Vestas admits 'disappointing' Q1 as fault hits 376 turbines

Danish wind equipment group Vestas has reported poorer-than-expected first quarter financial figures – partly because of gearbox faults in 376 turbines.

Vestas pulled in revenues of €1.11bn ($1.46bn) in the first three months of 2012 – just 4% higher than in the first quarter last year and lower than analysts’ consensus forecasts of €1.48bn.

Earnings before interest and tax (Ebit), not counting special items, showed a loss of €204m, compared with a profit of €135m last year.

Including special items the Ebit loss was €245m. Vestas showed a net loss of €162m, compared to €85m during Q1 2011. The Ebit margin before special items was -18.5%, compared to 6.5% last year and an analyst…

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