Friday, Broadwind Energy, Inc. (BWEN) reported a wider loss for the first quarter hurt by a fall in revenues across the segments that resulted mainly from a fall in demand.
Net loss widened to $14.1 million or $0.14 per share from $7.15 million or $0.07 per share in the year-ago period.
On average, four analysts polled by Thomson Reuters expected a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues declined to $22.17 million from $53.06 million last year. Wall Street analysts estimated a revenue of $26.98 million.
Segment-wise, revenue from the Towers segment declined to $12.0 million from $20.1 million a year ago. Revenue from the Gearing segment was $7.7 million in the quarter, compared with $23.0 million last year.
Revenue from the Technical and Engineering Services segment fell to $2.0 million from $7.4 million a year ago. Logistics segment revenue declined to $0.5 million from $2.8 million last year due to low level of new wind farm development and increased pricing competition.
Corporate and other expenses were $3.2 million, compared with $2.3 million last year due to an increase in salaries and benefits expense related to employees added in mid-2009 and charges related to severance and incentive compensation expense.
Cost of sales declined to $26.65 million from $48.37 million a year ago. Total operating expenses, including selling, general and administrative expenses and intangible amortization declined to $9.28 million from $11.82 million last year. Net interest expense was lower at $0.362 million, compared with $0.542 million last year.
The company said that during the quarter, new orders totaled $18 million, modestly below shipments, leaving backlog relatively unchanged from year-end at $244 million. Looking ahead, it expects revenue to rise sequentially each quarter during the year and to generate positive EBITDA in the second half of the year.
BWEN is currently trading at $3.22, down $0.20 or 5.85%, on a volume of 484 thousand shares on the Nasdaq.
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