Vestas Wind Systems A/S cut its forecasts for margins and revenue this year after delays in expanding production at its new plant in Travemuende, Germany.
The biggest maker of turbines expects revenue of 6.4 billion euros ($9 billion) in 2011, down from the 7 billion euros it had forecast in August, according to a statement released last night. Vestas said margins will decline to 4 percent from 7 percent this year based on earnings before interest and taxes and further delays are possible.
All times CET:
WHAT TO WATCH: * The Nordic prime ministers hold joint press meeting ahead of Nordic Council Meeting, Copenhagen, 10:40 a.m.
EARNINGS: * Copenhagen Airports (KBHL DC) 3Q * Sjaelsoe Gruppen (SJGR DC) 3Q * Sparekassen Himmerland (SPHIM DC) 3Q * Klepp Sparebank (KLEG NO), 3Q * Pricer (PRICB SS) 3Q * Rejlerkoncernen (REJLB SS) 3Q, 8 a.m. * Alandsbanken (ALBAV FH) 3Q
ECONOMY: * Finland Aug. trade balance, final data, 8 a.m. * Sweden August non-manual workers wages, 9:30 a.m. * Norway September Credit Indicator Growth, 10:00 a.m. * Norway September Retail Sales, 10:00 a.m. * Norway Central Bank Governor Oeystein Olsen and COO in Norges Bank Investment Management Age Bakker address Norges Bank’s regional network, Region North in Bodoe. 11:00 a.m.
GOVERNMENT: * Sweden’s Minister for Financial Markets Peter Norman speech “The Baltic Region and handling Financial Crises” at Stockholm School of Economics. Participants in conference include Baltic finance ministers. 9 a.m. * Nordic Council Meeting, Copenhagen. Oct. 31 to Nov. 1. Norway’s Premier Jens Stoltenberg meeting Denmark’s Premier Helle Thorning-Schmidt Oct. 31 at 12:15 p.m.; 2-6 p.m. meeting with Nordic and Baltic premiers, press meeting at 6 p.m.
STOCK MARKET: * The OMX Stockholm 30 Index declined 0.4% to 1,025.72 * Nasdaq OMX Helsinki 25 Index fell 0.9% to 2,125.39 * Oslo’s OBX Index fell 1.4% to 363.07 * The Copenhagen 20 Index added 0.7% to 374.75