Broadwind Energy Reports Increased Revenue from Q1 2010
Aug. 9, 2010 -- Broadwind Energy Inc. reported revenue of $36.6 million for Q2 2010, a 65% increase from the first quarter of 2010, but the revenue figure was down 30% from Q2 2009.
The company stated that reduced tower and gearing purchases and lower service revenues led to the decline.
The net loss for the second quarter of 2010 was $14.2 million or $0.13 per share, including a $4.6 million non-cash charge relating to the impairment of goodwill associated with a 2008 acquisition. This compares to a loss of $0.06 per share in the second quarter of 2009, which benefited from a $5.1 million one-time gain associated with an escrow settlement, also related to a previous acquisition.
Broadwind CEO J. Cameron Drecoll stated, "We made progress during the second quarter despite continued disappointing industry fundamentals. With announced year-to-date additions to wind farm capacity down 71% from last year, we are not yet seeing the broad industry recovery we had anticipated. Although we expect both industry installations and our revenues to continue to trend upwards in the second half of the year, we have reduced our full-year revenue outlook to $140-160 million. Due to our successful cost-management efforts, we expect to deliver positive EBITDA in the second half of the year."
Revenue for the six months ended June 30, 2010 totaled $58.8 million, down 44% from $105.4 million in the prior year to date period, reflecting weak industry factors and lower industrial gearing sales.
For more wind energy earnings news, visit Wind Energy Industry Today:
wind turbine news - http://windenergy.einnews.com/news/wind-turbine
Located at http://windenergy.einnews.com, Wind Energy Industry Today is a wind energy news monitoring service from EIN News.
The company stated that reduced tower and gearing purchases and lower service revenues led to the decline.
The net loss for the second quarter of 2010 was $14.2 million or $0.13 per share, including a $4.6 million non-cash charge relating to the impairment of goodwill associated with a 2008 acquisition. This compares to a loss of $0.06 per share in the second quarter of 2009, which benefited from a $5.1 million one-time gain associated with an escrow settlement, also related to a previous acquisition.
Broadwind CEO J. Cameron Drecoll stated, "We made progress during the second quarter despite continued disappointing industry fundamentals. With announced year-to-date additions to wind farm capacity down 71% from last year, we are not yet seeing the broad industry recovery we had anticipated. Although we expect both industry installations and our revenues to continue to trend upwards in the second half of the year, we have reduced our full-year revenue outlook to $140-160 million. Due to our successful cost-management efforts, we expect to deliver positive EBITDA in the second half of the year."
Revenue for the six months ended June 30, 2010 totaled $58.8 million, down 44% from $105.4 million in the prior year to date period, reflecting weak industry factors and lower industrial gearing sales.
For more wind energy earnings news, visit Wind Energy Industry Today:
wind turbine news - http://windenergy.einnews.com/news/wind-turbine
Located at http://windenergy.einnews.com, Wind Energy Industry Today is a wind energy news monitoring service from EIN News.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.