Wind Giant Vestas Slumps on Dividend Cut as Earnings Slide
- World’s top turbine maker reduces payouts for this year by 78%
- CEO Andersen sees ‘challenging’ period for the whole industry
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Vestas Wind Systems A/S tumbled in Copenhagen trading after a drop in profit prompted the company to slash its dividend.
The world’s top supplier of wind turbines cut its payout by 78% as surging raw-material and shipping costs eroded earnings. It’s a blow to a stock that jumped to a record last year amid the clean-tech rally, and shows how rising inflation and supply-chain snarls are hammering the industry even as demand climbs.