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Vestas backs guidance despite 1Q loss

Vestas Wind Systems AS on Wednesday posted an unexpected first-quarter net loss but backed full-year guidance as it pledged to make up lost ground later this year.

The Danish wind-turbine maker posted a net loss of 61 million euros ($73.3 million) from a loss of EUR75 million a year earlier, missing an analyst consensus of a EUR9 million profit, according to a FactSet poll.

Revenue fell 12% to EUR1.96 billion compared with the consensus view of EUR2.56 billion, driven by lower wind turbine deliveries, supply chain constraints and a negative impact of around EUR100 million from foreign exchange rate translations effects.

Order intake fell to EUR1.6 billion from EUR2.4 billion, while the total turbine and service order backlog rose to EUR44.7 billion from EUR34.1 billion.

"Following a strong end to 2020, continued impact from Covid-19 and lower activity levels affected Vestas' results," Chief Executive Henrik Andersen said.

"Although we have started the year a bit slower than expected, we remain positive we will catch up throughout the rest of the year," Mr. Andersen said.

Vestas still sees 2021 revenue at EUR16 billion-EUR17 billion with a pre-items earnings before interest and tax margin of 6%-8%. Total investments are still seen at around EUR1 billion.

Write to Dominic Chopping at [email protected]

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