Broadwind Energy 2Q revenues down 31 percent

CICERO - Broadwind Energy reported second quarter 2016 were down 31 percent from the same period last year as a result lower volume and material costs and lower demand from oil, gas and mining customers.

The company reported quarter sales of $43.4 million, compared to $62.6 million in same period of 2015. The company said lower volume and material costs in the Towers and Weldments affected revenue, as did lower demand in the Gearing segments.

The company reported break-even results for continuing operations in the quarter, compared to net income from continuing operations of $3.4 million, or 23 cents per share, in 2015. The per share reduction was due to the timing of tower deliveries in 2015 and a less profitable mix of towers produced in the Towers and Weldments segment, partially offset by significant operational improvements in the Company's Abilene, Texas tower facility and successful cost management actions across the company.

The company reported a net loss from discontinued operations of $. 5 million, or 3 cents per share, compared to a net loss from discontinued operations of $1.8 million, or 12 cents per share, last year.

"Broadwind had a solid second quarter. We booked $176 million in new orders, essentially filling our tower backlog for the remainder of 2016 and locking in a significant portion of tower production through 2019," said Broadwind CEO Stephanie Kushner.

"Our tower plants are running very well, and we are ahead of schedule on contracted deliveries despite a model changeover during the quarter," she added. "We are focused on securing remaining tower orders for 2017, expanding our gearing customer base and tightly managing costs across the company. For the second half of the year, we expect to be modestly profitable on revenue of $86-90 million."