Vestas posts €85 million Q1 loss

DENMARK: Vestas has posted a €85 million loss for the first quarter, a 118% increase on the same period in 2010.

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Vestas said the poor Q1 performance was partly due to a low level of activity in the market. The 630MW order intake for the period is lower than was expected.  

In terms of 2011, Vestas said it expects an EBIT margin of 7 percent and a revenue of €7 billion.

Vestas said it has 7-8GW in firm and unconditional orders, with 2011 shipments to rise from 4GW to 6GW in 2011.

However, Vestas said a large proportion of these orders are expected to come in the middle of the year.

Q1 facts

  • Profit after tax -118 percent
  • €69 million EBIT, a 77 percent decrease
  • Vestas delivered 864MW over the period, a rise of 14%
  • 7 percent more employees worldwide

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