Broadwind Energy nears break-even point in Q2 2013

Aug 1, 2013 - Broadwind Energy Inc (NASDAQ:BWEN) on Thursday said its second-quarter net loss from continuing operations had narrowed to USD 200,000 (EUR 151,000) from USD 4.2 million a year ago.

The improvement was helped by good results at the towers and weldments segment and the USD-12-million sale of an idle tower factory in South Dakota, the US wind industry supplier explained.

Operating loss was USD 3.33 million, compared with USD 4.2 million a year earlier. The towers and weldments segment booked an operating profit of USD 4.1 million, rising from USD 561,000 in the second quarter of 2012. The gearing reported an operating loss of USD 3.9 million, expanding from USD 1.6 million.

Broadwind’s non-GAAP adjusted earnings before interest, tax, depreciation, amortisation, share-based payments and restructuring costs grew to USD 2.7 million from USD 1.1 million. The jump was due to process improvements initiated in 2012 and a generally better mix of towers.

The company booked USD 51.4 million in April-June sales, down 9% year-on-year. Towers and weldments revenues amounted to USD 37.5 million, while the gearing segment brought USD 10.4 million. At June 30 backlog was USD 143 million.

At the end of June, Broadwind had cash and cash equivalents of USD 17.6 million and USD 9.5 million in working capital.

(USD 1 = EUR 0.755)

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