Wind energy giant Vestas swings to loss, sees geopolitical headwinds / Photo: SIMON MAINA - AFP/File
-
Martin surges to MotoGP sprint victory at Le Mans
-
Paolini's Italian Open title defence ends ahead of Sinner bow
-
Liverpool limp towards Champions League with Chelsea draw
-
Abbas takes five wickets to put Pakistan ahead in Bangladesh Test
-
UK's Starmer vows to 'listen to voters' after election drubbing
-
Putin chides NATO in speech at scaled-back Victory Day parade
-
Moscow's Victory Day parade draws muted response from Russians
-
Canary Islands brace for arrival of hantavirus-hit cruise ship
-
Bagnaia pips Marquez to French Grand Prix pole
-
Tchouameni can play Clasico despite Valverde clash: Real Madrid's Arbeloa
-
Conflict inflames tensions at Venice Biennale of Art
-
'No home left' for Gazans stranded in West Bank since Oct 7
-
Indonesia rescuers search for hikers killed in volcanic eruption
-
Magyar to become Hungary's 'regime change' PM
-
Wembanyama powers Spurs past T-Wolves as Knicks beat Sixers
-
Trapped seafarers traumatised by Gulf fighting: charities
-
European minnows bid to challenge social media giants
-
Red-hot Knicks open 3-0 playoff lead against Sixers
-
At 100th major, Aussie Scott sees best as yet to come
-
Scheffler and McIlroy fancied for PGA Championship title
-
Acting US attorney general pursues Trump grievances at Justice Dept
-
Spirit exit likely to lead to higher US airfares, experts say
-
World Cup to hold trio of star-studded opening ceremonies
-
Defending champ Jeeno grabs three-shot lead at windy Mizuho Americas Open
-
McIlroy says PGA should be open to returns from LIV Golf
-
Im leads Fleetwood by one at Quail Hollow
-
Peru presidential hopeful says electoral 'coup' underway
-
Mexico to cut school year short ahead of World Cup
-
Lens secure Champions League spot and send Nantes down
-
Dortmund down Frankfurt to push Riera close to the edge
-
Costa Rica's new leader vows 'firm land' against drug gangs
-
Messi says Argentina up against 'other favorites' in World Cup repeat bid
-
Global stocks diverge, oil rises as fresh US-Iran clashes hit peace hopes
-
Ailing Djokovic falls to early Italian Open exit ahead of Roland Garros
-
Costa Rica leader sworn in with tough-on-crime agenda
-
UK PM Starmer vows to fight on after local polls drubbing
-
Formula One engines to change again in 2027
-
Djokovic falls in Italian Open second round to qualifier Prizmic
-
NFL reaches seven-year deal with referees
-
Real Madrid fine Tchouameni and Valverde 500,000 euros over bust-up
-
Hantavirus scare revives Covid-era conspiracy theories
-
Report revives speculation China Eastern crash was deliberate
-
Allen ton powers Kolkata to fourth win in a row in IPL
-
Zarco dominates Le Mans qualifying as Marquez struggles
-
'Worst whistle' - Lakers coach blasts refs over LeBron treatment
-
French couple from virus-hit ship describe voyage as 'unlikely adventure'
-
Van der Breggen soars into women's Vuelta lead with stage six win
-
WHO says hantavirus risk low as countries prep repatriation flights
-
Stocks diverge, oil rises as fresh US-Iran clashes hit peace hopes
-
Zverev and Swiatek move into Italian Open third round
Wind energy giant Vestas swings to loss, sees geopolitical headwinds
Vestas, the world's number one wind turbine maker, said Thursday it swung to a 75-million-euro ($80-million) loss in the first quarter and warned "geopolitical volatility" would continue to cause uncertainty.
Revenue fell 5.2 percent to 2.68 billion euros in the first three months of the year, compared to the same period a year earlier.
Its net loss followed a net profit of 16 million euros in the first quarter of 2023.
The value of its order backlog reached a record high 61 billion euros.
"Financial results were in line with expectations," said Vestas chief executive Henrik Andersen.
"In 2024, continued geopolitical volatility is expected to cause uncertainty. Nonetheless, we expect a combination of higher installations and increased pricing to drive growth in revenue," the company said in its earnings report.
In turbine construction, the company, which employs more than 30,000 people worldwide, received new orders for a total capacity of 25.8 megawatts, compared with 20.6 MW a year earlier, taking its order book in this segment to 26.6 billion euros.
In Europe, the wind energy sector is struggling despite governments' ambitions to invest in renewable energy sources.
The sector is plagued by numerous problems, such as soaring interest rates, rising material costs and supply chain disruptions.
M.Carneiro--PC
