"Wind Turbine Makers Poised for Return to Profitability"

"Wind-turbine makers are poised to make their first profit in years after shutting underused factories and abandoning a drive for growth at all costs."

"Vestas Wind Systems A/S of Denmark, the world’s biggest manufacturer, along with German competitor Nordex SE are forecast to have their first pretax profits this year since 2010, according to analyst forecasts compiled by Bloomberg. Gamesa Corp. Tecnologica SA (GAM) is predicted to make a net profit after a loss last year. Investors haven’t waited, driving up shares of the three companies an average 220 percent in 2013.

After manufacturers cut at least 9,000 jobs and closed the least efficient plants, turbine prices may rise for the first time since 2009. That’s helping them cope with European subsidy cuts and bruising competition that lowered prices by a quarter in an industry that drew $75 billion of investment last year."

Alex Morales reports for Bloomberg August 22, 2013.


"New Chief at Vestas, Ailing Maker of Wind Turbines" (New York Times)

Source: Bloomberg, 08/22/2013