Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision
manufacturer of specialized components and solutions serving global
markets, today announced results for the second quarter 2024.
SECOND QUARTER 2024 RESULTS
- Total revenue of $36.5 million
- Net income of $0.5 million, or $0.02 per diluted share
- Total non-GAAP adjusted EBITDA of $3.6 million, or 10.0% of
total revenue
- Ratio of net debt to trailing twelve-month non-GAAP adjusted
EBITDA of 1.1x as of June 30, 2024
Broadwind reported second quarter net income of
$0.5 million, or $0.02 per diluted share, versus $1.4 million, or
$0.07 per diluted share, in the prior year period. The Company
reported adjusted EBITDA, a non-GAAP measure, of $3.6 million in
the second quarter compared to $5.4 million in the prior-year
period. For a reconciliation of GAAP to non-GAAP metrics, please
see the appendix of this release.
Second quarter results benefited from a higher
value sales mix, strong operational execution, and improved
manufacturing efficiency, offset by broad softness in onshore wind,
oil & gas and industrial demand. While revenue declined by more
than 28% on a year-over-year basis in the second quarter, the
Company effectively managed its operating leverage, resulting in a
modest decline in non-GAAP adjusted EBITDA margin, compared to the
prior year period.
Second quarter orders declined compared to the
prior year period due to a pause in demand across most of our
verticals. Total backlog was $139.1 million as of June 30, 2024,
while the book-to-bill ratio was 0.5x for the second quarter of
2024.
As of June 30, 2024, Broadwind had total cash on
hand and availability under the Company’s credit facility of $18.4
million, versus $22.4 million at the end of the first quarter of
2024.
MANAGEMENT COMMENTARY
“We continued to successfully navigate the
ongoing transitional period for onshore wind demand by investing in
technology, expanding within high-growth energy transition market
adjacencies and driving improved productivity across our
manufacturing footprint, resulting in continued operating leverage
improvements during the quarter,” stated Eric Blashford, President
and CEO of Broadwind. “While our second quarter wind
and oil & gas revenues were pressured, wind OEM customer
outlooks are improving and order indication activity is
accelerating in our non-wind markets, pointing toward improved
order activity going into 2025.”
“Based on customer feedback, we believe that the
trough in onshore wind demand is largely behind us, reinforcing our
continued expectations for a meaningful improvement in demand
through 2025 and 2026,” continued Blashford. “Our current focus on
operational efficiency and expansion into higher growth energy
transition market adjacencies, better positions us to benefit from
attractive multi-year secular demand trends within energy
transition and deliver above market-growth through the cycle.”
“While new order activity softened across our
three segments, new order demand within mining and industrial
markets accelerated this quarter,” continued Blashford. “We have
been focused on improving our relationships with new and existing
customers, which resulted in targeted new customer project wins
during the quarter. Going forward, we will continue to build on our
customer relationships within existing verticals and position for
opportunistic expansion into new markets, such as aerospace and
defense” stated Blashford.
“Our focus on operational efficiency and fixed
cost management allowed us to deliver non-GAAP adjusted EBITDA
margin of 10%, despite lower revenues,” stated Blashford. “In
combination, these actions have contributed more than $4 million in
annualized cost savings beginning in the first quarter
2024. At the end of the second quarter, we had $18.4
million of available cash and liquidity to support our operations
and continue to prioritize balance sheet discipline ahead of an
acceleration in wind demand. As of June 30, 2024, our net leverage
was 1.1x, well within our target range of at or below 2.0x.”
“Today, we introduced financial guidance for the
third quarter 2024,” concluded Blashford. “While wind tower
demand is expected to remain muted over the near-term, we remain
pleased with the pace of new order activity and performance within
our other, non-wind markets, a dynamic we expect to continue as we
move through the balance of 2024.”
SEGMENT RESULTS
Heavy Fabrications Segment
Broadwind provides large, complex and precision fabrications, and
proprietary industrial processing equipment, to customers in a
broad range of industrial markets. Key products include wind
towers, industrial fabrications, including mining and material
handling components and other frames/structures, and compressed
natural gas pressure reducing systems.
