Two players in Europe's renewable energy market traded in opposite directions on Tuesday, with the market cheering a big profit jump from Danish turbine maker Vestas Wind Systems, but giving the thumbs down to loss-making Norwegian-based solar module maker Renewable Energy Corp.
Shares of Vestas (DE:VWS 48.09, +2.15, +4.68%) rose over 6% to 354.25 Danish krone in Copenhagen after it reported net profit for the third quarter of 165 million euros ($245 million), an increase of 70%.
It also reported a 2.8% rise in revenue to 1.81 billion euros from 1.76 billion in the year-ago period. Analysts surveyed by Dow Jones Newswires were expecting net profit of 126 million euros, and revenue of 1.81 billion euros.
For 2010, Vestas said it expects to achieve revenue between 7 to 8 billion euros, and a margin on earnings before interest and taxation of 10% to 12%, with that range reflecting uncertainty caused by the credit crisis in the short term. Within that, it's expecting progress in the U.S. market, though its key market of Spain is proving difficult, the company said....MORE