Broadwind Energy sees 3Q sales decline 14 percent
CICERO - Broadwind Energy reported third quarter 2016 sales were down own 14 percent over last year as lower steel and other material costs and a slowdown in oil and gas mining affected demand.
Net sales for the quarter were $42.6 million, compared to $49.8 million in the same period of 2015. Income from continuing operations were $1.2 million, or 8 cents per share, for the quarter, compared $2.4 million, or 16 cents per share last year.
Despite the numbers, CEO Stephanie Kushner said the company had a strong quarter.
"The investments we've made to systematize our production processes have significantly improved the operations and raised productivity and margins in our tower plants," Kushner said. "Our Gearing business was cash neutral in a weak revenue environment. Our companywide cost management efforts are ahead of plan. Employees at all levels are contributing their ideas to our cost reduction program. It's exciting to see the creativity of our workforce.
"We are focused on securing remaining orders for 2017, continued cost management efforts and making additional gains in operational efficiencies," she added. "For the fourth quarter, our production mix is less favorable, and we expect to earn approximately $500,000 on revenue of $44-46 million."