Heavy Fabrications segment sales declined by
42.2% to $19.6 million in the second quarter 2024, as compared to
the prior-year period, primarily driven by a 58.0% decline in
towers sections sold. The segment reported operating income of $1.6
million in the second quarter, as compared to operating income of
$3.9 million in the prior year period. The segment non-GAAP
adjusted EBITDA was $2.8 million in the second quarter, as compared
to $5.0 million in the prior-year period.
Gearing SegmentBroadwind
provides custom gearboxes, loose gearing, precision machining and
heat treat services to a broad set of customers in diverse markets,
including oil & gas production, surface and underground mining,
wind energy, steel, material handling and other infrastructure
markets.
Gearing segment sales declined by 4.8% to $10.5
million in the second quarter 2024, as compared to the prior year
period, as growth in wind revenues was more than offset by softness
across other markets served. The segment reported operating income
of $0.5 million in the second quarter, compared to operating income
of $0.3 million in the prior year period. The segment reported
non-GAAP adjusted EBITDA of $1.2 million in the second quarter,
versus $1.0 million in the prior-year period.
Industrial Solutions Segment
Broadwind provides supply chain solutions, light fabrication,
inventory management, kitting and assembly services, primarily
serving the combined cycle natural gas turbine market as well as
other clean technology markets.
Industrial Solutions segment sales increased
3.1% to $6.5 million in the second quarter 2024, as compared to the
prior year period, primarily driven by increased demand for
aftermarket gas turbine content. The segment reported operating
income of $0.6 million in the second quarter compared to operating
income of $0.8 million in the prior year period. The segment
reported non-GAAP adjusted EBITDA of $0.8 million in the second
quarter, versus $1.0 million in the prior year period.
FINANCIAL GUIDANCE
Today, Broadwind introduced financial guidance
for the third quarter 2024. The following financial guidance
reflects the Company’s current expectations and beliefs. All
guidance is current as of the time provided and is subject to
change.
|
Third Quarter 2024 |
$ in Millions |
Low |
Mid |
High |
|
|
|
|
Total
Revenue |
$36 |
$37 |
$38 |
Adjusted
EBITDA |
$1.7 |
$2.1 |
$2.5 |
|
|
|
|
SECOND QUARTER 2024 RESULTS CONFERENCE CALL
Broadwind will host a conference call today,
August 13, 2024, at 11:00 a.m. ET to review the Company’s financial
results, discuss recent events and conduct a question-and-answer
session.
A webcast of the conference call and
accompanying presentation materials will be available in the
Investor Relations section of the Company’s corporate website
at https://investors.bwen.com/investors. To listen to a live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download, and install
any necessary audio software.
To participate in the live teleconference: |
|
|
|
Live Teleconference: |
|
877-407-9716 |
|
|
|
To listen to a replay of the teleconference, which will be
available through Tuesday, August 20, 2024: |
|
|
|
Teleconference Replay: |
|
844-512-2921 |
Conference ID: |
|
13747800 |
|
|
|
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, proxy contest-related
expenses 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, (the “Exchange Act”), 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. 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. Forward-looking statements
include any statement that does not directly relate to a current or
historical fact. Our forward-looking statements may include or
relate to our beliefs, expectations, plans and/or assumptions with
respect to the following: (i) our expectations and beliefs with
respect to our financial guidance as set forth in this release;
(ii) the impact of global health concerns on the economies and
financial markets and the demand for our products; (iii) 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, including the advanced manufacturing tax
credits, and state renewable portfolio standards as well as new or
continuing tariffs on steel or other products imported into the
United States; (iv) 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; (v) our ability to operate our
business efficiently, comply with our debt obligations, manage
capital expenditures and costs effectively, and generate cash flow;
(vi) 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; (vii)
our ability to continue to grow our business organically and
through acquisitions; (viii) the production, sales, collections,
customer deposits and revenues generated by new customer orders and
our ability to realize the resulting cash flows; (ix) information
technology failures, network disruptions, cybersecurity attacks or
breaches in data security; (x) the sufficiency of our liquidity and
alternate sources of funding, if necessary; (xi) our ability to
realize revenue from customer orders and backlog (including our
ability to finalize the terms of the remaining obligations under a
supply agreement with a leading global wind turbine manufacturer);
(xii) the economy and the potential impact it may have on our
business, including our customers; (xiii) the state of the wind
energy market and other energy and industrial markets generally,
including the availability of tax credits, and the impact of
competition and economic volatility in those markets; (xiv) the
effects of market disruptions and regular market volatility,
including fluctuations in the price of oil, gas and other
commodities; (xv) competition from new or existing industry
participants including, in particular, increased competition from
foreign tower manufacturers; (xvi) the effects of the change of
administrations in the U.S. federal government; (xvii) our ability
to successfully integrate and operate acquired companies and to
identify, negotiate and execute future acquisitions; (xviii) the
potential loss of tax benefits if we experience an “ownership
change” under Section 382 of the Internal Revenue Code of 1986, as
amended; (xix) the limited trading market for our securities and
the volatility of market price for our securities; (xx) our
outstanding indebtedness and its impact on our business activities
(including our ability to incur additional debt in the future); and
(xxi) 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. 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.
