Vestas losing in first quarter

Randers , Denmark - Vestas generated first-quarter revenue of EUR 755m, a drop of 32 per cent, achieving an EBIT of EUR (96)m, against EUR 76m in the first quarter of 2009.

The EBIT margin thus declined from 6.9 per cent to (12.7) per cent due to the expected very low capacity utilisation. Net working capital stood at 21 per cent of expected annual revenue, against 8 per cent the year before. The first-quarter order intake was 1,258 MW, and the value of the backlog of firm and unconditional orders amounted to EUR 2.9bn at 31 March 2010. From 31 March to 27 April 2010, Vestas

Source: IWR Online, 29 Apr 2010