Clipper makes loss in second half of 2009 as CEO resigns
US: Wind turbine manufacturer Clipper Windpower has announced in its preliminary results it expects to make a loss for the second half of 2009.
Clipper - set to make loss for second half of 2009
Clipper blamed its poor performance on deferrals of orders, the costs of its blade remediation program and increased warranty provisions. Revenue for 2009 is approximately $740million from the sale of 259 turbines.
Additionally the company announced a board room shake-up with Doug Pertz resigning as president and CEO.
Pertz has been replaced by Maurizio Quintana, who joins from Clipper-shareholder United Technologies Corporation (UTC) where he was director of corporate strategy and development.
Clipper said it expects to deliver 180 turbines totalling 450MW in 2010. It added that is expects revenue to rise sharply in the second half of the year.
Earlier this year, Clipper was buoyed up by UTC’s decision to purchase a 49.5% stake in the company for $270million. At the time of the deal, many analysts suggested the tie-up could turn Clipper into a major player.
