VWDRY - Vestas slashes revenue margin guidance after Russia writedowns

Vestas Wind Systems (OTCPK:VWDRY) falls as much as 7% in European trading after reporting a larger than expected Q1 operating loss late Sunday and cutting full-year guidance, as wind turbine makers struggle with soaring raw material and freight costs. While Q1 preliminary revenues came in at a slightly higher than expected €2.49B, the world's largest maker of wind turbines said it posted a €329M EBIT loss, far more than the €91M loss expected by analysts in a poll compiled by the company. Vestas' (OTCPK:VWDRY) Q1 EBIT margin before special items declined by 9.3 percentage points vs. the year-ago period to negative 13.2%. The company said Q1 costs related to Russia's war in Ukraine totaled €401M, and it took another €176M in writedowns related to its offshore wind business. For FY 2022, Vestas (OTCPK:VWDRY) now expects an EBIT margin between zero and negative 5%, down from a previously guided range of

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Vestas slashes revenue, margin guidance after Russia writedowns