

Source: reuters