Ørsted’s 3Q Results Beat Expectations

Tim Barsoe and Jacob Gronholt-Pedersen

October 28, 2020

File Photo: Ørsted

File Photo: Ørsted

Danish energy group Ørsted beat third-quarter profit expectations on Wednesday but said offshore wind projects in the United States faced “significant” delays.

The world’s largest offshore wind farm developer kept its full-year guidance for earnings before interest, tax, depreciation, and amortization (EBITDA) of 16-17 billion Danish crowns ($2.5-$2.7 billion).

“Despite the tenacious COVID-19 pandemic, our operations and financial performance in the third quarter remain stable and fully in line with our expectations from the beginning of the year,” Chief Executive Henrik Poulsen said in a statement.

Quarterly EBITDA fell 18% to 3.36 billion crowns, compared with the 3.21 billion forecast by 14 analysts in a poll gathered by the company.

Ørsted is investing heavily as it seeks to become one of a handful of “renewable majors” leading a shift away from fossil fuels.

But permits for upcoming offshore wind projects in the United States, its most important growth market, faced “significant” delays, it said.

($1 = 6.2952 Danish crowns; Reporting by Tim Barsoe and Jacob Gronholt-Pedersen; Editing by David Goodman and Mark Potter)