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Vestas Wind Systems Slips To Loss In Q1

Vestas Wind Systems A/S (VWDRY.PK) reported that its first-quarter net loss attributable to owners of the company was 75 million euros or 0.38 euros per share, compared to net income of 25 million euros or 0.13 euros per share in the same quarter last year. The decrease in net result was mainly a result of lower gross profit and impact from special items.

Revenue for the quarter were 2.24 billion euros, an increase of 29 percent from last year, driven by wind turbine deliveries in USA, Australia, Brazil, and Russia.

On 7 April 2020, Vestas suspended its financial guidance for 2020 as a consequence of insufficient visibility regarding the impact of the COVID-19 pandemic for the remainder of the year.

Vestas said today that it will maintain the suspension of the outlook for 2020 and provide the market with updated guidance as soon as the company can assess the full-year results with reasonable confidence.

According to Vestas' current judgement, meeting the initial guidance on revenue and EBIT margin before special items is still possible.

In addition, with the current visibility, Vestas' assessment for the year shows the following: For the Service segment, due to its predictable nature and more supply chain resilience, revenue growth and EBIT margin before special items for full year are expected to be unchanged from the initial guidance, i.e. About 7 percent and about 25 percent, respectively.

Additionally, Vestas' total investments are estimated to be below 700 million euros in 2020.

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