Vestas fourth quarter 2022 negatively impacted by project delays, impairment charges and increased warranty provisions
Today, Vestas published its preliminary and unaudited full-year 2022 financial figures, which show total revenue of EUR 14.49m ending below the outlook of EUR 14.5-15.5bn. Order intake in the fourth quarter ended at 4.2 GW.
During the fourth quarter of 2022, the Danish wind turbine supplier improved the average selling price by 8 percent quarter-on-quarter to EUR 1.15 million per MW, bringing the average selling price for the full year 2022 to EUR 1.07 million per MW. Vestas states that increasing the price of wind turbines is, and has been, necessary to address cost inflation pressures and ensure the company’s and industry’s long-term value creation.
For 2023, Vestas anticipates high cost inflation throughout the supply chains and reduced wind turbine installations to negatively impact revenue and profitability. The company expects activity levels over the next 12 months to be lower than in 2022 before picking up in 2024.