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HomeNewsGlobal Wind Turbine Manufacturer Vestas Lowers Full-Year Outlook

Global Wind Turbine Manufacturer Vestas Lowers Full-Year Outlook

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Copenhagen, August 12 (FFN) – Danish company Vestas, the world’s largest manufacturer of wind turbines, has announced that it expects to report a loss for the second quarter and has downgraded its full-year profit margin forecast, citing high service costs as a primary factor. The company also noted weaker-than-expected revenue, leading to a revision of its annual revenue forecast. This information comes from a report by Reuters.

On Monday, Vestas revealed that based on preliminary results, it recorded a negative adjusted operating margin of -5.6% for the second quarter. Preliminary sales for the quarter amounted to €3.3 billion, falling short of the previously expected €3.8 billion.

As a result, Vestas has lowered its forecast for both the full-year operating margin and the upper range of its annual revenue. The company now expects its operating margin in 2024 to be between 4% and 5%, down from the original estimate of 4% to 6%. Revenue is projected to be between €16.5 billion and €17.5 billion, compared to the previous forecast of €16 billion to €18 billion.

Here are the tables summarizing the key financial figures and forecasts mentioned in the article:

Vestas Financial Performance and Forecast

MetricQ2 2024 ExpectedQ2 2024 Actual (Preliminary)Change
Adjusted Operating MarginNot Provided-5.6%N/A
Revenue (€ billions)3.83.3-0.5

Vestas Full-Year Forecast Adjustments

MetricOriginal Forecast (2024)Revised Forecast (2024)
Operating Margin4% – 6%4% – 5%
Revenue (€ billions)16 – 1816.5 – 17.5
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