Vestas stays in red
Extraordinary warranty provisions send the OEM into a second-quarter deficit despite revenue surging by two thirds. Management is confident in improved operations for the remainder of 2020 but now guides for an operating margin of 5 percent for the rest of the year. Revenue, however, is forecast to remain at a level comparable to the period prior to Covid-19.
Since early May, Vestas has not issued full-year guidance for 2020. Whether this is the main factor behind the OEM's in several senses surprising Q2 result remains uncertain. In any case, revenue jumped as much as 67 percent to EUR 3.541 billion, but the bottommost line shows a deficit of EUR 5 million.
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