Broadwind hits the red
Revenue falls almost 40% in towers and heavy fabrications unit last year
US company Broadwind Energy made a loss of $3.2m last year, compared with a profit of $1.3m in 2016, hit by weak business in the company's towers and heavy fabrications unit.
Revenue from towers and heavy fabrications dropped $56.8m to $103.4m last year from $169.2m in 2016.
Overall, Broadwind's revenue fell 19% in 2017 to $146.8m, compared with $180.8m in the previous year.
Net income from the business unit stood at $0.9m in 2017, compared with $8.5m in the previous year.
The company said the reason for the fall was “lower production volume and corresponding underutilization of plant capacity”.
Broadwind chief executive Stephanie Kushner said: “2017 was a challenging year due to weak second half tower production, while our major customer rightsized their inventory.
“In response, we took swift action to reduce the workforce accordingly, and to reduce factory overhead and operating expenses.
“At the same time, we have also made capital investments to add capabilities in our Manitowoc, Wisconsin plant to support an expansion and diversification of our other heavy fabrications business.”