Wind turbine maker Vestas posted a deep first-quarter loss and slashed its 2022 margin forecast due to the war in Ukraine and writedowns in its offshore business, reflecting an industry wide struggle to turn a profit despite record demand.
Its shares, which had spiked following Russia’s invasion of its neighbour, were trading 6.8% lower at 0847 GMT on Monday, wiping out all of those gains. It also took writedowns and warranty provisions related to older offshore wind platforms, among other things, worth 176 million euros.
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Didn’t know the wind was affected by war.