Broadwind (NASDAQ: BWEN), a diversified precision
manufacturer of specialized components and solutions serving global
industries, today announced that the Company has received $11
million in new tower orders from a leading global wind turbine
manufacturer.
Broadwind will manufacture the tower sections at
its Abilene, Texas facility. The Company expects to complete
production on the order between the fourth quarter 2022 and the
first quarter 2023, with most of the revenue resulting from the
order being recognized in the first quarter 2023.
“We are pleased to announce this important wind
tower order with a major OEM customer, one that will support
improved plant utilization during the latter half of 2022,” stated
Eric Blashford, President and CEO of Broadwind. “As policy
uncertainty abates and visibility around the Production Tax Credit
improves, we anticipate a gradual recovery in tower demand over the
coming the quarters. At the same time, we continue to build our
presence in non-wind industries where our proven technical
capabilities and turnkey solutions create measurable value for our
customers.”
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
different from similar non-GAAP financial measures used by other
companies and/or analysts.
FORWARD-LOOKING STATEMENTS
This 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, many of which are, and will be, amplified by the
COVID-19 pandemic: (i) the impact of global health concerns,
including the impact of the current COVID-19 pandemic on the
economies and financial markets and the demand for our products;
(ii) 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 as
well as new or continuing tariffs on steel or other products
imported into the United States; (iii) 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; (iv) the economic and
operational stability of our significant customers and suppliers,
including their respective supply chains, and the ability to source
alternative suppliers as necessary, in light of the COVID-19
pandemic; (v) our ability to continue to grow our business
organically and through acquisitions, and the impairment thereto by
the impact of the COVID-19 pandemic; (vi) the production, sales,
collections, customer deposits and revenues generated by new
customer orders and our ability to realize the resulting cash
flows; (vii) information technology failures, network disruptions,
cybersecurity attacks or breaches in data security, including with
respect to any remote work arrangements implemented in response to
the COVID-19 pandemic; (viii) the sufficiency of our liquidity and
alternate sources of funding, if necessary; (ix) our ability to
realize revenue from customer orders and backlog; (x) our ability
to operate our business efficiently, comply with our debt
obligations, manage capital expenditures and costs effectively, and
generate cash flow; (xi) the economy, including its stability in
light of the COVID-19 pandemic, and the potential impact it may
have on our business, including our customers; (xii) 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; (xiii) the effects of market disruptions and regular
market volatility, including fluctuations in the price of oil, gas
and other commodities; (xiv) competition from new or existing
industry participants including, in particular, increased
competition from foreign tower manufacturers; (xv) the effects of
the change of administrations in the U.S. federal government; (xvi)
our ability to successfully integrate and operate acquired
companies and to identify, negotiate and execute future
acquisitions; (xvii) the potential loss of tax benefits if we
experience an “ownership change” under Section 382 of the Internal
Revenue Code of 1986, as amended; (xviii) our ability to utilize
various relief options enabled by the Coronavirus Aid, Relief, and
Economic Security Act (CARES Act); (xix) the limited trading market
for our securities and the volatility of market price for our
securities; and (xx) 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 including, but not limited to, those
set forth under the caption “Risk Factors” in Part I, Item 1A of
our most recently filed Form 10-K and our other filings with the
Securities and Exchange Commission. 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.
Accordingly, forward-looking statements should not be relied upon
as a predictor of actual results.
CORPORATE CONTACT
Noel Ryan, IRC
investor@bwen.com
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