Coal, Wind

Vestas shares fall

19 August 2010– Vestas’ share prices fell by more than 20 percent after the Danish wind turbine manufacturer posted lower than expected second quarter results.

Vestas said that sales for the second quarter fell 17 percent year-on-year to just over €1billion (US$1.28 billion), while losses reached €119 million (US$152.39 million). The company said the global credit crunch and delays to expected orders in the U.S., Spain and Germany for the drop.

The results prompted the company to lower sales forecasts for its full year from €7 billion (US$8.96 billion) to €6 billion (US$7.68 billion), as well as expectations for operating profit margins from 10-11 percent to 5-6 percent.

Vestas reported that its second-quarter wind turbine order intake reached 3,031 MW.

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