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Vestas -7% as Q2 earnings, revenue fall more than expected

Published 08/17/2017, 10:57 AM
© Reuters.  Vestas -7% as Q2 earnings, revenue fall more than expected
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VWDRY
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  • Vestas Wind (OTCPK:VWDRY -7.6%) tumbles more than 7% after reporting weaker than expected Q2 earnings and warning of increasing price pressures.
  • "We definitely see a very competitive market... driven by the fact that the market is transforming to market-based auctions and competitive tendering," CEO Anders Runevad says.
  • Vestas says Q2 revenues fell to €2.2B, below the €2.4B forecast, and operating margin fell 20% Q/Q to 12.6%, but order intake totaled 2,667 MW, better than expectations for 2,501 MW.
  • For the full year, Vestas maintains guidance for revenue of €9.25B-€10.25B, EBIT margin before special items of 12%-14%, total investments of ~€350M and free cash flow of a minimum €700M.
  • Now read: Is A Breakup Of General Electric (NYSE:GE) Imminent?


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