Following years of troubles and setbacks in the wind power industry, investors have become highly sensitive to even the slightest bad news. Tuesday’s slump extends a more than 40% decline in Vestas’ shares this year, far worse than the roughly 30% drop the company suffered in 2021, when rapidly rising costs kicked off a crisis for Vestas and its competitors.

The industry also faces uncertainty with the outcome of the US presidential election on a knife edge, since the Republican and Democratic contenders hold starkly different views on the sector. Danish offshore wind company Orsted A/S also reported earnings Tuesday, narrowing its full-year guidance to the higher end of its range.

Shares in Vestas fell as much as 12% to 119.65 Danish kroner in Copenhagen, the biggest drop since December 2021.

The Aarhus, Denmark-based company reported earnings before special items in the third quarter of €235 million ($256 million), missing analysts’ estimates. Vestas reiterated that it expects an earnings margin in a range of 4% to 5% for the full year, but lowered the outlook for its investments and earnings from its service business to around €450 million, down from €500 million previously.

“The quarter was negatively impacted by a slightly slower-than-expected margin improvement in service and elevated warranty provisions,” Chief Executive Officer Henrik Andersen said in a statement. “We continue to execute on our strategy and are focused on ending the year strongly.”

While Vestas has continued to raise prices for its turbines, it’s faced some setbacks from its typically strong service business. A revision to that segment was key to the profit warning last quarter and it’s now weighing down the company’s earnings.

The business continues to see higher costs, including from increased labor costs, Chief Financial Officer Hans Martin Smith said in an interview.

“We expect the margin to increase in service in the future,” Martin said. “It will take time.”