Seeking Alpha

Vestas makes CEO change as quarterly loss widens

  • Vestas Wind Systems (VWDRY.PK) names former Ericsson executive Anders Runevad as CEO, replacing long-standing CEO Ditlev Engel, effective Sept. 1.
  • The announcement comes as Vestas reports its Q2 net loss widened to €62M ($83.2M) from a loss of €8M a year earlier, following a 26% decline in revenue to €1.19B.
  • For the full year, Vestas forecasts an operating profit margin of 1% on revenue of €5B, due in part to an expected recovery in the U.S. market, which was responsible for nearly 25% of 6,039 wind turbines delivered in 2012 but just nine out of 877 delivered in Q2.
  • Says it will not sell its tower factory in Pueblo, Colo.; machining and casting units are expected to be sold but their value has been further written down.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: