Danish wind turbine company Vestas (VWS.CO) saw its share price plunge after reporting a larger than expected loss on Tuesday and reducing its guidance for the year.
According to a Bloomberg report, the company’s shares lost almost a quarter of their value, after the company reported a 2Q10 loss of EUR 119 million (US$153 million.) Analysts expected a much smaller loss of about EUR 7 million.
Vestas CEO Ditlev Engel said the financial crisis is having a delayed effect in the industry, and that expected orders did not come through.
As a result, the company has cut its revenue forecast for the full year from EUR 7 billion to EUR 6 billion.
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