Welcome to our dedicated page for Broadwind news (Ticker: BWEN), a resource for investors and traders seeking the latest updates and insights on Broadwind stock.
Broadwind, Inc. (NASDAQ: BWEN) generates a steady flow of news as a diversified precision manufacturer serving clean tech, power generation and industrial markets. Company updates frequently highlight activity in its Heavy Fabrications, Gearing and Industrial Solutions segments, giving investors insight into demand trends across wind energy, natural gas power generation, mining, oil and gas, steel and infrastructure end markets.
News coverage for Broadwind often includes quarterly earnings releases, where the company reports revenue, net income or loss, adjusted EBITDA and order trends by segment. These releases provide color on demand for wind towers, wind repowering adapters, compressed natural gas pressure reducing systems, industrial fabrications, custom gearboxes, loose gearing and natural gas turbine content. Management commentary in these announcements also outlines strategic priorities such as diversification into higher-margin precision manufacturing verticals and efforts to improve asset utilization.
Investors following BWEN news will also see transaction and strategic updates, such as the sale of the industrial fabrication operations in Manitowoc, Wisconsin, and the consolidation of operations into the Abilene, Texas facility. Other notable items include announcements of new tower orders from a leading global wind turbine manufacturer and follow-on orders for precision machined gearing products in the natural gas turbine segment.
Additional Broadwind news items cover capital structure and governance developments, including the authorization of a share repurchase program and amendments to the company’s credit agreement. Conference call and webcast notices accompany earnings releases, providing opportunities for more detailed discussion of results and outlook. For investors and analysts, the BWEN news stream offers a view into how Broadwind’s order book, segment mix and strategic initiatives evolve over time.
Broadwind, Inc. (NASDAQ: BWEN) announced it received a notice from WM Argyle Fund LLC, which owns approximately 1.0% of its stock, intending to nominate six individuals for election to its Board of Directors at the 2023 Annual Meeting. The current Board, comprised of six independent directors, has a proven track record and has led the company to a 250% stock price increase over the last three years. Broadwind views the Fund’s actions as an attempt to gain control without a premium and emphasizes its commitment to engaging with all stockholders. The date for the 2023 Annual Meeting will be announced later.
The WM Argyle Fund, a major shareholder of Broadwind, Inc. (BWEN), has nominated six independent candidates for the Board of Directors in response to the Company's ongoing underperformance. The Fund holds 207,200 shares and asserts that the current Board has failed to act with urgency, leading to unsustainable cash burn and shareholder dilution. Despite a recent $175 million wind tower order, the Fund expresses doubts about the Board's ability to capitalize on opportunities presented by the Inflation Reduction Act. The Fund aims to transform BWEN into a profitable clean-tech manufacturer by enhancing governance, optimizing the balance sheet, and improving human capital.
Broadwind (NASDAQ: BWEN) has secured approximately $175 million in new tower orders from a leading global wind turbine manufacturer, marking a significant achievement in its business strategy. This order, the largest ever from the OEM customer, will be fulfilled by the end of 2024 at both the Abilene and Manitowoc facilities. The new order is expected to utilize about 50% of Broadwind's optimal tower production capacity, enhancing plant efficiency, liquidity, and financial performance. It also benefits from favorable economics, including federal tax credits from the Inflation Reduction Act.
Broadwind (NASDAQ: BWEN) reported its third quarter 2022 results, achieving total revenue of $44.8 million, an 11% year-over-year increase. The company recorded a net loss of ($1.8) million or ($0.09) per basic share, showing improvement from the previous year's loss of ($2.1) million. Adjusted EBITDA soared 374% to $1.9 million. Total orders hit $84.5 million, nearly doubling year-over-year, while backlog reached $132.2 million, a 73% year-over-year increase. The Gearing segment saw a 35% revenue rise, reflecting strong demand across energy sectors.
Broadwind (NASDAQ: BWEN) appointed Sachin Shivaram to its Board of Directors on November 2, 2022. With over 14 years of experience in precision manufacturing, Shivaram has served as CEO at Wisconsin Aluminum Foundry and held leadership roles in several organizations, including Tenaris and McKinsey & Company. His background includes strategic roles that enhance Broadwind's capabilities as it enters a new growth phase. The company specializes in precision manufacturing for clean tech and other applications, reinforcing its commitment to performance and innovation.
Broadwind (NASDAQ: BWEN) has announced the release of its third quarter 2022 financial results scheduled for November 8, 2022, before market opening. A conference call will follow at 11:00 A.M. ET, providing a platform for discussing the results and addressing questions. Interested parties can access a live webcast via the Investor Relations section of Broadwind's website. This announcement provides investors with essential details about the upcoming financial disclosures and engagement opportunities.
Broadwind (NASDAQ: BWEN) announced its largest tower order in over three years, totaling $38 million, from a leading global wind turbine manufacturer. This order signals increasing demand for wind installations, especially following the passage of the Inflation Reduction Act, which provides longer-term tax incentives for renewable investments. The towers will be produced at Broadwind's Abilene, Texas facility, with production expected to complete in the first half of 2023. CEO Eric Blashford expressed optimism about growth opportunities in both wind and conventional energy markets.
Broadwind (NASDAQ: BWEN) has secured $11 million in new tower orders from a major global wind turbine manufacturer. Production will occur at the Abilene, Texas facility, with expected completion between Q4 2022 and Q1 2023. The majority of the revenue from this order will be recognized in Q1 2023. CEO Eric Blashford noted that this order will enhance plant utilization, as demand for wind towers is anticipated to recover amid improving visibility regarding the Production Tax Credit.
On August 10, 2022, Broadwind (NASDAQ: BWEN) appointed Thomas A. Ciccone as Vice President, Chief Financial Officer, and Principal Financial Officer effective immediately. Ciccone has been with Broadwind since 2008, previously serving as Principal Accounting Officer and holding various finance roles. His leadership is expected to support the company's growth strategies. Eric Blashford, President and CEO, emphasized Ciccone's critical role in enhancing corporate finance and investor relations as Broadwind aims for long-term value creation.
Broadwind (NASDAQ: BWEN) reported second quarter 2022 financial results, showing total revenue of $50.0 million, up 8% year-over-year. However, the company faced a net loss of ($2.7 million), a stark contrast to a net income of $10.3 million in the previous year. Key segments saw growth: Gearing increased 37% to $10.1 million and Industrial Solutions rose 43% to $5.0 million. Notably, non-wind orders surged 60% to $24 million, contributing to a total backlog of $93.2 million, marking 25% year-over-year growth.
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