Vestas Wind Systems posts it first quarterly loss since 2013

May 05, 2020 8:08 AM ETVestas Wind Systems A/S (VWDRY)VWSYF, VWDRYBy: Vandana Singh, SA News Editor
  • Vestas Wind Systems (OTCPK:VWDRY) posts Q1 adjusted operating loss of €54M compared to income of €43M in last year's first quarter, despite higher revenues and a record-high order backlog.
  • The company said that the loss was in line with expectations, and came from increased logistics costs and supply chain bottlenecks due to the coronavirus pandemic.
  • Sales rose 29% Y/Y to €2.2B and order backlog and service agreements reached a record high of more than €34B.
  • Vestas said that with the current visibility for the rest of 2020, it reaffirms earlier projections for a 7% Y/Y rise in revenues and ~25% increase in adjusted EBIT margin.
  • Total investments are anticipated to be under the €700M mark.
  • The company noted, however, that uncertainty around the full impact of the coronavirus crisis still looms and the suspension of the full-year guidance will be maintained.
  • The intake of firm and unconditional turbine orders in Q1 stood at 3,311 MW, up 10% in annual terms.
  • Previously: Vestas Wind reports Q1 results (May 5)

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