Friday, Broadwind Energy, Inc. (BWEN) said its loss for the third quarter narrowed from a year ago, on a significant decline in operating expenses.
Broadwind's third quarter net loss narrowed to $4.94 million from $7.49 million in the year-ago period. On a per share basis, net loss was $0.05, compared to $0.08 last year.
Revenues for the quarter declined to $59.50 million from $63.68 million due to lower shipments of wind turbine gearing systems, partly offset by increased sales of wind turbine structural towers with capacity expansion.
Segment-wise, revenue from the Products segment declined to $47.9 million from $51.0 million in the year-earlier quarter due to reduced demand for wind turbine gearing. Revenue from the Services segment dropped to $11.8 million from $13.5 million a year ago, on a decline in maintenance and repair contracts and reduced logistics activities.
Broadwind cut its total operating expenses to $11.15 million from $15.04 million in the year-ago period. Selling, general and administrative expenses dropped to $8.24 million from $12.11 million, while intangible amortization expenses also decreased to $2.90 million from $2.93 million. The company's cost of sales also declined to $52.92 million from $54.70 million in the year-earlier period.
For the nine-month period, net loss widened to $17.5 million or $0.18 per share from $12.9 million or $0.15 per share due to additional depreciation and overhead expense with capacity expansions and the general slowdown in the wind energy market.
Revenue increased 18% to $164.9 million from $139.7 million in the prior-year period.
BWEN stock is currently trading at $5.74, down $0.39, on the Nasdaq.
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