Broadwind Energy Announces Significant Gearing Orders
July 01 2014 - 7:00AM
Broadwind Energy, Inc. (Nasdaq:BWEN) announced an $8 million
gearing order to be produced by its Brad Foote Gear Works, Inc.
subsidiary for 2015 delivery.
Broadwind President and CEO Peter Duprey stated, "I am
encouraged to see our transformation efforts in this business
segment starting to bear fruit. With this order, our second quarter
Gearing orders totaled nearly $19 million, the highest quarterly
order rate in over four years, including a mix of wind and
industrial orders. Industrial orders have strengthened in recent
weeks due to increased demand for gears used in natural gas
production equipment and growth in demand from steel customers. In
addition, we recently concluded our Gearing plant labor union
negotiation, and with our plant consolidation essentially complete,
we are seeing visible incremental improvement in our production
flow. Together, these factors indicate to us that our turnaround of
the Gearing business is gaining traction."
About Broadwind Energy, Inc.
Broadwind Energy (Nasdaq:BWEN) applies decades of deep
industrial expertise to innovate integrated solutions for customers
in the energy and infrastructure markets. From gears and gearing
systems for wind, steel, oil and gas and mining applications, to
wind towers, to comprehensive remanufacturing of gearboxes and
blades, to operations and maintenance services and industrial
weldments, we have solutions for the energy needs of the future.
With facilities throughout the U.S., Broadwind Energy's talented
team of over 800 employees is committed to helping customers
maximize performance of their investments – quicker, easier and
smarter. Find out more at www.bwen.com
Forward-Looking Statements
This release includes various forward-looking statements related
to future, not past, events.
Statements in this release that are not historical are
forward-looking statements. These statements are based on current
expectations, and we undertake no obligation to update these
statements to reflect events or circumstances occurring after this
release. Such statements are subject to various risks and
uncertainties that could cause actual results to vary materially
from those stated. Such risks and uncertainties include, but are
not limited to: expectations regarding our business, end-markets,
relationships with customers and our ability to diversify our
customer base; the impact of competition and economic volatility on
the industries in which we compete; our ability to realize revenue
from customer orders and backlog; the impact of regulation on our
end-markets, including the wind energy industry in particular; the
sufficiency of our liquidity and working capital; our restructuring
plans and the associated cost savings; our ability to preserve and
utilize our tax net operating loss carry-forwards; and other risks
and uncertainties described in our filings with the Securities and
Exchange Commission, including those contained in Part I, Item 1A
"Risk Factors" of our Annual Reports on Form 10-K.
CONTACT: BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com
LHA CONTACT: Jody Burfening/Carolyn Capaccio, 212.838.3777 ccapaccio@lhai.com
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