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- Broadwind Inc BWEN reported a second-quarter revenue decline of 15.4% year-over-year to $46.49 million, marginally above the consensus of $46.31 million.
- Sales by segments: Heavy Fabrications $35.86 million (-17.9% Y/Y), Gearing $7.4 million (+7% Y/Y) and Industrial Solutions $3.54 million (-19.5% Y/Y).
- Q2 results were impacted by temporary project delays in the current year.
- Orders for the quarter decreased by 33.2% Y/Y to $26.44 million, and the total backlog declined 34% to $74.3 million.
- EPS improved to $0.53 from $0.03 in 2Q20, beating the consensus of $0.12.
- The gross margin contracted by around 510 bps to 4.7%.
- Broadwind reported an operating loss of $2.31 million, compared to a $1.04 million profit a year ago.
- Cash used in operating activities year-to-date was $9.99 million, compared to $8.24 million a year ago.
- Adjusted EBITDA was $12.8 million, compared to $2.9 million in the prior-year period.
- Q3 Outlook: Broadwind expects revenue of $38.0 million - $42.0 million (consensus $48.48 million) and adjusted EBITDA of $0.5 million - $1.0 million.
- Price Action: BWEN shares traded lower by 1.84% at $3.74 on the last check Friday.
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