Vestas: posts lower second-quarter profit; shares drop.
(CercleFinance.com) - Denmark's Vestas posted lower second-quarter earnings compared to last year's very strong quarter, while maintaining its 2017 forecasts, sending the shares down by over 7%.
The wind turbine maker said it generated revenue of 2.2 billion euros over the last quarter, down 14% year-on-year.
It announced that operating profit (EBIT) decreased by 120 million euros to 279 million euros, with its operating margin down to 12.6%, against 15.6% in the second-quarter of 2016.
Vestas maintained its 2017 guidance of revenues of between 9.25 billion euros and 10.25 billion euros, with an EBIT margin before special items of 12% to 14%.
The group has decided to initiate a share repurchase program of up to 4.46 billion euros (approximately 600 million euros), which will be executed before the end of the year.
Together with the program conducted earlier this year, total share buy-backs for 2017 are now expected to be around 700 million euros.
After these results, Vestas shares are down 7.5% at 576 Danish kroner.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The wind turbine maker said it generated revenue of 2.2 billion euros over the last quarter, down 14% year-on-year.
It announced that operating profit (EBIT) decreased by 120 million euros to 279 million euros, with its operating margin down to 12.6%, against 15.6% in the second-quarter of 2016.
Vestas maintained its 2017 guidance of revenues of between 9.25 billion euros and 10.25 billion euros, with an EBIT margin before special items of 12% to 14%.
The group has decided to initiate a share repurchase program of up to 4.46 billion euros (approximately 600 million euros), which will be executed before the end of the year.
Together with the program conducted earlier this year, total share buy-backs for 2017 are now expected to be around 700 million euros.
After these results, Vestas shares are down 7.5% at 576 Danish kroner.
Copyright (c) 2017 CercleFinance.com. All rights reserved.