Tue, May 14, 7:23 PM (73 days ago)
Broadwind, Inc. reported a decrease in revenue for Q1 2024 to $37.6 million, down 23% from Q1 2023. This decline was primarily due to lower sales in the Heavy Fabrications and Gearing segments, partially offset by increased sales in the Industrial Solutions segment. The Heavy Fabrications segment saw a 44% decrease in tower sections sold due to a shift in contracted orders to 2025. Orders in the Gearing segment declined by 16%, mainly from reduced demand in the oil and gas sector. Despite lower revenues, net income increased to $1.51 million from $0.77 million in Q1 2023, attributed to a more profitable mix and the absence of prior year's proxy-contest expenses. Cash flow from operations improved significantly to $5.86 million, driven by better collections and reduced customer deposits. The company anticipates current cash resources and credit facilities will be adequate for the next 12 months.