Vestas revises revenue outlook
By Christina Williams
Sustainable Business Oregon
Despite assurances it would reach its 2011 sales goal, wind turbine manufacturer Vestas cut its revenue target for the second time the space of two months.
Denmark-based Vestas, which keeps its North American headquarters in Portland, cut its sales forecast this week, citing delays in completing European wind projects.
Bloomberg reports that Vestas also said it would announce a "significant change" to its corporate structure on Jan. 12, though it ruled out tapping equity markets for cash.
The company's shares have fallen almost 90 percent from their high in 2008 after a series of earnings misses including the latest announced on Oct. 30.
Vestas' Portland-based operation has been hiring in recent months, preparing for a busy 2012. The company plans to move into new headquarters in the city's Pearl District this Spring.
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