News
Vestas plunges after forecasts reduced, restructuring planned
The announcement adds to a series of earnings misses that have depressed Vestas shares more than 90 percent from a 2008 peak. Vestas and its rival General Electric Co. are suffering from slower demand growth and narrowing margins caused by rising competition from Asian companies and subsidy cuts in Europe.
January 4, 2012
by Sally Bakewell and Justin Doom
in Bloomberg Businessweek
Vestas Wind Systems A/S, the biggest wind-turbine maker, fell as much as 21 percent in Copenhagen after cutting its revenue and profit forecasts and saying a significant change to the corporate structure is planned.
A total of 1 billion euros ($1.3 billion) of revenue expected in 2011 will be booked this year because of delays in connecting wind farms to power grids and bad weather stalling construction of several projects, the Aarhus, Denmark-based company said yesterday in a statement. That's an increase in deferred revenue of 400 million euros. The shares fell to as low as 55.15 kroner, an eight-year low,... [continue via Web link]
| < prev | next > |
Note: this article may be subject to the Fair Use Notice.