Business
Broadwind Announces Third Quarter 2021 Results
CICERO, Ill., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving
About this update from Broadwind, Inc.
[{"type":"text","content":"CICERO, Ill., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the third quarter 2021. THIRD QUARTER 2021 RESULTS(As compared to the third quarter 2020) Total revenue of $40.4 million, down 26% year-over-yearTotal net loss of ($2.1) million, or ($0.11) per basic shareTotal non-GAAP adjusted EBITDA of $0.4 millionTotal cash and excess availability of $21.1 millionNet leverage at 0.5x TTM non-GAAP adjusted EBITDA For the three months ended September 30, 2021, Broadwind reported total revenue of $40.4 million, compared to $54.6 million in the prior-year period. The Company reported a net loss of ($2.1) million, or ($0.11) per basic share in the third quarter, compared to a net loss of ($1.0) million, or ($0.06) per basic share, in the prior-year period. The Company reported adjusted EBITDA, a non-GAAP measure, of $0.4 million in the third quarter, compared to $1.3 million in the prior-year period. All three reporting segments generated positive adjusted EBITDA in the third quarter 2021. Third quarter results were impacted by a 37% year-over-year decline in wind tower sections sold, as wind farm developers postponed investments ahead of a potential, multi-year extension of the Production Tax Credit (PTC). The timing of new domestic wind farm developments was further impacted by raw material cost inflation, particularly with respect to higher commodity steel prices, which increased materially on a year-over-year basis. To date, Broadwind has sold approximately 30% of its full-year 2022 optimal tower production capacity. Broadwind expects to receive additional orders for 2022 production capacity over the coming months. STRATEGY UPDATE During the third quarter, the Company continued to advance a multi-year strategy to capitalize on favorable policy trends within the domestic wind energy market; further diversify consolidated revenues into complementary end-markets through both organic and inorganic investments; and maintain a disciplined capital structure positioned to support long-term growth. Leverage precision manufacturing expertise across diverse end-markets. During the third quarter, the Company achieved year-over-year order growth across most non-wind end-markets served. Total non-wind order...