Broadwind Energy Inc., a Cicero, Ill-based provider of wind components and services through its towers, gears and energy services divisions, reported strong revenue gains and improved earnings for the period ending March 31.
Total company sales increased 29% to $58.8 million from $45.5 million last year. Broadwind says the increase in revenue is largely attributable to its towers and weldments units, partly offset by weaker results in the gearing and services segments. Broadwind reported a net loss from continuing operations of $1 million in the first quarter, compared to a loss of $4.5 million last year.
The company booked $15.8 million in net new orders in the first quarter, down from $91.9 million booked in the same period last year, although last year's first quarter numbers were driven by the renewal of the federal production tax credit. As of March 31, total backlog was $267.5 million, up 58% from the first quarter of 2013.
‘Overall, I am pleased with our first-quarter results, which were better than our guidance and set us up nicely to achieve our financial objectives for 2014,’ says Peter C. Duprey, Broadwind's president and CEO in a statement. ‘In all, we remain on track to achieve profitability in 2014.’