VESTAS WIND SYSTEMS AS (VWS.KO), the Danish wind turbine maker,
Wednesday said its net loss widened on the year to EUR72 million from EUR26 million
in the traditionally weak first quarter, despite solid sales growth, and
reiterated its full-year results guidance.
The loss before interest and tax, or EBIT loss, came to EUR69 million, also
larger than the EUR39 million loss made in first-quarter 2010. The loss was
considerably larger than the EUR34.6 million loss estimated by an average of 13
analysts polled by Dow Jones Newswires.
Vestas reiterated its full-year results guidance, saying it still expects to
achieve a full-year margin on earnings before interest and tax, or EBIT, of 7%,
and sales of EUR7 billion.
But Alm. Brand Bank analyst Michael Friis Joergensen questioned the guidance. "Vestas
maintains the guidance, but the management has a credibility problem. Considering
the order intake, I see a larger risk of a profit warning before the 2Q results
publication."
The company's first-quarter order intake, of 630 megawatt of installed
capacity, was lower than expected, it said.
At 1019
GMT, shares were down 7.9% at DKK163.50.