By Dominic Chopping


Danish renewable-energy company Orsted AS on Friday backed full-year guidance after posting higher first-quarter earnings as it benefited from high power prices, ramp-up of generation from new assets and higher wind speeds, while a commissioning delay weighed.

The company posted a net profit of 5.56 billion Danish kroner ($784.4 million) for the quarter from DKK1.6 billion a year earlier, as revenue rose 78% to DKK33.76 billion.

Earnings before interest, taxes, depreciation and amortization rose to DKK9.43 billion from DKK4.86 billion, boosted by a DKK1.6 billion gain from the sale of project stake.

A FactSet-provided consensus forecast had expected net profit of DKK3.69 billion on revenue of DKK18.94 billion.

For 2022, Orsted said it still expects to report earnings before interest, taxes, depreciation and amortization, excluding new partnership agreements, of between DKK19 billion and DKK21 billion and gross investments of DKK38 billion to DKK42 billion.

The company still expects 2022 earnings in both its onshore and offshore units to be significantly higher than in 2021, while earnings in its bioenergy & other segments is now seen lower on the year--from significantly lower--mainly due to higher earnings from its combined heat and power plants.


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


(END) Dow Jones Newswires

04-29-22 0347ET