Vestas Posts Bigger-Than-Expected 2Q Net Loss But Backs Guidance

By Dominic Chopping

Vestas Wind Systems AS on Wednesday posted a bigger-than-expected second-quarter net loss as a delayed U.K. offshore project hit turbine deliveries while supply-chain disruptions and cost inflation weighed on earnings.

The Danish wind-turbine maker swung to a second-quarter net loss of 119 million euros ($121.5 million), from a profit of EUR82 million a year earlier, as revenue fell 6.5% to EUR3.31 billion.

Analysts in a FactSet poll had expected a net loss of EUR85 million on revenue of EUR3.49 billion.

Order intake fell to EUR2.1 billion from EUR4.5 billion, while the total turbine and service order backlog rose to EUR50.2 billion from EUR48.1 billion, the company said.

For 2022, Vestas still sees revenue of between EUR14.5 billion and EUR16.0 billion and a pre-items earnings before interest and tax margin of -5% to 0%. Service revenue is still expected to grow by at least 10% with a pre-items service EBIT margin of around 23%.

The company said it still anticipates total investments of around EUR1 billion for the year.

In a seperate announcement, Vestas said it has agreed to sell its converters and controls business to KK Wind Solutions. Financial terms weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 10, 2022 02:58 ET (06:58 GMT)

Vestas Wind Systems AS (PK) (USOTC:VWDRY)
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