Vestas report highest order backlog despite record share drop

Vestas has reported a punishing quarterly operating loss as revenue trickled in slowly and costs weighed, meaning a 10 per cent drop in share price.
Vestas wind turbine
The world’s biggest wind turbine maker loss before interest and tax widened to $324.01m in the first quarter.

Despite that there was good news from the Danish company as its intake of firm and unconditional orders in the first quarter was 1.27 GW, while its order backlog stands at its highest level ever at €10bn

The company also had service agreements representing future revenue of €4.3bn at the end of March.

The share price decline has made the company the subject of takeover rumours.

In April speculation that Chinese wind turbine manufacturers Goldwind Science & Technology and Sinovel Wind Group were considering a bid sent the share price up 15 per cent.

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