Vestas more than quadrupled its net profit in the first quarter of the year as the world's largest wind OEM delivered a better than expected result that sent its shares higher this morning.

The Danish group's net profit for the January-March period came in at €160m ($175.3m), up from €35m in the same period in 2016.

Vestas' shares were trading more than 3% higher by late morning in Copenhagen following publication of the Q1 figures.