Vestas cuts revenue target

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Thursday, January 05, 2012

Wind turbine manufacturer Vestas cut its revenue outlook for the second time in two months.

The company now expects sales of about 6 billion euros ($7.8 billion) last year, down from its previous estimate of 6.4 billion euros. Since October, it has pared the figure by about 1 billion euros, which will be booked in the first three quarters of 2012, according to a statement today.
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 shares have fallen almost 90 percent from their high in 2008 after a series of earnings misses including the latest announced on Oct. 30.

Read more at Bloomberg.

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