CS Wind third-quarter operating profit rises 22.8 percent on U.S. output

CS Wind said Friday its third-quarter operating profit rose 22.8 percent from a year earlier to 80.7 billion won ($60.2 million), helped by higher output at its U.S. subsidiary and a larger benefit from U.S. advanced manufacturing tax credits.

The company attributed the gain to operating leverage from expanded production at its U.S. plant and increased AMPC benefits. Its operating margin for the quarter was 11.9 percent.

Revenue rose 13.5 percent on-year to 678 billion won ($505 million), driven by growth in its tower business on higher production at the U.S. and Vietnam operations. The quarter included 26.1 billion won ($19.5 million) in AMPC benefits and 5.2 billion won ($3.88 million) distributed to customers. Net income fell 17.1 percent to 48 billion won ($35.8 million), while pretax profit from continuing operations rose 6.5 percent to 58.9 billion won ($43.9 million).

Wind-tower manufacturing and sales made up 77.5 percent of consolidated revenue in the first half of 2026, with offshore-wind substructures accounting for 15.8 percent.

CS Wind's U.S. unit has already locked in all of next year's production volume, completing capacity agreements for 2027 in August and September 2026.

On orders, the company has accumulated $907 million in tower contracts so far this year, reaching 53.4 percent of its full-year target of $1.7 billion. The United States accounted for 52 percent of the cumulative total and Europe for 39 percent.

The U.S. market outlook has also improved. After a court froze permit reviews in August, two onshore wind projects won approval in October — the first such clearances since the freeze — and reviews resumed for three other projects. BloombergNEF raised its cumulative onshore wind forecast for 2027-2030 by 51 percent compared with its estimate at the end of last year.