Shares in Vestas closed 19.7 percent higher on Wednesday, after the wind turbine maker reported second-quarter earnings far above analyst expectations. It was the company’s biggest single-day gain on the stock market since 2012.
DR reports that the share price rose sharply from the opening bell in Copenhagen and held the gain until the exchange closed at 5 p.m. The move followed the release of the company’s second-quarter accounts earlier the same day. DR’s report is based on coverage by the Danish news agency Ritzau.
The rise added just under 35 billion kroner to the market value of the Aarhus-based manufacturer in a single session. The stock ended at its highest level since December 2023. Per DR, the increase of 19.7 percent is the largest in one day since 2012.
Profit nearly double the consensus
According to the figures cited by DR, Vestas posted a net profit of 285 million euros for the quarter. Analysts had expected 144 million euros on average, close to half that amount. The company reported a profit margin of 9.4 percent for the period.
The share move was large enough to lift the entire Danish benchmark. DR reports that the C25 index rose 1.9 percent on the day. Vestas is one of the heaviest weighted companies in the index.
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Ritzau, as reported by DR, notes that the accounts drew praise from investment bank JPMorgan. Analyst Akash Gupta described the results in terms that translate to a star performance in Danish. His comments were made in a note to clients cited by Bloomberg News.
In the same note, Gupta wrote that the development may be the best the company has had in several years. He added that the figures confirm, in his view, that Vestas is out of the woods. Neither DR nor Ritzau reported any comment from the company beyond the published accounts.
Why the move came now
The reaction was tied directly to the earnings release rather than to any separate corporate announcement. DR reports that the share price began climbing immediately at the market open on Wednesday, the same day the quarterly report was published. The gain was still in place when trading ended.
Vestas is one of Denmark’s largest listed companies and a central name for retail investors in the C25. The company’s shares had traded well below their December 2023 level in the period since, according to DR’s account of Wednesday’s close.
