Broadwind reports Q3 EPS 0c, consensus (3c)

Reports Q3 revenue $35.5M, consensus $36.8M. “During a transitional pause in end-market demand, we continue to prioritize operating discipline, while positioning our business to capitalize on a cyclical recovery in new order activity entering calendar 2025,” stated Eric Blashford, President and CEO of Broadwind (BWEN). “To that end, new orders increased by approximately 45% on a year-over-year basis in the third quarter, supported by balanced growth across each of our reporting segments, a trend that has continued early into the fourth quarter. Wind tower sections sold increased on a sequential basis for the first time in a year during the third quarter. While we continue to anticipate a gradual recovery in onshore wind activity over the next two years, our focus remains on growing a precision manufacturing platform equipped to serve diverse, growing end-markets where our technical expertise and domestic manufacturing footprint positions us to support highly specialized, higher-margin opportunities, over time. While our third quarter revenue declined due to soft demand, our continued focus on operating efficiency and improved productivity culminated in another consecutive quarter of profitability. Recent reductions in fixed overhead, together with more efficient materials procurement, have allowed us to prioritize investments that improve our manufacturing processes, while continuing to invest in new product development such as our L-70 prototype, the latest in our portfolio of pressure reducing systems, which remains on track to be field tested later this year. Today, we introduced financial guidance for the fourth quarter 2024. While wind tower demand is expected to remain muted over the near-term, we remain pleased with the opportunity set across our non-wind markets, a dynamic we expect to continue entering 2025.”