Tuesday after the bell, logistics provider Broadwind Energy, Inc. (BWEN) reported a wider net loss for the first quarter even as revenues rose 51%, owing to higher costs.
The Naperville, Illinois-based company's first-quarter net loss widened to $7.2 million or $0.07 per share from a net loss of $3.4 million or $0.04 per share a year ago.
Revenue for the quarter rose 51% to $53.1 million from $35.2 million in the year-earlier quarter.
Gross margin decreased to $4.69 million from $8.01 million in the previous-year quarter.
Operating loss for the quarter widened to $7.14 million from $1.94 million in the same quarter last year.
During the first quarter, the company experienced integration and production ramp-up costs, as well as costs related to the tower plant expansion, which negatively impacted profitability.
Segment wise, Broadwind's products segment, which includes wind tower and precision gear manufacturing and heavy steel fabrication, earned revenue of $43.1 million, compared to $30.2 million a year ago. Revenue from Broadwind's services segment increased to $10.2 million from $4.9 million in the comparable quarter last year.
BWEN closed Tuesday's regular trading at $7.63, down $0.35 or 4.39%, on a volume of 133K shares on the Nasdaq. In after hours, the stock is gaining $0.30 or 3.93%, at $7.93.
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