January 8 (Renewables Now) - Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) today upgraded its forecast for 2017 free cash flow because of its strong order intake.
The company said that, based on preliminary reporting, it has increased its expectations for 2017 free cash flow, excluding investments in marketable securities, to between EUR 1.15 billion (USD 1.38bn) and EUR 1.25 billion. Its previous guidance was for a range of EUR 450 million to EUR 900 million.
Vestas will disclose its annual report for 2017 on February 7, 2018.
When reporting third-quarter results in November, the company said it also expected revenue in the range of EUR 9.5 billion to EUR 10.25 billion and earnings before interest and tax (EBIT) margin before special items between 12% and 13%.
(EUR 1.0 = USD 1.198)