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Vestas posts lower quarterly profit

Vestas Wind Systems A/S reported net profit of 295 million for the fourth quarter of 2017, down 14% from 343 million in the prior-year period as revenue decreased 6%.

The company's revenue for the quarter stood at 3.12 billion, down from 3.31 billion in the fourth quarter of 2016.

Earnings before interest and tax, or EBIT, came in at 385 million, down 24% from 504 million.

In full-year terms, the company's net profit decreased 7% to 894 million in 2017 from 965 million in 2016.

Vestas forecasts its 2018 revenue to be in the range of 10 billion to 11 billion.