COPENHAGEN, May 4 – Danish company Vestas, the world leader in the wind turbine industry, posted heavy losses in the first quarter despite increased sales, but maintaining its expectations for the whole year.
From January to March, the company more than doubled its losses, to 85 million euros ($126 million) compared to 39 million a year earlier.
Analysts surveyed by Dow Jones Newswires had however forecasted much smaller losses, of 37 million euros.
Vestas\’ sales increased 25 percent during the quarter to 1.06 billion euros, beating analysts\’ expectations of 960.4 billion euros.
The company however said it still expected to achieve its EBIT margin of 7.0 percent and sales of 7.0 billion euros, because "a large portion of revenue and earnings are expected to be generated in the second half of the year" thanks to later timing of expected orders.