Vestas, World's Biggest Wind Turbine Builder, Reports 51% Rise In Full-Year Operating Profits

[hatrack]

Vestas, the world's largest wind turbine maker, brought some cheer to a renewable power sector struggling against the credit crunch. The Danish company today reported a better-than-expected 51% rise in its full-year operating profit and maintained its 2009 sales and profit forecasts.

But it admitted that profit growth seen over the last three years would slow during the next 12 months and said costs would be cut back if there was improvement in demand over the next quarter.

Earnings before interest and taxes rose to €668m (£598m) last year from 443 million in 2007 and Vestas said it still expected to produce sales of €7.2bn (£6.4bn) and a profit margin of 11% to 13% in 2009.

The turbine maker said it had not experienced any cancellations so far and orders for 2008 rose to 6,109 megawatts of capacity while the end-of-year order backlog was 4,806. But the company said plans for future investment of €1.2bn still depended on an improvement in future trading conditions and chief executive Ditlev Engel would not rule out redundancies.

EDIT

http://www.guardian.co.uk/environment/2009/feb/11/wind-turbines-vestas

[8 track mind]

1. If it's one thing that Texas has an abundant supply of

other than uneducated right wingers, it's wind! I drove from Lubbock to DFW yesterday and there are wind generators everywhere!!!

[OKIsItJustMe]

2. Turbine maker Vestas plans to hire 3,000 in U.S.

http://www.marketwatch.com/news/story/vestas-eyes-2009-growth-ramps/story.aspx?guid={F4E3D1E8-B0CE-4220-8661-C2C56CB5CB26}&dist=msr_1

Turbine maker Vestas plans to hire 3,000 in U.S.

By Steve Gelsi, MarketWatch
Last update: 5:06 p.m. EST Feb. 12, 2009

NEW YORK (MarketWatch) -- Vestas Wind Systems CEO Ditlev Engel said he's planning to hire nearly 3,000 more people in the U.S. as the largest standalone wind turbine maker in the world ramps up production with more sorely-needed green collar jobs.

Copenhagen-based Vestas now finds itself in the spotlight as the Obama administration pushes for alternative forms of electricity generation, including wind and solar power, to reduce reliance on coal, natural gas and oil. The administration is expected to increase renewable energy subsidies.

Other major players in the turbine manufacturing business include General Electric, Mitsubishi and Siemens. Only one of the top companies, GE, is based in the U.S.

While other major corporations lay people off to preserve their shrinking bottom lines, Vestas' fortunes have grown as the world attempts to wean itself off fossil fuels and promote sources of power that don't contribute to global warming.

Although some critics object to paying subsidies to overseas companies, Engel argues that Vestas plans to invest more heavily here than others.

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