Vestas Wind Systems A/S fell the most in almost four months after executives issued a cautious outlook for 2015, blunting the impact of a recovery in the wind energy industry that allowed its first dividend since 2003.
The Danish manufacturer expects sales of at least 6.5 billion euros ($7.4 billion) this year, less than the 6.9 billion euros it generated in 2014. It also sees a margin of at least 7 percent on earnings before interest and taxes before special items, which compared with 8.1 percent last year.
After slashing 3,000 jobs since 2011 and closing a third of its factories to survive a plunge in turbine prices, Vestas today reported its first full-year profit since 2010. The guidance for this year raised concerns about the valuation of Vestas shares, which have gained more than 56 percent since the middle of October.