Business
Broadwind Announces Fourth Quarter and Full-Year 2022 Results, Introduces 2023 Financial Outlook
CICERO, Ill., March 09, 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., March 09, 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 fourth quarter and full-year 2022. FOURTH QUARTER 2022 RESULTS(As compared to the fourth quarter 2021) Total revenue of $40.1 million, +54.0% y/yTotal gross profit of $2.6 million, +$1.6 million y/yTotal non-GAAP adjusted EBITDA of $0.2 million, +$1.4 million y/yTotal orders of $204.8 million, +$149.1 million y/yTotal backlog of $297.2 million, +$190.8 million y/yTotal cash and excess availability of $40.1 million, +$25.2 million y/y FULL-YEAR 2022 RESULTS(As compared to the full-year 2021) Total revenue of $176.8 million, +21.4% y/yTotal gross profit of $10.7 million, +94.3% y/yTotal non-GAAP adjusted EBITDA of $2.4 million, +$5.3 million y/y excluding the 2021 benefit of the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) FULL-YEAR 2023 FINANCIAL GUIDANCE Total revenue of between $200 million to $220 millionTotal non-GAAP adjusted EBITDA of between $14 million to $16 million For the three months ended December 31, 2022, Broadwind reported total revenue of $40.1 million, an increase of 54.0% when compared to the prior year period. The Company reported a net loss of ($2.9) million, or ($0.14) per basic share in the fourth quarter 2022, compared to a net loss ($4.1) million, or ($0.21) per basic share, in the fourth quarter 2021. The Company reported adjusted EBITDA, a non-GAAP measure, of $0.2 million in the fourth quarter 2022, compared to ($1.2) million in the prior-year period. Fourth quarter results benefited from a combination of broad-based demand growth and improved operating leverage, partially offset by lower-margin project activity that commenced during the fourth quarter 2022. Each of the Company’s reporting segments reported positive year-over-year growth in both revenue and non-GAAP adjusted EBITDA during the fourth quarter 2022. Total gross margin increased 270 basis points on a year-over-year basis to 6.4%, primarily driven by improved price discipline and improved sales mix. Total operating cash flow increased by $28.9 million versus the prior-year period to $26.9 million, due to significant deposits received from a major customer. Fourth quarter o...