By Dominic Chopping

Danish renewable-energy company Orsted AS on Wednesday posted a slightly lower-then-expected third-quarter net profit amid lower wind speeds, but maintained its full-year guidance.

The company posted a net profit of 487 million Danish kroner ($75.9 million) for the quarter from DKK11.33 billion a year earlier, as revenue rose 45% to DKK14.51 billion.

A FactSet analysts' forecast had expected net profit of DKK590 million on revenue of DKK11.55 billion.

The decrease in net profit on the year was mainly due to the DKK11.1 billion gain from the divestment of its distribution, residential customer, and city light businesses in August 2020.

"In most of 3Q, we continued to see lower than normal wind speeds, which had an adverse impact on earnings from renewable assets in operation," Orsted said.

"Our active approach to risk management, with a strategy to hedge prices in order to protect Orsted against market price volatility, has significantly limited the impact of market prices on our earnings in the third quarter which had very bullish and volatile energy prices," the company said.

Orsted backed its full-year guidance, still expecting earnings before interest, tax, depreciation and amortization, excluding new partnership agreements, of between DKK15 billion and DKK16 billion and gross investment guidance of DKK39 billion-DKK41 billion.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

11-03-21 0451ET