Business
Broadwind Announces Third Quarter 2024 Results
CICERO, Ill., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components and
About this update from Broadwind, Inc.
[{"type":"text","content":"CICERO, Ill., Nov. 13, 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 third quarter 2024. THIRD QUARTER 2024 RESULTS Total revenue of $35.5 millionNet income of $0.1 millionTotal non-GAAP adjusted EBITDA of $3.4 million, or 9.5% of total revenueRatio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.4x as of September 30, 2024 Broadwind reported third quarter net income of $0.1 million, or $0.00 per diluted share, versus $4.4 million, or $0.20 per diluted share, in the prior year period. The Company reported adjusted EBITDA, a non-GAAP measure, of $3.4 million in the third quarter compared to $7.6 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release. Revenue across all three reporting segments declined on a year-over-year basis in the third quarter, due mainly to lower sales volumes across key wind, energy and industrials end-markets. Within the Heavy Fabrications segment, total wind tower sections sold declined 54% versus the prior-year period, consistent with a continued, broad-based softness in domestic onshore wind activity evident throughout 2024. In the Gearing segment, energy-related demand declined due to slower activity from oil and gas customers, while in the Industrial Solutions segment, revenue declined on lower sales volumes to international customers. During the third quarter, Broadwind continued to optimize its fixed cost structure to align with current demand conditions. During the nine months ended September 30, 2024, Broadwind reduced fixed overhead by more than $3.6M million through targeted operating expenditure reductions and procurement efficiencies, allowing it to remain profitable, despite a year-over-year decline in revenue, even as it continues to invest in the planned expansion of our clean fuels product line. Total orders increased 45% in the third quarter, when compared to the prior year period, supported by improved demand within the wind repowering, gas turbine, and steel markets. Orders increased on a year-over-year basis across all three reporting segments in the third quarter 2024, supporting total backlog of $124.3 million as of September 30, 2024. Broadwi...