Vestas sees wider Q1 loss despite revenue rise
By Cathy Procter, Business Journal Staff Writer
Business Journal Staff Writer
Danish wind turbine manufacturer Vestas said Wednesday that its first-quarter revenue increased 25 percent, to $1.58 billion, compared to $1.26 billion during the first three months of 2010, even as losses widened compared to the same time period a year ago.
Vestas, which has its North American headquarters in Portland, trades on the Copenhagen Stock Exchange at the VWS symbol. The company has three manufacturing plants in Colorado and expects to open a fourth plant by the end of 2011.
Vestas’s loss widened to $126.3 million for the quarter, a 118 percent increase from a loss of $58 million posted during the first quarter of 2010, the company said.
The number of turbine orders made during the first quarter, amounting to 630 megawatts, was lower than expected in a "fierce" competitive environment, the company said. But the backlog of existing orders totalled 7.2 billion at the end of March, the company said.
Vestas said it expects to break even during the first half of the year, compared to a loss of $325.4 million during the first half of 2010.
The company also maintained its expectation to land between 7,000 and 8,000 megawatts worth of orders for 2011 — with many of those orders coming in during the second half of the year.
From the Denver Business Journal.
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