Broadwind sales dip 31%
EBITDA falls to $2.1m in second quarter from $6.1m last year
Broadwind Energy reported sales of $43.4m in the second quarter of 2016, down 31% on the $62.6m in the same period last year.
Adjusted earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs were also down at $2.1m in the second quarter, compared with $6.1m in 2016.
The company said this was because of lower revenue from its towers and weldments segment due to lower volume and material costs.
Reduced revenue from gearing because of lower demand from oil and gas and mining customers also added to the outcome, Broadwind said. This was partially offset by orders from the wind market, it added.
Broadwind chief executive Stephanie Kushner said: “We booked $176m in new orders, essentially filling our tower backlog for the remainder of 2016 and locking in a significant portion of tower production through 2019.
“Overall, tower revenue was down compared to Q2 2015, as expected, attributable to lower steel costs, a spike in tower deliveries in the second quarter of last year and planned lower production in our Wisconsin plant.”
Image: Broadwind Energy