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. reports developments as a Nasdaq-listed precision manufacturer of structures, equipment and components for power generation, critical infrastructure and other specialized applications. Company updates commonly cover quarterly results, order activity, manufacturing utilization, guidance, and the performance of its Heavy Fabrications, Gearing and Industrial Solutions activities, including custom gearboxes, precision machined components, heat-treat services, supply-chain solutions, light fabrication, kitting and assembly.
Recent corporate news also documents Broadwind’s completed facility sales in Manitowoc and Abilene, the resulting exit from the wind market, and its refocus toward power generation and critical infrastructure customers. Other recurring items include conference-call announcements, investor presentations, financing updates and governance or compensation matters.
Broadwind (NASDAQ: BWEN) reported strong second quarter 2020 results with total revenue of $54.9 million, a 33% increase year-over-year. Net income reached $0.5 million, or $0.03 per share, a significant improvement from a net loss of $1.0 million a year earlier. Adjusted EBITDA rose 50% to $2.9 million. Revenue growth was driven mainly by a 50% increase in Heavy Fabrications and Industrial Solutions segments, despite a 25% decline in the Gearing segment due to economic uncertainty from COVID-19. The company ended the quarter with cash availability of $21.9 million, up $13.8 million from the previous year.
Broadwind (BWEN) announced it will release its second quarter 2020 financial results before the market opens on August 5, 2020. A conference call is scheduled for the same day at 11:00 A.M. ET to discuss the results and recent events, with a Q&A session to follow. Investors can access a live webcast of the call via Broadwind's Investor Relations website. The announcement also included a reminder for potential risks linked to forward-looking statements affected by the COVID-19 pandemic, addressing concerns over customer relationships, supply chains, and market conditions.
Broadwind (NASDAQ: BWEN) reported first-quarter 2020 results, highlighting total revenues of $48.6 million (+17% y/y) and net income of $1.0 million or $0.06 per share. The gross margin improved to 12.7% (+420 bps y/y). The backlog increased by 57% to $127.4 million, driven by demand for wind tower sections. However, the company is withdrawing its full-year guidance due to COVID-19 uncertainties. Despite robust orders in Heavy Fabrications and Industrial Solutions, the Gearing Segment faced a revenue decline. Cash and liquidity improved by $11.5 million to $19 million.
Summary not available.