Vestas 2022 revenue below guidance, sees lower activity this year

COPENHAGEN (Reuters) - Wind turbine maker Vestas said on Friday its 2022 revenue would come in lower than previously guided due to project delays and impairments in the fourth quarter, and warned of lower activity levels this year.

The company posted revenue of 14.49 billion euros ($15.75 billion) for last year, compared with the 14.5-15.5 billion euro range it had projected.

"Activity levels in 2023 are expected to be lower than in 2022 followed by a step up in 2024 where installations in key markets are projected to increase," Vestas said in a statement.

Revenue this year is expected between 14.0 billion and 15.5 billion euros, with a margin on earnings before interest and tax (EBIT) before special items between minus 2% and plus 3%.

Based on preliminary numbers for 2022, the EBIT margin before special items was minus 8% compared with the previously guided minus 5%. This was driven by "isolated events" and a confined number of projects in the fourth quarter, the company said.

"In 2023, we expect high inflation levels throughout the supply chain and reduced wind power installations to impact revenue and profitability negatively," it said.

($1 = 0.9199 euros)

(Reporting by Jacob Gronholt-Pedersen; Editing by Mark Potter)