Denmark's LM Wind returns to profit in Q3 2014

Nov 14, 2014 - Danish turbine blade maker LM Wind Power said today it has turned to a net profit of EUR 5.5 million (USD 6.8m) in the third quarter of 2014, as sales rose 27.1%.

In the same quarter of 2013, the company reported a loss of EUR 67.1 million. The company’s quarterly revenues in the past quarter climbed to EUR 149 million from EUR 117.2 million.

LM Wind, which is the trading name of LM Group Holding A/S, noted that its activities in the US, India and China all performed better in July-September 2014 than a year back, while its European operations showed a slight decline. The firm also mentioned that the outlook for the wind sector continues to indicate improvement, underpinned by the growing energy demand and regulatory stability in key markets.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to EUR 19.4 million from EUR 13.7 million.

During the first nine months of the year, LM Wind managed to significantly reduce its loss to EUR 4.4 million from EUR 72.7 million a year earlier. EBITDA increased to EUR 48.5 million from EUR 46 million and revenues surged to EUR 422 million from EUR 351 million.

(EUR 1.0 = USD 1.245)

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