Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Wind turbine maker Vestas lags forecast as competition and tariffs bite

Wind turbine maker Vestas lags forecast as competition and tariffs bite
FILE PHOTO: Volvo Ocean Team Vestas 11th Hour Racing sails during the departure for the second leg in Lisbon, Portugal November 5, 2017. REUTERS/Pedro Nunes -
Copyright
PEDRO NUNES(Reuters)
Euronews logo
Text size Aa Aa

COPENHAGEN (Reuters) – Wind turbine maker Vestas <VWS.CO> posted lower than expected second-quarter operating profit on Thursday, hit by competitive markets, tariffs and orders received during a steep price decline in 2017.

Operating profit before special items fell by roughly 50% to 128 million euros ($142.7 million) in the quarter, lagging a 143 million euro forecast in a Reuters poll of analysts. Its EBIT margin fell to 6% from 11.5% a year ago.

Vestas now expects revenue between 11 billion and 12.25 billion euros this year, compared with a previous forecast of 10.75 billion to 12.25 billion euros. Its EBIT margin before special items is now forecast at 8-9%, compared with previous guidance of 8-10%.

(Reporting by Stine Jacobsen; Editing by David Goodman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.