Vestas Reports Disappointing First-Quarter

By: AP
By: AP

DENVER (AP) -- Vestas Wind Systems A/S, the world's biggest maker of wind turbines in terms of revenue, is reporting disappointing first quarter revenue and earnings due to decreasing deliveries, high turbine costs and additional unexpected warranty provisions.

The company said Wednesday its loss widened to162 million euros ($214 million) during the first quarter of this year compared with a loss of 85 million euros ($112 million) a year ago. Income rose 4 percent, from 1 billion euros ($1.3 billion) to 1.1 billion euros ($1.4 billion) for the same quarter.

In February, the chairman announced he will step down after the company said last year's profits were substantially below target.

Company officials have been criticized for poor financials and a loss of market share to Chinese competitors. In January, the company announced it would lay off 2,335 people.

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