Revenues fell 17% to €1007m and the EBIT dropped €226m to a loss of €48m.
Vestas says the results are as expected due to the credit crisis, and the company’s decision not to reduce capacity further because of what it calls “short-term market developments.”
The order intake, however, reached a record 3031 MW in the quarter, setting the company well on target for its 8-9 GW target for the full year.
Outlook
Vestas has reduced its full year forecast of an EBIT margin of 10-11% and revenues of €7 billion, to an EBIT margin of 5-6% and revenues of €6bn.
“The downgrade is made because expected, but still not concluded orders for the delivery to the USA, Spain and Germany now will take place at such a late date in 2010 that they will not be recognised as income this year,” Vestas says.
Vestas maintains its Triple15 goal of reaching an EBIT margin of 15% and revenues of €15bn by 2015. This would represent a more than doubling of revenues over the five year period.