The CEO of Danish wind turbine manufacturer Vestas warned about the impact of tariffs and trade barriers Wednesday, with the company lowering its revenue guidance for the year.



In its earnings report for the second quarter of 2018, Vestas said that as a result of the implementation of tariffs in the U.S., prices of U.S. steel and imported components were expected to increase.



"We are a global company, present in 70 markets with a global supply chain, and of course trade barriers and tariffs is a negative for any global company, and so also for Vestas," Anders Runevad told CNBC's "Squawk Box Europe" Wednesday.



"We have a big manufacturing footprint … regionally, so we of course can take mitigating actions within our supply chain and that's what we are doing, but of course it is a concern when we see tariffs being introduced," Runevad added.



In the second quarter of 2018, Vestas' revenue came in at 2.26 billion euros ($2.56 billion), while the intake of firm and unconditional wind turbine orders hit 3,807 megawatts which Runevad said led to an "all-time high order backlog."



Vestas narrowed its 2018 guidance for revenue to between 10 billion euros and 10.5 billion euros, compared to previous guidance of 10 billion euros to 11 billion euros. The business also launched a 200 million euro share buyback scheme, with shares rising by more than 7 percent in early deals Wednesday morning.



During his interview with CNBC, Runevad also commented on Vestas' work with battery manufacturer Northvolt.



In December 2017, the business announced it was investing 10 million euros in Northvolt and collaborating on the development of a lithium-ion battery platform for Vestas power plants.



"We need to see how we can make companies like Northvolt — and other types of battery companies — do an application for utility-based storage," Runevad told CNBC.



"There are several other storage solutions but we believe that the battery now, shorter term, looks to be the most promising," he went on to explain.





