Orsted Backs 2024 Guidance After Earnings Decline

By Pierre Bertrand

Orsted backed its full-year outlook after it reported a decline in first-quarter earnings.

The Danish renewable-energy company said it made 2.39 billion Danish kroner ($343.2 million) in net profit for the period, compared with DKK2.81 billion a year prior, on revenue that declined 25% to DKK19.17 billion.

Earnings before interest, taxes, depreciation and amortization excluding new partnerships--the company's preferred metric--rose 8% on year to DKK7.49 billion.

The company, which earlier this year paused dividends for 2023, 2024, and 2025 and who earlier this week agreed to divest its onshore business in France, said it saw higher earnings in the quarter from its offshore sites.

Offshore earnings in the period rose 18% to DKK6.9 billion, a DKK1.1 billion increase from the prior year, helped by the ramp-up of generation from its Greater Changhua 1 and 2a and South Fork offshore wind farms and higher wind speeds.

The company reiterated its 2024 guidance.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 02, 2024 02:42 ET (06:42 GMT)

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