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Vestas Wind Systems profit misses consensus by 35.1% in Q2

Vestas Wind Systems A/S said its second-quarter normalized net income came to 72 euro cents per share, compared with the S&P Capital IQ consensus estimate of €1.11 per share.

EPS declined 31.5% year over year from €1.05.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €154.4 million, a decline of 33.6% from €232.5 million in the year-earlier period.

The normalized profit margin fell to 7.0% from 9.1% in the year-earlier period.

Total revenue fell 13.7% year over year to €2.21 billion from €2.56 billion, and total operating expenses declined 10.7% from the prior-year period to €1.93 billion from €2.16 billion.

Reported net income fell 33.1% year over year to €186.0 million, or 87 cents per share, from €278.0 million, or €1.26 per share.