Vestas Warns Wind Turbine Backlog Still Dragging on Earnings
- Company EBIT swings back to losses during second quarter
- CEO says Vestas is focused on return to full profitability
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Vestas Wind Systems A/S said it expects increased costs from a backlog of wind turbine orders to drag down full year earnings as executives avoided giving details on how the quality issues plaguing the broader wind industry would affect the Danish company
A key supplier of blades to Vestas published a profit warning last month after higher inspection and repair costs after it found issues at one blade type at one of its factories. Investors have been questioning whether there could be an impact for the Danish company as concerns grow about the fast ramp up of the sector.