Aug 5, 2011
Broadwind Energy (NASDAQ:BWEN) reported a Q2 loss of $0.04 per share, wider than consensus estimates for a loss of $0.01 per share. Revenues for the quarter rose 17% year-over-year to $39.3 million, missing consensus estimates of $46.7 million.
Peter C. Duprey, president and chief executive officer, said, "We are continuing to make progress with the business transformation. With three sequential EBITDA positive quarters behind us, we feel good about the operational momentum we have gained. Our Tower business had a 48% increase in revenue in a difficult market, and in our Gears business, sales to industrial customers exceeded wind customers. Our Gearing and Services businesses had new orders well in excess of sales; our enhanced focus on sales and diversification efforts are starting to have an impact. While we continue to face a challenging wind energy market, we remain focused on the diversification of our customer base and the expansion of our services business where we have strong core competencies."
Broadwind Energy has a potential upside of 150% based on a current price of $1.2 and an average consensus analyst price target of $3.
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