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 (NASDAQ: BWEN) has announced new tower orders exceeding $12 million from various wind turbine customers, representing about 25% of its optimal 2022 production capacity. The company anticipates further orders in the coming months, suggesting a potential acceleration in demand due to customer diversification and improved order activity. CEO Eric Blashford projects a 50% sequential growth in orders for Q3 2021 compared to Q2 2021. Updates are expected in the third quarter conference call scheduled for early November.
Broadwind (NASDAQ: BWEN) announced the resignation of Jason Bonfigt, CFO, effective October 1, 2021, who is leaving to pursue other opportunities. His departure is not related to company operations or financial issues. Eric Blashford, President and CEO, will take on the role of interim CFO, while Thomas Ciccone, promoted to Vice President, will become Principal Accounting Officer. Blashford praised Bonfigt's contributions and emphasized the company's focus on the clean energy transition and growth opportunities in wind and solar markets.
Broadwind (NASDAQ: BWEN) reported its second quarter 2021 results, showing total revenue of $46.5 million, a 15% decline year-over-year. Net income rose to $10.3 million, or $0.53 per diluted share, aided by $12.7 million in CARES Act benefits. Adjusted EBITDA reached $12.8 million. The company faced decreased wind tower orders due to project delays, with total orders down 33% to $26.4 million, while cash availability rose to $23.7 million. Management anticipates a challenging second half of 2021, with expected revenues between $38.0 and $42.0 million.
Broadwind (NASDAQ: BWEN) reported preliminary results for Q2 2021, anticipating revenue of approximately $46.5 million and adjusted EBITDA of $12.7 to $13.0 million. The adjusted EBITDA benefits from $9.2 million in loan forgiveness under the Paycheck Protection Program and $3.6 million from the Employee Retention Tax Credit. However, results were negatively impacted by project delays in wind tower deliveries, expected in the latter half of 2021. Full Q2 results will be released on August 6, 2021.
Broadwind (NASDAQ: BWEN) announced its inclusion in the Russell Microcap Index effective June 28, 2021, following the annual reconstitution of Russell indexes. This membership signifies a substantial milestone for the company, allowing it automatic inclusion in relevant growth and value style indexes. Russell indexes, managed by FTSE Russell, are benchmarks for approximately $10.6 trillion in assets, widely utilized by institutional investors. Broadwind specializes in manufacturing components for clean energy and other sectors.
Broadwind (NASDAQ: BWEN) has completed its at-the-market equity program, successfully raising $9.7 million through the sale of 1.9 million shares of common stock. The program, initiated on March 9, 2021, allowed Broadwind to sell up to $10 million in stock as part of its effective shelf registration statement. The funds raised are expected to support the company’s ongoing operations amidst economic challenges, including the impacts of the COVID-19 pandemic. Broadwind is focused on expanding its manufacturing capabilities in clean tech sectors.
Broadwind (NASDAQ: BWEN) reported a challenging first quarter of 2021 with total revenue declining by 33% year-over-year to $32.7 million, alongside a net loss of $1.2 million. Wind tower section orders surged 103%, reflecting strong customer demand. The decline in revenue was attributed to adverse weather, a shift in customer order timings, and supply chain disruptions from the pandemic, impacting earnings by approximately $9 million. Total cash availability increased to $21.6 million, and the company remains well-positioned for future growth in the wind energy sector with 60% of its optimal wind tower capacity booked for 2021.
Broadwind (NASDAQ: BWEN) has announced the sale of four Modular Pressure Reducing Systems (PRS), a crucial component for virtual pipelines that provide compressed natural gas (CNG) to areas lacking pipeline infrastructure. This technology is designed to reduce greenhouse gas emissions by utilizing stranded natural gas, thus supporting the clean energy transition. The move positions Broadwind strategically in a growing PRS market, leveraging existing manufacturing expertise to build a complementary business, focusing on lower emissions energy sources.
Broadwind (NASDAQ: BWEN) will announce its first quarter 2021 financial results before the market opens on May 7, 2021. A conference call is scheduled for the same day at 11:00 A.M. ET to discuss these results and other recent developments. Investors can access a live webcast of the call on the Investor Relations section of Broadwind's website, and a replay will be available until May 14, 2021. The release also includes forward-looking statements regarding the company's future performance, impacted by various factors including the ongoing pandemic.
Broadwind (NASDAQ: BWEN) reported its financial results for Q4 and the full year 2020, highlighting a 23% increase in wind tower sections sold and an 11% rise in total revenue to $198.5 million. However, Q4 revenue fell 18% year-over-year to $40.3 million, with a net loss of ($2.0) million. The company noted challenges due to a delayed tower order and pandemic-related disruptions. Total orders for Q4 increased 119% year-over-year to $36 million. Broadwind aims to leverage growth in the wind energy market and diversify its revenue streams.
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