Vestas (OMX: VWS) managed to miss even the preliminary figures announced on January 3rd. The company reported a revenue of 5.8 billion Euros on 0.7% EBIT margin for the full year in connection with its Q4 2011 numbers. Later than expected deliveries were given as the culprit. The costs that the company is bearing are also way too high.
The company admitted the year was highly disappointing but that the order intake of 7397 MW valued at 7.3 billion Euros was a positive. Chairman Bent Carlsen and Deputy Chairman Torsten Erik Rasmussen are following CFO Nørremark out of the door. Board member Freddy Frandsen will also not stand for re-election. Through all this CEO Ditlev Engel still remains.
Vestas has decided to from now on give EBIT, revenue and free cash flow guidance with a band and to also reduce the outlook parameters provided. For 2012 the company expects EBIT margin of 0-4%, revenue of 6.5-8 billion and positive free cash flow. Many commentators have already expressed doubt on the numbers. The stock has plummeted 12% so far to trade well below 60 DKK a share.
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