Business
Broadwind Announces First Quarter 2023 Results
CICERO, Ill., May 11, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (Nasdaq: BWEN, “Broadwind” or the “Company”), a diversified precision manufacturer of
About this update from Broadwind, Inc.
[{"type":"text","content":"CICERO, Ill., May 11, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (Nasdaq: BWEN, “Broadwind” or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the first quarter 2023. FIRST QUARTER 2023 RESULTS (As compared to the first quarter 2022) Total revenue of $48.9 million, +17% y/yTotal gross profit of $7.0 million, +$5.0 million y/yTotal GAAP Net Income of $0.8 million, +$3.2 million y/yTotal Non-GAAP Adjusted EBITDA of $4.1 million, +$4.1 million y/yTotal backlog of $287.8 million, +$170.7 million y/y FULL-YEAR 2023 FINANCIAL GUIDANCE Broadwind provided updated full-year 2023 financial guidance on April 20, 2023Total revenue of between $205 million to $220 millionAnticipate positive GAAP net income for the full-year 2023Total non-GAAP adjusted EBITDA of between $16 million to $18 million For the three months ended March 31, 2023, Broadwind reported total revenue of $48.9 million, an increase of 17% when compared to the prior-year period. The Company reported GAAP net income of $0.8 million, or $0.04 per diluted share, in the first quarter 2023, compared to a net loss of ($2.4) million, or ($0.12) per basic share, in the first quarter 2022. After excluding proxy contest-related expenses, the Company had net income of $1.5 million, or $0.07 per diluted share in the first quarter 2023. The Company reported adjusted EBITDA, a non-GAAP measure, of $4.1 million in the first quarter 2023, an increase of $4.1 million when compared to the prior-year period. First quarter results benefited from a combination of sustained demand strength and strong operational execution across the Company’s diverse end-markets, with each reporting segment generating year-over-year growth in both revenue and operating income. Total gross margin increased 950 basis points on a year-over-year basis to a record 14.3%, primarily driven by improved sales mix, continued price discipline, benefits derived from advanced manufacturing credits associated with the Inflation Reduction Act (the “IRA”), and consistent asset optimization. Total backlog increased by $170.7 million on a year-over-year basis to $287.8 million, supported by growth across the Heavy Fabrications, Gearing and Industrial Solutions segments. As of March 31, 2023, Broadwind had total cash on hand and availabili...