Business
Broadwind Awarded $38 Million in Wind Tower Orders
Highest Value Tower Order Since 2019 Reflects Improving Fundamentals Within Core Wind Markets CICERO, Ill., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Broadwind
About this update from Broadwind, Inc.
[{"type":"text","content":"Highest Value Tower Order Since 2019 Reflects Improving Fundamentals Within Core Wind Markets\nCICERO, Ill., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving global industries, today announced that the Company has received $38 million in new tower orders from a leading global wind turbine manufacturer. Broadwind will manufacture the towers at its Abilene, Texas facility. The Company expects to complete production on the order in the first half of 2023. “Today, we announced our largest tower order in more than three years, as demand for new wind installations begins to accelerate following the recent passage of the Inflation Reduction Act (IRA), which included longer-term tax incentives designed to spur investment in wind and renewables,” stated Eric Blashford, President and CEO of Broadwind. “Given improving fundamentals within our wind vertical, together with strong activity within conventional energy and industrial end-markets, we see significant opportunities for growth entering 2023.” ABOUT BROADWIND Broadwind (NASDAQ: BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com. NON-GAAP FINANCIAL MEASURES The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges and other non-cash gains and losses) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be di...