Offshore wind firm Orsted maintains 2023 guidance; Q2 profits disappoint

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Illustration shows Electric power transmission pylon miniatures and Orsted logo

Electric power transmission pylon miniatures and Orsted logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

COPENHAGEN, Aug 10 (Reuters) – Denmark’s Orsted (ORSTED.CO), the world’s No. 1 offshore wind farm developer, on Thursday reported second-quarter operating profit below expectations and confirmed its full-year guidance.

Second-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) excluding new partnerships fell 8% from a year earlier to 3.32 billion Danish crowns ($489.56 million), compared with the 3.85 billion expected by analysts in a Refinitiv poll.

Orsted kept its 2023 forecast for EBITDA excluding new partnerships unchanged at between 20 billion and 23 billion crowns.

“However, compared to the guidance provided in our annual report for 2022, we now expect higher earnings in Offshore than initially announced,” Chief Executive Mads Nipper said in a statement.

($1 = 6.7816 Danish crowns)

Reporting by Jacob Gronholt-Pedersen, editing by Terje Solsvik

Our Standards: The Thomson Reuters Trust Principles.

Based in Copenhagen, Jacob oversees reporting from Denmark, Iceland, Greenland and the Faroe Islands. Specializes in security and geopolitics in the Arctic and Baltic Sea regions, as well as large corporates such as brewer Carlsberg and shipping group A.P. Moller-Maersk. His most impactful reporting on Arctic issues include a report on how NATO allies are slowly waking up to Russian supremacy in the region, uncovering how Greenland represents a security black hole for Denmark and its allies, and how an abundance of critical minerals has proven a curse for Greenland.
Before moving to Copenhagen in 2016, Jacob spent seven years in Moscow covering Russia’s oil and gas industry for Dow Jones Newswires and The Wall Street Journal, followed by four years in Singapore covering energy markets for WSJ and Reuters. As a Russian speaker, he has been involved in covering the war in Ukraine. He publishes a newsletter each weekday focused on the most important regional and global news. Contact Jacob via email if you are interested in receiving the newsletter.

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