BWEN - Vestas - Temporary Doldrums Underlying Wind Industry Demand Remains Strong
This a Z4 Pre Quarter Quick Update
Please see our last update from February, Headwinds Shifting to Tailwinds here. While Covid-19 has altered certainty in the near term it has not impacted the long term view for the industry or Vestas.
So what's changed since our last update?
- Layoffs announced:
- Vestas announced 400 workers, largely in technology will be laid off due to Covid-19.
- These employees were not engaged in projects for delivery in 2020 and for perspective, Vesta employs more than 25,000.
- 2020 Guidance was suspended:
- This is a common theme in the renewables