New Capacity, Strong Winds Lift Ørsted

Ørsted has reported an operating profit (EBITDA) of DKK 12.9 billion (EUR 1.73bn) for the first nine months of 2019, up 19% compared to the first nine months of 2018, keeping the company ”well on track to deliver on our full-year guidance.”

Earnings from offshore wind farms in operation increased by 23%, driven by ramp-up of generation from new wind farms, Ørsted said.

Return on capital employed (ROCE) increased to 29% in the first three quarters of 2019, up six percentage points compared to the same period in 2018.

In September, Ørsted increased its EBITDA (business performance) guidance from DKK 15.5-16.5 billion to DKK 16-17 billion due to the dismissal of the claims in the Elsam competition case as well as strong wind speeds in August.

Gross investments are expected to amount to DKK 21-23 billion.

Profit for the period was DKK 5.148 billion, a 20% increase compared to DKK 4,3 billion reported for the same period a year earlier.

“We had a very strong third quarter with high wind speeds and ramp-up generation from new wind farms. Operating profit for the first nine months of the year amounted to DKK 12.9 billion, which was in line with our expectations and keeps us well on track to deliver on the full-year guidance of DKK 16-17 billion,” CEO and President Henrik Poulsen said.