|
BROADWIND, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(IN THOUSANDS)(UNAUDITED) |
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash |
|
$ |
938 |
|
|
$ |
1,099 |
|
|
Accounts receivable, net |
|
|
14,172 |
|
|
|
19,231 |
|
|
AMP credit receivable |
|
|
1,691 |
|
|
|
7,051 |
|
|
Contract assets |
|
|
1,157 |
|
|
|
1,460 |
|
|
Inventories |
|
|
38,802 |
|
|
|
37,405 |
|
|
Prepaid expenses and other current assets |
|
|
2,390 |
|
|
|
3,500 |
|
|
|
Total current assets |
|
|
59,150 |
|
|
|
69,746 |
|
LONG-TERM ASSETS: |
|
|
|
|
|
Property and equipment, net |
|
|
46,266 |
|
|
|
47,123 |
|
|
Operating lease right-of-use assets, net |
|
|
14,748 |
|
|
|
15,593 |
|
|
Intangible assets, net |
|
|
1,733 |
|
|
|
2,064 |
|
|
Other assets |
|
|
636 |
|
|
|
630 |
|
TOTAL ASSETS |
|
$ |
122,533 |
|
|
$ |
135,156 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Line of credit and current maturities of long-term debt |
|
$ |
12,012 |
|
|
$ |
5,903 |
|
|
Current portion of finance lease obligations |
|
|
2,098 |
|
|
|
2,153 |
|
|
Current portion of operating lease obligations |
|
|
1,987 |
|
|
|
1,851 |
|
|
Accounts payable |
|
|
15,950 |
|
|
|
20,728 |
|
|
Accrued liabilities |
|
|
4,347 |
|
|
|
6,477 |
|
|
Customer deposits |
|
|
2,772 |
|
|
|
16,500 |
|
|
|
Total current liabilities |
|
|
39,166 |
|
|
|
53,612 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
Long-term debt, net of current maturities |
|
|
5,945 |
|
|
|
6,250 |
|
|
Long-term finance lease obligations, net of current portion |
|
|
3,481 |
|
|
|
3,372 |
|
|
Long-term operating lease obligations, net of current portion |
|
|
14,872 |
|
|
|
15,888 |
|
|
Other |
|
|
17 |
|
|
|
15 |
|
|
|
Total long-term liabilities |
|
|
24,315 |
|
|
|
25,525 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no
shares issued |
|
|
|
|
|
or outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.001 par value; 45,000,000 shares authorized;
22,259,496 and 21,840,301 shares issued as of June 30, 2024
and December 31, 2023, respectively |
|
|
22 |
|
|
|
22 |
|
|
Treasury stock, at cost, 273,937 shares as of June 30, 2024 and
December 31, 2023, respectively |
|
|
(1,842 |
) |
|
|
(1,842 |
) |
|
Additional paid-in capital. |
|
|
400,377 |
|
|
|
399,336 |
|
|
Accumulated deficit |
|
|
(339,505 |
) |
|
|
(341,497 |
) |
|
|
Total stockholders' equity |
|
|
59,052 |
|
|
|
56,019 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
122,533 |
|
|
$ |
135,156 |
|
|
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
36,452 |
|
|
$ |
50,843 |
|
|
$ |
74,068 |
|
|
$ |
99,716 |
|
Cost of sales |
|
|
|
30,886 |
|
|
|
42,510 |
|
|
|
61,865 |
|
|
|
84,407 |
|
Gross profit |
|
|
|
5,566 |
|
|
|
8,333 |
|
|
|
12,203 |
|
|
|
