Business
Broadwind Announces Second Quarter 2023 Results
CICERO, Ill., Aug. 14, 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., Aug. 14, 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 second quarter 2023. SECOND QUARTER 2023 RESULTS(As compared to the second quarter 2022) Revenue of $50.8 million, +0.8 million y/yGross Profit of $8.3 million, +$5.9 million y/yGAAP Net Income of $1.4 million, +4.1 million y/yNon-GAAP Adjusted EBITDA of $5.4 million, +$5.0 million y/yRatio of net debt to trailing twelve-month Non-GAAP Adjusted EBITDA of 2.0x as of June 30, 2023Total backlog of $262.2 million, +$169.0 million y/y, as of June 30, 2023 FULL-YEAR 2023 FINANCIAL GUIDANCE Maintaining total revenue guidance in a range of between $205 million and $220 millionIncreasing Adjusted EBITDA guidance to a range of between $17 million and $19 million For the three months ended June 30, 2023, Broadwind reported total revenue of $50.8 million, an increase of 2% when compared to the prior-year period. The Company reported GAAP net income of $1.4 million, or $0.07 per diluted share, in the second quarter 2023, compared to a net loss of ($2.7) million, or ($0.13) per basic share, in the second quarter 2022. The Company reported non-GAAP adjusted EBITDA of $5.4 million in the second quarter 2023, an increase of $5.0 million when compared to the prior-year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release. During the second quarter, Broadwind benefited from a combination of strong demand across its Gearing and Industrial Solutions businesses, continued price discipline, improved fixed cost absorption, more efficient raw materials procurement, reduced freight expense and benefits derived from advanced manufacturing credits associated with the Inflation Reduction Act (“IRA”), when compared to the prior-year period. This performance was partially offset by planned maintenance at the Company’s Abilene, Texas tower facility during the second quarter, which resulted in reduced plant utilization and lower tower output in the period, as expected. Total backlog increased by $169.0 million on a year-over-year basis to $262.2 million in the second quarter 2023, supported by growth across all reporting segments. As of June 30, 2023, Broadwind had total cash on...