Vestas' "Strong Performance"? More Like Smoke and Mirrors
Vestas, huh? Let's be real, folks. Every time a corporation starts patting itself on the back for "strong performance," my BS alarm goes off. This latest news about their Q3 earnings is no different. Adjusted operating profit up 77%? Okay, sure. But dig a little deeper, and the whole thing starts to smell like cooked books.
Onshore Wind: The Golden Child (For Now)
Apparently, all that "strong performance" is thanks to onshore wind. Higher turbine deliveries, stable pricing, lower warranties... Sounds great, right? But what happens when the wind doesn't blow? Are we just screwed then?
And what about these "lower warranties?" Are they building cheaper turbines that are gonna fall apart in five years? Because that's usually how these things go. You cut costs somewhere. Don't tell me they magically became more efficient overnight.
Offshore Wind: The Albatross Around Their Neck
Then there's the offshore wind situation. Or should I say, non-situation? No new orders for the second quarter in a row. That's not a red flag; that's a freakin' five-alarm fire. They've got a €9.9 billion order backlog, which is cool and all, but what happens when that runs out in 2026? Crickets, probably.
This whole thing reminds me of those old cartoons where the character is running off a cliff, and they don't realize they're in mid-air until they look down. Vestas is happily sprinting along, fueled by onshore wind, completely oblivious to the gaping chasm that's about to swallow their offshore division.
I read some garbage about Vestas using cookies on their website. Seriously? Who cares about cookies when the whole damn company might be sinking?
Speaking of sinking, I remember when my idiot neighbor tried to build a deck without permits. He was all proud of himself until the city inspector showed up and made him tear the whole thing down. This Vestas situation feels a little bit like that. A whole lot of hype, and not enough foundation.
Layoffs and "Efficiency"
Oh, and let's not forget the 900 office jobs they're cutting. Because nothing says "strong performance" like firing a bunch of people. I guess "efficiency" is the new buzzword for "we screwed up, and now someone's gotta pay for it." And offcourse, it's never the executives who take the hit, is it? Vestas to cut 900 office jobs by the end of 2025
Morningstar raised their fair value estimate for Vestas stock. Good for them. I'm not betting a dime on it. I've seen too many "sure things" go belly up to trust these Wall Street types.
So, What's the Real Story?
Look, I ain't saying Vestas is going bankrupt tomorrow. But this whole "strong performance" narrative is a load of horse manure. They're riding high on onshore wind while their offshore business is circling the drain, and they're firing people to make the numbers look better. Wake me up when they actually figure out how to make offshore wind profitable without selling their soul to the devil.