15,309 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
4,143 |
|
|
|
5,952 |
|
|
|
8,537 |
|
|
|
11,478 |
|
Intangible amortization |
|
|
166 |
|
|
|
165 |
|
|
|
331 |
|
|
|
333 |
|
|
Total operating expenses |
|
|
4,309 |
|
|
|
6,117 |
|
|
|
8,868 |
|
|
|
11,811 |
|
Operating income |
|
|
1,257 |
|
|
|
2,216 |
|
|
|
3,335 |
|
|
|
3,498 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE, net: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(726 |
) |
|
|
(751 |
) |
|
|
(1,258 |
) |
|
|
(1,239 |
) |
Other, net |
|
|
|
4 |
|
|
|
(22 |
) |
|
|
7 |
|
|
|
(24 |
) |
|
Total other expense, net |
|
|
(722 |
) |
|
|
(773 |
) |
|
|
(1,251 |
) |
|
|
(1,263 |
) |
Net income before provision for income taxes |
|
|
535 |
|
|
|
1,443 |
|
|
|
2,084 |
|
|
|
2,235 |
|
Provision for income taxes |
|
|
53 |
|
|
|
28 |
|
|
|
92 |
|
|
|
51 |
|
NET INCOME |
|
$ |
482 |
|
|
$ |
1,415 |
|
|
$ |
1,992 |
|
|
$ |
2,184 |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON SHARE - BASIC: |
|
|
|
|
|
|
|
Net income |
|
|
$ |
0.02 |
|
|
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING -
BASIC |
|
|
21,783 |
|
|
|
21,091 |
|
|
|
21,689 |
|
|
|
20,981 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON SHARE - DILUTED: |
|
|
|
|
|
|
|
Net income |
|
|
$ |
0.02 |
|
|
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING -
DILUTED |
|
|
|
22,003 |
|
|
|
21,409 |
|
|
|
21,904 |
|
|
|
21,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(IN THOUSANDS)(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
1,992 |
|
$ |
2,184 |
|
Adjustments to reconcile net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization expense |
|
|
3,314 |
|
|
3,167 |
|
|
|
Deferred income taxes |
|
|
2 |
|
|
(5 |
) |
|
|
Share-based compensation |
|
|
576 |
|
|
409 |
|
|
|
Allowance for credit losses |
|
|
(2 |
) |
|
16 |
|
|
|
Common stock issued under defined contribution 401(k) plan |
|
|
595 |
|
|
648 |
|
|
|
(Gain) loss on disposal of assets. |
|
|
(114 |
) |
|
48 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
5,061 |
|
|
(11,794 |
) |
|
|
|
AMP credit receivable |
|
|
5,360 |
|
|
(6,729 |
) |
|
|
|
Contract assets |
|
|
302 |
|
|
(273 |
) |
|
|
|
Inventories |
|
|
(1,397 |
) |
|
(4,293 |
) |
|
|
|
Prepaid expenses and other current assets |
|
|
1,111 |
|
|
147 |
|
|
|
|
Accounts payable |
|
|
(4,328 |
) |
|
1,776 |
|
|
|
|
Accrued liabilities |
|
|
(2,130 |
) |
|
1,367 |
|
|
|
|
Customer deposits. |
|
|
(13,728 |
) |
|
(4,190 |
) |
|
|
|
Other non-current assets and liabilities |
|
|
(41 |
) |
|
75 |
|
Net cash used in operating activities |
|
|
(3,427 |
) |
|
(17,447 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment |
|
|
(2,534 |
) |
|
(3,977 |
) |
|
Proceeds from disposals of property and equipment |
|
|
159 |
|
|
