Business
Broadwind Announces Fourth Quarter and Full-Year 2023 Results
CICERO, Ill., March 05, 2024 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components
About this update from Broadwind, Inc.
[{"type":"text","content":"CICERO, Ill., March 05, 2024 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, 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 2023. FOURTH QUARTER 2023 RESULTS(As compared to the fourth quarter 2022) Total revenue of $46.6 million, +16.3% y/yTotal gross profit of $7.0 million, +$4.5 million y/yNet income of $1.1 million, or $0.05 per diluted shareTotal non-GAAP adjusted EBITDA of $4.4 million, +$4.3 million y/yTotal tower sections sold +37.5% y/y to 132 sectionsRatio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 0.8x as of December 31, 2023 FULL-YEAR 2023 RESULTS(As compared to the full-year 2022) Total revenue of $203.5 million, +15.1% y/yTotal gross profit of $32.5 million, +203.5% y/yNet income of $7.6 million, or $0.36 per diluted shareTotal non-GAAP adjusted EBITDA of $21.5 million, +$19.0 million y/y For the three months ended December 31, 2023, Broadwind reported total revenue of $46.6 million, an increase of 16.3% when compared to the prior year period. The Company reported net income of $1.1 million, or $0.05 per diluted share in the fourth quarter 2023, compared to a net loss ($2.9) million, or ($0.14) per basic share, in the fourth quarter 2022. The Company reported adjusted EBITDA, a non-GAAP measure, of $4.4 million in the fourth quarter 2023, compared to $0.2 million in the prior-year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release. Fourth quarter results benefited from a combination of broad-based demand growth within both the Heavy Fabrications and Industrial Solutions segments, continued price discipline, and operational rigor, culminating in improved operating leverage and profitability, when compared to the year-ago period. Fourth quarter results reflect the positive impact of increased tower utilization and benefits derived from advanced manufacturing production credits associated with the Inflation Reduction Act (“IRA”). Total gross margin increased more than 870 basis points on a year-over-year basis to 15.1%, while non-GAAP adjusted EBITDA margin increased more than 900 basis points to 9.5% in the fourth quarter 2023. Fourth quarter orders increased 27% on a sequential basis, as compared to the third quarter 202...