World's largest wind turbine maker Vestas trims profit outlook as higher costs bite

Meanwhile, Siemens Energy raised its free cash flow outlook again, citing stronger demand for its power grid equipment and gas turbines

Vestas now expects a full-year operating profit margin of 4%-5%, and narrowed its full-year revenue outlook of €16.5bn-€17.5bn from previous estimates of €16bn-€18bn. Picture: Maurice McDonald/PA

Vestas, the world’s largest maker of wind turbines, warned of a second-quarter loss on Monday and trimmed its full-year profit margin and revenue outlook, sending the company’s shares down 5%.

Vestas’ service business, usually a bright spot, would book a one-off $300m (€274m) second hit in the three months to the end of June, it said, affected by sustained inflation, increased repairs, upgrades and operational inefficiencies.