Danish wind turbine manufacturer Vestas, the global leader in the sector, announced on Wednesday that its losses deepened in the second quarter.
This was attributed to investments and impairments amounting to 225 million euros.
Financial Results Below Expectations
From April to June, Vestas recorded a net loss of 156 million euros, compared to a loss of 115 million euros in the same period last year.
This performance fell short of analysts’ expectations. Additionally, the company’s revenue decreased by 4% to 3.3 billion euros.
Surge in Orders
Despite the losses, Vestas saw an increase in orders, reaching 27.022 MW, a 34% rise year-on-year, with a value of 28.1 billion euros.
This significant jump reflects substantial orders from Poland and Germany, as well as a high level of onshore orders in the United States.
Service Activities and Market Outlook
While service activities experienced a 26% year-on-year decline in revenue, they are expected to intensify with contract adjustments in America and Europe-Middle East.
Stock Market Reaction
At the Copenhagen Stock Exchange, shortly before 07:45 GMT, Vestas’ shares remained stable in a flat market.