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Wind turbine giant Vestas posts heavy losses  

Credit:  BY AGENCE FRANCE PRESSE, www.capitalfm.co.ke 4 May 2011 ~~

Danish company Vestas, the world leader in the wind turbine industry, posted heavy losses in the first quarter despite increased sales, but maintaining its expectations for the whole year.

From January to March, the company more than doubled its losses, to 85 million euros ($126 million) compared to 39 million a year earlier.

Analysts surveyed by Dow Jones Newswires had however forecasted much smaller losses, of 37 million euros.

Vestas’ sales increased 25 percent during the quarter to 1.06 billion euros, beating analysts’ expectations of 960.4 billion euros.

The company however said it still expected to achieve its EBIT margin of 7.0 percent and sales of 7.0 billion euros, because “a large portion of revenue and earnings are expected to be generated in the second half of the year” thanks to later timing of expected orders.

Source:  BY AGENCE FRANCE PRESSE, www.capitalfm.co.ke 4 May 2011

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments to query/wind-watch.org.

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