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Bloomberg
Shares of Vestas Wind Systems A/S, the world’s biggest wind-turbine maker, fell the most in three years as investors weighed the impact of the US election on the renewable energy sector.
Shares fell as much as 13% before recovering some losses; down 7.7% in Copenhagen. The wind turbine maker posted a stronger-than-expected profit in the third quarter on Wednesday.
Earnings before interest and tax and before significant items fell 4% from a year earlier to 412 million euros ($480 million), but came in above the consensus analyst estimate of 373.8 million euros. “Vestas outperformed consensus in the third quarter and is on track towards guidance targets, but uncertainty from the US election result is driving volatility within the renewables sector right now,†said James Evans, clean energy analyst at Bloomberg Intelligence.
The estimate for Vestas’s dividend payments over
the next year fell 1% to
7.90 kroner ($1.24), according to Bloomberg Dividend Forecasts.
Vestas had a surge of turbine orders in the third quarter, making up for a slow start to the year after the coronavirus interrupted its supply chain.