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The company's revenue rose to EUR2.316bn for the first six months of 2009 from EUR1.795bn a year earlier, compared to analysts' expectation of nearly EUR2.4bn. Second-quarter revenue rose 11% year-on-year to EUR1.211bn. Europe accounted for 79% of revenue in the second quarter of 2009, the Americas and the Asia-Pacific region for 11% and 10%, respectively. The EBIT margin for January -June 2009 was 6.6%, below the analysts' estimates for 8%. The after-tax profit totalled EUR99m, underperforming expectations for EUR137m and slightly up from last-year's result of EUR98m. At the end of the June, turbine projects with a total output of 2,609 MW were under completion, slowing down the EBIT margin increase as part of the revenue can not be recognised until the turbines have been shipped or finally handed over to the customers, Vestas said. The quarterly order intake was 542 MW and the order backlog amounted to 3,596 MW at end-June. Vestas maintained its guidance for a revenue of EUR7.2bn and an EBIT margin of 11-13%, in spite of the lower order intake since the onset of the credit crisis. Analysts, polled by Danish newswire RB Borsen on average expected that Vestas will cut its outlook for the revenue to EUR6.6bn and for the EBIT margin to 1.5%. Since the end of the reporting period, Vestas has recorded an order intake of EUR700m with unchanged payment patterns. Additionally, several contracts with a total value of more than EUR4.4bn will be evaluated in the upcoming period, Vestas pointed out. In April, the company announced it will cut jobs in northern Europe due to low demand, resulting in 1,142 lay-offs in Denmark and 425 redundancies in the UK. At the same time, Vestas continues to expand its new factories in the USA and China. (EUR1 = USD 1.4) Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com For full details for VWSYF click here.
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