Vestas eyes worst day in 3 years after profit miss
** Shares in Vestas VWS.CO fall close to 10% after the Danish wind turbine maker deliveredQ3 earnings below expectations and saidit now sees annual EBIT margin at the lower end of its guided range
** Its EBIT before special items came at235 million euros($255.87 million), falling short of the 352 million euros forecast seenby analysts in a company-compiled poll
** It now expects its full-year EBIT margin at the lower end of its guided 4-5% range, reiterating its revenue guidance
** "Margin progress was behind expectations, leaving a lot to do in Q4 to catch the guide," Jefferies says
** Vestas reported adj. EBIT margin of 4.5% in Q3, about 260bps below consensus at 7.1%, the brokerage points out
** The stock, down 40% year to date, is on track for its worst day since November 2021
** Vestas is among worst performers on STOXX 600 .STOXX index, with its share price hitting its lowest since May 2020
** Shares in Vestas' German peer Nordex NDXG.DE are down 3.9% in morning trade
($1 = 0.9184 euros)
Reporting by Elviira Luoma
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
