Vestas makes CEO change as quarterly loss widens

|About: Vestas Wind Systems A/S ADR (VWDRY)|By:, SA News Editor

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.