The following is a summary of the Broadwind, Inc. (BWEN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Broadwind reported Q1 adjusted EBITDA of $4.2 million and net income of $1.5 million, nearly doubling the prior year period.

• Revenue was down from the prior year quarter due to a transitional pause in new wind tower demand.

• Gross margin and EBITDA margin improved by 330 basis points and 270 basis points, respectively.

• Broadwind ended the quarter with no funds drawn from its line of credit and had cash and credit facility availability of over $22 million.

Business Progress:

• Broadwind booked $29 million of orders in Q1, an increase of nearly 44% sequentially versus Q4 2023 despite a decline in orders compared to the previous year.

• The company expands its product mix within higher margin adjacent markets.

• The Gearing division is progressing towards its AS9100 quality certification, expected in Q4.

• The company has taken significant cost reduction actions to align with the current demand environment.

• Broadwind expects increased order activity in 2025 and from the defense industry, following their ITAR certifications for both the heavy fabrications and Gearing divisions.

• The company plans to aggressively seek out M&A opportunities primarily in precision manufacturing as part of their strategy to diversify revenue streams.

More details: Broadwind IR

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