Low orders hit Broadwind
$2.2m loss in Q3 down to poor results in towers and weldments unit
Broadwind Energy made a loss of over $2.2m in the third quarter of 2017, compared with a profit of $872,000 in the same period last year.
The company said the loss was mainly down to “significantly weaker results” in its towers and weldments business over the period.
Sales in the towers and weldments unit were $16m in the third quarter, down from $38m last year.
The fall was down to a 63% decrease in tower production compared with 2016, because of a low order intake in 2017.
Overall, Broadwind reported revenue down to $29.6m in the third quarter, from $42.6m in the same period last year.
The company’s nine month figures look slight better, registering a profit of over $3.3m compared with only $21,000 in the first three quarters of 2016.
However, revenue fell to just over $129m from more than $132m last year.
Broadwind chief executive Stephanie Kushner said: “Our Q3 2017 results were disappointing but in-line with expectations.
“The towers and weldments segment is managing through the challenges of a significant decline in production, which will recover beginning early next year.”
Image: Broadwind Energy