Vestas Reports Disappointing First-Quarter
DENVER (AP) — The world's biggest maker of wind turbines in terms of revenue is reporting disappointing first-quarter revenue and earnings due to decreasing deliveries, high turbine costs and unexpected warranty provisions.
Vestas Wind Systems A/S said Wednesday its loss widened to 162 million euros ($214 million) during the first quarter of this year compared with a loss of 85 million euros ($112 million) a year ago.
Income rose 4 percent, from 1 billion euros ($1.3 billion) to 1.1 billion euros ($1.4 billion) for the same quarter.
Its chairman announced in February he will step down after the company said last year's profits were substantially below target.
Company officials were criticized for poor finances and a loss of market share to Chinese competitors. In January, the company announced it would lay off 2,335 people.