- Broadwind Inc (NASDAQ:BWEN) reported a fourth-quarter revenue decline of 35.5% year-over-year to $26.01 million, missing the consensus of $30.56 million.
- The gross margin contracted by 295 bps to 3.7%. The operating loss expanded to $(3.98) million from $(1.82) million a year ago.
- EPS loss widened to $(0.21) from $(0.12) in 4Q20, missing consensus of $(0.19).
- Adjusted EBITDA loss was $(1.21) million versus $0.22 million in 4Q20.
- Also Read: Broadwind Bags $13M In New Tower Orders
- Broadwind's cash used in operating activities totaled $12.83 million in FY21, compared to cash provided of $5.33 million a year ago.
- Total orders increased by 55.1% Y/Y to $55.77 million, reflecting significant year-over-year order growth across all reporting segments.
- Total backlog increased 15% Y/Y to $106.4 million in Q4, with Heavy Fabrication segment orders representing ~60% of it.
- "Looking ahead, we anticipate continued strength within our non-wind end-markets, as reflected by current order rates and backlog levels. Although our core wind markets are expected to be soft during the first half of 2022, we remain in the early phase of a broader recovery in onshore wind tower demand," commented Eric Blashford, President and CEO of Broadwind.
- 1Q22 Outlook: The company anticipates an adjusted EBITDA loss of $(0.5) million.
- Price Action: BWEN shares are trading lower by 7.49% at $2.10 during the premarket session on Wednesday.
