Broadwind Energy Announces Recovery in Order Intake
April 06 2018 - 7:00AM
Broadwind Energy, Inc. (NASDAQ:BWEN) today announced a recovery in
the Company’s quarterly order intake. The Company recently booked
$10 million in new tower orders and Q1 2018 Gearing segment orders
of $15 million, the highest quarterly order intake for the segment
since Q2 2014. Consolidated Q1 2018 orders totaled $26 million, the
highest since Q1 2017.
Broadwind President and CEO Stephanie Kushner stated, “The oil
and gas, and mining industries remain strong. We continue to
diversify our customer base in both Gearing and Heavy
Fabrications. Notably, we are seeing a recovery in tower
orders consistent with our expectation of a strong tower market for
the mid-term.”
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,
oil and gas and mining applications, to wind towers and industrial
weldments, we have solutions for the energy needs of the future.
With facilities throughout the central U.S., Broadwind Energy's
talented team is committed to helping customers maximize
performance of their investments—quicker, easier and smarter. Find
out more at www.bwen.com
Forward-Looking StatementsThis release contains
“forward looking statements”—that is, statements related to future,
not past, events—as defined in Section 21E of the Securities
Exchange Act of 1934, as amended, that reflect our current
expectations regarding our future growth, results of operations,
financial condition, cash flows, performance, business prospects
and opportunities, as well as assumptions made by, and information
currently available to, our management. Forward looking statements
include any statement that does not directly relate to a current or
historical fact. We have tried to identify forward looking
statements by using words such as “anticipate,” “believe,”
“expect,” “intend,” “will,” “should,” “may,” “plan” and similar
expressions, but these words are not the exclusive means of
identifying forward looking statements.
Our forward-looking statements may include or relate to our
beliefs, expectations, plans and/or assumptions with respect to the
following: (i) state, local and federal regulatory frameworks
affecting the industries in which we compete, including the wind
energy industry, and the related extension, continuation or renewal
of federal tax incentives and grants and state renewable portfolio
standards; (ii) our customer relationships and our substantial
dependency on a few significant customers and our efforts to
diversify our customer base and sector focus and leverage
relationships across business units; (iii) our ability to continue
to grow our business organically and through acquisitions; (iv) the
sufficiency of our liquidity and alternate sources of funding, if
necessary; (v) our ability to realize revenue from customer orders
and backlog; (vi) our ability to operate our business efficiently,
manage capital expenditures and costs effectively, and generate
cash flow; (vii) the economy and the potential impact it may have
on our business, including our customers; (viii) the state of the
wind energy market and other energy and industrial markets
generally and the impact of competition and economic volatility in
those markets; (ix) the effects of market disruptions and regular
market volatility, including fluctuations in the price of oil, gas
and other commodities; (x) the effects of the recent change of
administrations in the U.S. federal government; (xi) our ability to
successfully integrate and operate the business of Red Wolf
Company, LLC and to identify, negotiate and execute future
acquisitions; (xii) the potential loss of tax benefits if we
experience an “ownership change” under Section 382 of the Internal
Revenue Code of 1986, as amended; and (xiii) the impact of future
sales of our common stock or securities convertible into our common
stock on our stock price. These statements are based on information
currently available to us and are subject to various risks,
uncertainties and other factors that could cause our actual growth,
results of operations, financial condition, cash flows,
performance, business prospects and opportunities to differ
materially from those expressed in, or implied by, these
statements. We are under no duty to update any of these statements.
You should not consider any list of such factors to be an
exhaustive statement of all of the risks, uncertainties or other
factors that could cause our current beliefs, expectations, plans
and/or assumptions to change.
BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com
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