15 |
|
Net cash used in investing activities |
|
|
(2,375 |
) |
|
(3,962 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from line of credit, net |
|
|
5,914 |
|
|
11,991 |
|
|
Proceeds from long-term debt |
|
|
1,421 |
|
|
618 |
|
|
Payments on long-term debt |
|
|
(681 |
) |
|
(607 |
) |
|
Payments on finance leases |
|
|
(883 |
) |
|
(1,113 |
) |
|
Shares withheld for taxes in connection with issuance of restricted
stock |
|
|
(130 |
) |
|
(117 |
) |
Net cash provided by financing activities |
|
|
5,641 |
|
|
10,772 |
|
|
|
|
|
|
|
|
NET DECREASE IN CASH |
|
|
(161 |
) |
|
(10,637 |
) |
CASH beginning of the period |
|
|
1,099 |
|
|
12,732 |
|
CASH end of the period |
|
$ |
938 |
|
$ |
2,095 |
|
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESSELECTED SEGMENT FINANCIAL
INFORMATION(IN THOUSANDS)(UNAUDITED) |
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
ORDERS: |
|
|
|
|
|
|
|
Heavy Fabrications |
|
$ |
9,138 |
|
|
$ |
12,363 |
|
|
$ |
20,359 |
|
|
$ |
32,599 |
|
|
Gearing |
|
|
4,704 |
|
|
|
5,813 |
|
|
|
15,150 |
|
|
|
18,206 |
|
|
Industrial Solutions |
|
|
4,530 |
|
|
|
7,185 |
|
|
|
11,859 |
|
|
|
14,158 |
|
|
Total orders |
|
$ |
18,372 |
|
|
$ |
25,361 |
|
|
$ |
47,368 |
|
|
$ |
64,963 |
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
Heavy Fabrications |
|
$ |
19,611 |
|
|
$ |
33,944 |
|
|
$ |
41,628 |
|
|
$ |
65,537 |
|
|
Gearing |
|
|
10,454 |
|
|
|
10,977 |
|
|
|
18,791 |
|
|
|
22,943 |
|
|
Industrial Solutions |
|
|
6,463 |
|
|
|
6,270 |
|
|
|
14,456 |
|
|
|
11,692 |
|
|
Corporate and Other |
|
|
(76 |
) |
|
|
(348 |
) |
|
|
(807 |
) |
|
|
(456 |
) |
|
Total revenues |
|
$ |
36,452 |
|
|
$ |
50,843 |
|
|
$ |
74,068 |
|
|
$ |
99,716 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME/(LOSS): |
|
|
|
|
|
|
|
Heavy Fabrications |
|
$ |
1,557 |
|
|
$ |
3,867 |
|
|
$ |
3,601 |
|
|
$ |
6,657 |
|
|
Gearing |
|
|
482 |
|
|
|
348 |
|
|
|
508 |
|
|
|
929 |
|
|
Industrial Solutions |
|
|
623 |
|
|
|
843 |
|
|
|
2,390 |
|
|
|
1,465 |
|
|
Corporate and Other |
|
|
(1,405 |
) |
|
|
(2,842 |
) |
|
|
(3,164 |
) |
|
|
(5,553 |
) |
|
Total operating profit (loss) |
|
$ |
1,257 |
|
|
$ |
2,216 |
|
|
$ |
3,335 |
|
|
$ |
3,498 |
|
|
|
|
|
|
|
|
|
|
|
|
BROADWIND, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP
FINANCIAL MEASURES(IN THOUSANDS)(UNAUDITED) |
|
|
|
|
|
|
|
Consolidated |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income |
|
$ |
482 |
|
|
$ |
1,415 |
|
|
$ |
1,992 |
|
|
$ |
2,184 |
|
Interest Expense |
|
|
726 |
|
|
|
751 |
|
|
|
1,258 |
|
|
|
1,239 |
|
Income Tax Provision |
|
|
53 |
|
|
|
28 |
|
|
|
92 |
|
|
|
51 |
|
Depreciation and Amortization |
|
|
1,718 |
|
|
|
1,562 |
|
|
|
3,314 |
|
|
|
3,167 |
|
Share-based Compensation and Other Stock Payments |
