Vestas Plunges Most in Eight Years After Cutting Forecasts
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Vestas Wind Systems A/S, the world’s biggest wind-turbine maker, skidded 24 percent in Denmark, the most in eight years, after cutting margin and revenue forecasts because of production delays in Germany.
The stock fell 27.05 kroner to close at 84.35 kroner. The Randers, Denmark-based manufacturer yesterday said it expects 6.4 billion euros ($9 billion) in revenue in 2011, down from the 7 billion euros it forecast in August. Vestas said earnings before interest and tax margins will drop to 4 percent from the 7 percent previously forecast, and further delays are possible.