Vestas Upgrades 2013 Free Cash Forecast to About 1 Billion Euros

Jan 06, 2014 11:03 am ET

Jan. 6 (Bloomberg) -- Vestas Wind Systems A/S, the biggest wind turbine maker, upgraded its estimate for free cash flow for 2013 to approximately 1 billion Euros ($1.4 billion) from previous guidance of 500 milion euros to 700 million euros.

“The improvement is primarily driven by a better- than- expected development of the net working capital,” Aarhus, Denmark-based Vestas said today in a statement. The company is due to report full year earnings on Feb. 4.

Vestas shares extended earlier gains after the announcement, to as high as 187.8 kroner, their highest intraday level since April 2011.