Vestas Wind Systems Reports Upbeat Q2 Profit

Vestas Wind Systems VWDRY reported upbeat second-quarter net profit. Vestas Wind Systems reported its quarterly net profit at EUR55 million, versus a loss of EUR143 million in the year-ago period. However, analysts were expecting a net profit of EUR35.9 million. Its earnings before interest and tax came in at EUR77 million, versus a EUR180 million loss in the year-ago period. Vestas Wind Systems reported its quarterly revenue at EUR1.4 billion, up from EUR1.0 billion, in the year-ago period. Analysts expected revenue of EUR1.04 billion. Vestas Wind Systems still expects a margin on earnings before interest and taxes (EBIT) at 7% for 2011 on sales of EUR7 billion. Vestas Wind Systems shares dropped 2.105 to $5.60 in after-hours trading.