All figures came in at the high-end of company earnings guidance, with net debt dropping to US$11.5M and revenues increasing 47 percent.
Broadwind Energy (NASDAQ:BWEN), a cleantech manufacturing company announced a 47 percent increase in the third quarter sales compared to Q3 2018, with figures reaching US$46.1 million. Third quarter net loss came in at US$900,000 while earnings before interest, tax, depreciation and amortization reached US$$1.9 million.
As quoted in the press release:
The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $1.9 million in Q3 2019, compared to non-GAAP adjusted EBITDA of $.2 million in Q3 2018.
Broadwind CEO Stephanie Kushner stated, “Third quarter results were at the high end of our guidance, with all operating units contributing to the significant year-over-year improvement. Tower margins were stressed by pricing pressure from imports, and execution challenges due to supply chain shortages as the industry mobilizes for record wind turbine installations next year. The team delivered despite these challenges.”
Kushner continued, “Our backlog has strengthened and reflects successful progress diversifying our customer base and product offerings. We booked a significant order to support repowered wind turbines in the quarter with a new customer, and our heavy fabrications customer base is growing in response to our expanded manufacturing capabilities and commercial efforts. Following three weak quarters, we are seeing some firming in oil and gas gearing demand, and are working to expand our custom gearbox backlog. In Process Systems, we booked our first small orders supporting the solar market. We are tracking well against our $60 million full-year target for diverse orders, with $45 million booked through September 30.”