Vestas swings to profit in 2014 despite 4Q earnings drop

Danish turbine manufacturer Vestas Wind Systems A/S (OMX: VWS) earned $219 million during the fourth quarter, down from $246 million the same period a year earlier, but still posted a profit for the year.

Aarhus, Denmark,-based Vestas, which operates factories in Windsor, Brighton and Pueblo, blamed the lower earnings on a “less favorable project mix” during the fourth quarter.

Vestas shares fell more than 8 percent to 262.10 Danish kroner.

The company posted fourth-quarter revenue of 2.8 billion, up from 2.7 billion during the same period a year earlier.

For the year 2014, Vestas earned $443 million from a loss of $93 million in 2013.

The company reported 2014 revenue of $7.8 billion vs. $6.9 billion in 2013.

The company produced and shipped more than 2,500 wind turbines in 2014, up from more than 2,000 in 2013.

Vestas’ workforce also increased to nearly 19,700 during the fourth quarter from almost 15,500 the same quarter the year before due to higher demand for wind turbines in the U.S.

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