Thursday, February 28, 2008

Vestas doubles earnings (VWS.DE)

I didn't link to the vid. of the Vestas turbine spinning out of control 'til it exploded, it was dramatic but it didn't fit into the Climateer Investing narrative*..."Once upon a time, in a country far, far away..." This story does.
From the Financial Times:

Vestas Wind Systems, the world’s largest producer of wind turbines, more than doubled its net profits last year on growing demand for clean energy but it ceded market share to Chinese competitors.

Vestas increased net profits by 160 per cent to €291m ($440m) on revenues up 26 per cent to €4.86bn. It reaffirmed that it expected to increase revenues to €5.7bn this year.

However, its shares fell 5.1 per cent to DKr519 amid disappointment over its market share and profit-taking.

The Danish turbine producer has benefited from increased concern for the environment and higher oil prices, which make wind power more competitive. Vestas expects wind power capacity to grow by up to 25 per cent over the next 10 years and says it will take several years for turbine supply to match demand....MORE

*Once again I am thinking of changing the blog descriptor from the current "Money Matters".
Any votes for "Climateer Investing: it's not just a blog, it's a lifestyle"?