|
|
663 |
|
|
|
567 |
|
|
|
1,165 |
|
|
|
1,060 |
|
Proxy Contest-Related Expenses |
|
|
- |
|
|
|
1,036 |
|
|
|
(10 |
) |
|
|
1,755 |
|
Adjusted EBITDA (Non-GAAP). |
|
$ |
3,642 |
|
|
$ |
5,359 |
|
|
$ |
7,811 |
|
|
$ |
9,456 |
|
Heavy Fabrications Segment |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income |
|
$ |
1,699 |
|
|
$ |
3,736 |
|
|
$ |
4,287 |
|
|
$ |
6,326 |
|
Interest Expense |
|
|
264 |
|
|
|
137 |
|
|
|
354 |
|
|
|
277 |
|
Income Tax (Benefit) Provision |
|
|
(408 |
) |
|
|
(5 |
) |
|
|
(1,038 |
) |
|
|
54 |
|
Depreciation |
|
|
1,022 |
|
|
|
856 |
|
|
|
1,933 |
|
|
|
1,714 |
|
Share-based Compensation and Other Stock Payments |
|
|
222 |
|
|
|
241 |
|
|
|
400 |
|
|
|
452 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
2,799 |
|
|
$ |
4,965 |
|
|
$ |
5,936 |
|
|
$ |
8,823 |
|
Gearing Segment |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income |
|
$ |
422 |
|
|
$ |
273 |
|
|
$ |
387 |
|
|
$ |
774 |
|
Interest Expense |
|
|
53 |
|
|
|
67 |
|
|
|
106 |
|
|
|
140 |
|
Income Tax Provision |
|
|
7 |
|
|
|
8 |
|
|
|
14 |
|
|
|
15 |
|
Depreciation and Amortization |
|
|
553 |
|
|
|
556 |
|
|
|
1,093 |
|
|
|
1,152 |
|
Share-based Compensation and Other Stock Payments |
|
|
128 |
|
|
|
117 |
|
|
|
230 |
|
|
|
233 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
1,163 |
|
|
$ |
1,021 |
|
|
$ |
1,830 |
|
|
$ |
2,314 |
|
Industrial Solutions Segment |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income |
|
$ |
471 |
|
|
$ |
681 |
|
|
$ |
2,055 |
|
|
$ |
1,210 |
|
Interest Expense. |
|
|
115 |
|
|
|
128 |
|
|
|
278 |
|
|
|
211 |
|
Income Tax Provision |
|
|
35 |
|
|
|
13 |
|
|
|
58 |
|
|
|
21 |
|
Depreciation and Amortization. |
|
|
106 |
|
|
|
92 |
|
|
|
205 |
|
|
|
186 |
|
Share-based Compensation and Other Stock Payments |
|
|
76 |
|
|
|
57 |
|
|
|
126 |
|
|
|
101 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
803 |
|
|
$ |
971 |
|
|
$ |
2,722 |
|
|
$ |
1,729 |
|
Corporate and Other |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Loss |
|
$ |
(2,110 |
) |
|
$ |
(3,275 |
) |
|
$ |
(4,737 |
) |
|
$ |
(6,126 |
) |
Interest Expense. |
|
|
294 |
|
|
|
419 |
|
|
|
520 |
|
|
|
611 |
|
Income Tax Provision (Benefit) |
|
|
419 |
|
|
|
12 |
|
|
|
1,058 |
|
|
|
(39 |
) |
Depreciation and Amortization |
|
|
37 |
|
|
|
58 |
|
|
|
83 |
|
|
|
115 |
|
Share-based Compensation and Other Stock Payments |
|
|
237 |
|
|
|
152 |
|
|
|
409 |
|
|
|
274 |
|
Proxy Contest-Related Expenses |
|
|
- |
|
|
|
1,036 |
|
|
|
(10 |
) |
|
|
1,755 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
(1,123 |
) |
|
$ |
(1,598 |
) |
|
$ |
(2,677 |
) |
|
$ |
(3,410 |
) |
IR CONTACT
Noel Ryan, IRC
BWEN@val-adv.com
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