COPENHAGEN (Reuters) -Vestas beat fourth-quarter operating earnings forecasts on Wednesday, returning to profit after a bleak period for the world's leading wind turbine maker.
The Danish company warned, however, that uncertainties persisted for the industry and that it would not pay a dividend for 2023 "due to the low level of profit that would result in a mere token dividend".
Wind turbine makers have been struggling with supply chain problems and higher raw material prices, which have hampered earnings and their ability to deliver projects.
"In 2023, Vestas managed to get 'back in black' as our commercial and operational discipline is paying off," Vestas said in its annual report.
It made a full-year operating profit before special items of 231 million euros ($249 million), compared with a loss of 1.2 billion the year before.
Adjusted operating profit in the fourth quarter was 191 million euros versus a loss of 514 million euros a year earlier, beating analysts' mean forecast of 144 million in a poll compiled by Vestas.
Vestas forecast revenue this year of 16-18 billion euros, against the 17 billion expected by analysts.
"Continued geopolitical volatility as well as slow permitting and insufficient grid build-out across markets are expected to cause uncertainty in 2024," CEO Henrik Andersen said in a statement.
Vestas predicted a full-year operating profit margin before special items of 4-6%, compared with 1.5% in 2023 and minus 8% in 2022.
($1 = 0.9287 euros)