Vestas suffers 500M kroner loss in Q1

Danish wind turbine manufacturer Vestas faced a downturn with a first-quarter loss exceeding half a billion kroner, compared to a profit of 120 million kroner during the same period last year. Revenue fell by more than five percent to 20 billion kroner. Despite the loss, CEO Henrik Andersen expressed that the results align with the company’s projections, noting seasonal industry trends, with the first quarter generally being slower for new installations. Vestas upholds its full-year financial targets, estimating annual revenue between 119 to 134 billion kroner. Andersen recognized the uncertainty in the market, particularly in supply chains and energy sparked by geopolitical instability, a shift from the once stable landscape the company was accustomed to.