Denmark's Vestas, the world's largest maker of wind turbines, reported Wednesday its first annual loss in almost a decade as inflation and geopolitical incertainty took their toll.
The company posted a net loss of 1.57 billion euros ($1.68 billion) for last year after a profit of 134 million euros a year earlier.
It said it was impacted by rising costs for energy and raw materials, which led to higher costs for turbines.
Sales slipped by seven percent to 14.5 billion euros, while the operating margin excluding exceptional items was a negative 8 percent.
"Vestas and the wind industry were ready to provide solutions to address the energy crisis, but were constrained by cost increases, logistical challenges, outdated market designs and permitting processes", the company said in its annual report.
Vestas, which announced a profit warning last month due to delays and provisions taken for a turbine model in the fourth quarter, said it expected a small profit in 2023 on sales of 14 billion to 15.5 billion euros, and an operating margin excluding exceptional items of three percent.
Vestas' share price was up 2.7 percent on the Copenhagen stock exchange in mid-morning trading, in a market up by 0.8 percent overall.
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VESTAS WIND SYSTEMS
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