COPENHAGEN (dpa-AFX) - Vestas Wind Systems A/S (VWDRY.PK), a Danish wind turbine company, on Thursday reported a net loss for the first-quarter, mainly due to decreased revenue, zero gains from sales of technology, and higher distribution costs.
In addition, the company has reaffirmed its annual revenue guidance.
For the three-month period, the company recorded a net loss of 75 million euros or 0.07 euro per share, compared with a profit of 16 million euros or 0.01 euro per share, posted for the same period last year.
Pre-tax loss stood at 105 million euros as against a profit of 31 million euros in 2023.
Operating loss was at 67 million euros, compared with a profit of 66 million euros a year ago.
Excluding items, operating loss was 68 million euros, versus a profit of 40 million euros in the previous year.
Gains from the sale of technology stood at zero as against previous year's income of 147 million euros.
Distribution costs rose to 128 million euros from 107 million euros in 2023.
Oder intake fell to 2.2 billion euros from previous year's 2.9 billion euros.
Revenue was 2.681 billion euros, up from last year's 2.829 billion euros, primarily due to a lower volume of MW delivered and a negative impact of around 13 million euros from foreign exchange rates.
Looking ahead, for the full year, the company still expects revenue of 16 billion euros to 18 billion euros, including Service revenue.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX