Orsted OTC ( (DNNGY) ) has released its Q3 earnings. Here is a breakdown of the information Orsted OTC presented to its investors.
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Orsted OTC, a leading renewable energy company, specializes in developing and managing offshore and onshore wind farms and solar energy projects, contributing significantly to the global transition to sustainable energy sources. In the first nine months of 2024, Orsted reported a strong financial performance with an operating profit (EBITDA) of DKK 23.6 billion, reflecting a 22% increase compared to the same period last year. This growth was driven by successful renewable energy project developments, including the commissioning of significant offshore wind capacities and strategic divestments. Orsted’s offshore operations contributed DKK 15.3 billion to EBITDA, boosted by increased generation and favorable wind conditions. However, the company faced challenges in its US offshore projects, which impacted construction timelines and costs. Despite these challenges, Orsted remains committed to its ambitious goal of reaching 20-22 GW of offshore capacity by 2030, and management has narrowed its full-year EBITDA guidance to DKK 24-26 billion, indicating a confident outlook for the remainder of the year.
