August 15, 2019 / 6:37 AM / 3 days ago

Wind turbine maker Vestas lags forecast as competition and tariffs bite

COPENHAGEN, Aug 15 (Reuters) - Wind turbine maker Vestas posted lower than expected second-quarter operating profit on Thursday, hit by competitive markets, tariffs and orders received during a steep price decline in 2017.

Operating profit before special items fell by roughly 50% to 128 million euros ($142.7 million) in the quarter, lagging a 143 million euro forecast in a Reuters poll of analysts. Its EBIT margin fell to 6% from 11.5% a year ago.

Vestas now expects revenue between 11 billion and 12.25 billion euros this year, compared with a previous forecast of 10.75 billion to 12.25 billion euros. Its EBIT margin before special items is now forecast at 8-9%, compared with previous guidance of 8-10%. ($1 = 0.8969 euros)

Reporting by Stine Jacobsen Editing by David Goodman

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