Wed, Mar 5, 9:15 PM (53 days ago)
Broadwind, Inc. (BWEN) reported significant financial changes for the fiscal year ending December 31, 2024, with total revenues of $143,136, down 30% from $203,477 in 2023. The decline was primarily driven by a 41% drop in wind tower revenue due to order shifts from a major customer, GE Vernova, and reduced demand in the industrial fabrication segment. Net income fell to $1,152, or $0.05 per share, compared to $7,649, or $0.36 per share, in the previous year. Operationally, the Heavy Fabrications segment faced a 38% revenue decrease, while the Gearing segment saw a 22% drop in revenue. However, the Industrial Solutions segment recorded a 4% increase due to gas turbine projects. The company's backlog decreased by 31% to $125 million, indicating potential future revenue challenges. Broadwind's strategic focus remains on diversifying its customer base, improving capacity utilization, and pursuing acquisitions to enhance growth. The company ended the year with total debt of $9,196 and cash reserves of $7,721, indicating a stable liquidity position. Risks include reliance on a few major customers and fluctuating demand in the wind energy market, which could impact future performance.