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Vestas CFO: No Need to Raise Fresh Capital

Vestas CFO: No Need to Raise Fresh Capital

While Danish wind turbine manufacturer Vestas recently surprised analysts by cutting its 2011 earnings and revenue guidance, the company's chief financial officer says there is no need to raise new capital in the coming months.

The decision to slash its guidance reportedly came as the

While Danish wind turbine manufacturer Vestas recently surprised analysts by cutting its 2011 earnings and revenue guidance, the company's chief financial officer says there is no need to raise new capital in the coming months.

The decision to slash its guidance reportedly came as the company said the costs for developing a new turbine had lowered expectations and added that some earnings and revenue would have to be deferred to 2012, Reuters reports.

Still, chief financial officer Henrik Norremark told analysts during a conference call that the cost issue was announced as soon as the company knew about it, according to the news source.

"I can confirm that we do not need new equity in the coming months," Norremark explained. "If we had known earlier, we would have announced it earlier," he explained, pointing to cost overruns from sub-contractors that became visible through reporting end-of-year numbers.

Bloomberg reports Vestas' shares have fallen 92 percent since peaking in 2008, with higher costs and delayed wind farm projects serving as the leading contributors to this decline. 

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