Vestas second quarter better as lenders agree covenant delay

Vestas produced and shipped an estimated 2.16GW in the second quarter of 2012

Vestas produced and shipped an estimated 2.16GW in the second quarter of 2012

Wind turbine group Vestas says it saw a “strong improvement” in its second quarter after a dismal start to the year – and reveals its lenders have agreed to defer key tests of its financial performance.

In a surprise move, the Danish manufacturer revealed preliminary financial figures for the first half of 2012 several weeks early.

They show that Vestas produced and shipped 2.16GW in the second quarter of 2012 compared to 931MW in the first three months of the year.

Revenue is expected to come in at €1.6bn against Q1’s €1.1bn, while preliminary earnings before interest and tax (Ebit), before special items, were €40m – turning around a first-quarter negative figure of €204m.

Shares in the world's biggest maker of wind turbines surged by 15% in trading following the Log in to read complete article.

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