Vestas, the world’s number one wind turbine maker, said Thursday it swung to a €75 million ($80 million) loss in the first quarter and warned “geopolitical volatility” would continue to cause uncertainty.
Revenue fell 5.2 percent to €2.68 billion in the first three months of the year, compared to the same period a year earlier.
The Danish company’s net loss followed a net profit of €16 million in the first quarter of 2023.
The value of its order backlog reached a record high €61 billion.
“Financial results were in line with expectations,” said Vestas chief executive Henrik Andersen.
“In 2024, continued geopolitical volatility is expected to cause uncertainty. Nonetheless, we expect a combination of higher installations and increased pricing to drive growth in revenue,” the company said in its earnings report.
In turbine construction, the company, which employs more than 30,000 people worldwide, received new orders for a total capacity of 25.8 megawatts, compared with 20.6 MW a year earlier, taking its order book in this segment to 26.6 billion euros.
In Europe, the wind energy sector is struggling despite governments’ ambitions to invest in renewable energy sources.
The sector is plagued by numerous problems, such as soaring interest rates, rising material costs and supply chain disruptions.
