Broadwind, Inc. (NASDAQ:BWEN) reported first-quarter earnings on Tuesday before the market opened. Here’s a rundown of the report.
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Q1 Highlights
Broadwind reported a loss of 2 cents per share, beating the consensus estimate of a 10 cent-loss. In addition, it reported revenue of $34.05 million, beating the consensus estimate of $32.71 million, but representing a 7.5% year-over-year decrease.
The company attributed the revenue decrease to lower activity within the Heavy Fabrication segment, partially offset by higher sales volume in the Gearing and Industrial Solutions segments.
Gearing segment revenue increased 42% year-over-year to $8.5 million, driven primarily by demand from power generation and mining customers. Orders increased 66%, supporting a backlog of $30.5 million.
Industrial Solutions revenue grew 64% year-over-year to $9.2 million due primarily to strong natural gas turbine demand. Orders increased 44% year-over-year, with backlog reaching a record $43.3 million.
Heavy Fabrications revenue decreased 35% year-over-year to $16.4 million due to the sale of the company's Manitowoc operations, lower PRS demand and a raw material supply issue tied to an OEM customer program.
Total orders increased 23% year-over-year to $37.4 million during the quarter.
At the end of the first quarter, Broadwind had total cash on hand and availability under its credit facility of $25.1 million, or $16.4 million after adjusting for the minimum excess availability requirement.
CEO Eric Blashford said the company continued to advance its business transformation strategy while delivering strong revenue growth, margin realization and order growth in its core gearing and industrial solutions segments.
Broadwind Shares Trade Near Flat
BWEN Price Action: At the time of publication, Broadwind shares are trading 2.04% lower at $4.32, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.