The following is a summary of the Ørsted A/S (DNNGY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Ørsted reported Q1 2024 EBITDA of DKK7.5 billion, an increase of DKK 0.6 billion from Q1 2023.
Offshore site earnings amounted to DKK6.9 billion, reflecting a growth of DKK1.1 billion year-over-year.
The company posted a net profit of DKK2.6 billion, approximately DKK600 million lower than in the previous year.
Business Progress:
Ørsted achieved significant business milestones as per the updated plan, including the selection of the 924 MW Sunrise Wind project for award in New York's fourth offshore wind solicitation.
They secured licenses for two large-scale offshore wind projects off the coast of Victoria with a combined capacity of 4.8 GW and completed the South Fork and Greater Changhua 1 and 2a projects.
Ørsted is making efforts to explore new markets, such as Australia, for offshore opportunities and progressing towards a target of capturing carbon by 2025 via their CCU facility in Copenhagen.
In response to monopile delivery issues, additional vessel capacity was secured, and the company has de-risked certain projects, prohibiting the use of at-risk entities.
The company will continue its cost reduction plan with job cuts, expecting the full cost effect in 2025.
Projects are under assessment for backup capacity and tenders for Danish offshore wind projects are being evaluated for integration into Ørsted's pipeline.
More details: ORSTED A/S UNSP ADR EACH REPR 0.333 ORD SHS IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.