Vestas denies financial forecast claim

US - Vestas Wind Systems today denied that it may cut its financial forecasts for the third time this year, according to reports.

3 September 2010

Vestas faces a shrinking market share, according to analysts
Bloomberg reports today that analysts believe that the world largest wind-turbine manufacturer might have to downgrade its estimates due to a freeze on bank loans and competitors gaining a larger market share.

But a spokeswoman for Vestas said the company stood by the forecasts it made on 18 August.

Those figures resulted in the company’s share price plummeting 23 per cent.

Most analysts expect that Vestas will meet its sales target, according to Bloomberg.

Its research found 20 analysts predicting sales of 6 billion euros or more while 11 analysts have estimates below 6 billion euros.