Vestas Cuts 1900 Employees, But Reports Increased Net Income

The world’s largest wind turbine maker announced positive earnings this morning, with a $73.5 million in net income, up 70% from  from a year ago $43 million a year ago. That handily beat the $47 million that analysts polled by Bloomberg were expecting.

While the company’s net income was up, it says demand in Northern Europe is slowing, so it will be laying off 1,900 employees primarily in Denmark and England. That’s 9% of the workforce.

Vestas sees opportunity in the United States and China, though, where there are “positive market prospects,” according to the release.

Vestas will also sell 18.5 million shares, or 10% of its current share capital, in a private placement to raise money.

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