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) is a leading precision manufacturer specializing in structures, equipment, and components designed for clean technology and specialized applications. With facilities strategically located across the United States, Broadwind supports various sectors, including energy, mining, and infrastructure. The company's core competencies are heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, assembly, engineering, and packaging solutions.
Broadwind operates through three primary segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment is known for creating large-scale wind towers and other substantial structures crucial for renewable energy projects. The Gearing segment focuses on producing high-precision gears for diverse industries. The Industrial Solutions segment provides an array of engineering and manufacturing services tailored to clients with complex requirements and high-quality standards.
Recently, Broadwind has been a significant beneficiary of the Section 45X advanced manufacturing tax credits, introduced under the Inflation Reduction Act of 2022. This policy change has bolstered the company's financial stability and liquidity, enabling further investments in renewable energy projects and other valuable opportunities.
Noteworthy recent achievements include:
- Third Quarter 2023 Results: Broadwind shared its financial performance and recent developments, emphasizing a solid quarter compared to the same period in 2022. The company hosted an investor call to discuss these results, which can be accessed on their website.
- First Quarter 2024 Results: As of May 14, 2024, Broadwind announced its first-quarter results for 2024, highlighting continued growth and resilient performance.
For investors and stakeholders, Broadwind offers transparency and regular updates through conferences and webcasts, ensuring up-to-date information on the company's performance and strategic direction. By continuously enhancing its capabilities and pursuing innovative solutions, Broadwind positions itself as a formidable player in the clean technology and specialized manufacturing sectors.
Broadwind (NASDAQ: BWEN) announced $13 million in new tower orders from a leading global wind turbine manufacturer, marking nearly 50% of its full-year 2022 optimal annual production capacity. The company has received a total of $29 million in orders over the past month, primarily to be fulfilled at its Abilene plant in Q3 2022. CEO Eric Blashford noted expectations for stabilization in wind tower demand and improvement in activity levels over the next 24 months. Further updates will be provided during the fourth-quarter earnings call on March 2, 2022.
Broadwind (NASDAQ: BWEN) is set to announce its fourth quarter and full-year 2021 results on March 2, 2022, before market opening. A conference call is scheduled for 11:00 A.M. ET that same day to discuss financial results and recent developments. Investors can access a webcast of the call via the Investor Relations section of Broadwind’s website.
Forward-looking statements regarding future growth, financial conditions, and market influences are included in the press release, highlighting potential impacts from the COVID-19 pandemic.
Broadwind (NASDAQ: BWEN) announced $16 million in new tower orders from a leading wind turbine manufacturer, securing over 40% of its optimal annual tower production for 2022. The company anticipates additional bookings as OEM customers prepare for increased demand. CEO Eric Blashford noted rising interest for production capacity in H2 2022 and moderating raw material costs, which may boost project development. Broadwind views a potential extension of the production tax credit as a key growth catalyst.
Broadwind (NASDAQ: BWEN) has announced a third amendment to its Section 382 Rights Agreement to protect its tax assets related to net operating loss carryforwards (NOLs). This amendment extends the Rights Plan to February 22, 2025, helping Broadwind potentially offset $260 million in future taxable income. CEO Eric Blashford highlighted the importance of the Rights Plan for shareholder interests. The amendment will be subject to shareholder ratification at the 2022 Annual Meeting. Further details will be provided in a Form 8-K filing with the SEC.
Broadwind (NASDAQ: BWEN) reported its third-quarter 2021 results, showing a 26% decline in total revenue to $40.4 million year-over-year. The net loss widened to ($2.1 million), or ($0.11) per share, compared to ($1.0 million) in Q3 2020. Adjusted EBITDA was $0.4 million, down from $1.3 million the previous year. A notable 37% drop in wind tower sections sold contributed to these results, as developers postponed investments. Despite challenges, the company's strategy continues to focus on growth in non-wind markets and energy transition opportunities, with total orders increasing 8% year-over-year.
Broadwind (NASDAQ: BWEN) will release its third quarter 2021 results before market opening on November 10, 2021. A conference call is scheduled for the same day at 11:00 A.M. ET to discuss the financial results and recent company developments. Investors can access the live webcast and presentation materials on the Company’s Investor Relations website. The call will also be available for replay until November 17, 2021. Important forward-looking statements concerning future growth and challenges posed by the COVID-19 pandemic are included.
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.
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