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Saturday, December 9, 2023

Broadwind Inc. (BWEN) Stock on the Rise Following New Order for Towers

Broadwind Inc. (BWEN) stock prices were down by 4.28% as of the market closing on September 29th, 2021. This brought the price per share up to USD$2.46 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 6.50%, bringing it up to USD$2.62.

BWEN Stock’s Promising Financials

The second quarter of fiscal 2021 saw BWEN stock report total revenue in the amount of USD$46.5 million. This was a 15% decrease from the numbers reported for the prior year quarter. Net income came in at USD$10.3 million, representing a net income of USD$0.53 per diluted share, for the second quarter of fiscal 2021. This is comparable to the USD$0.5 million net income reported in the prior year quarter, which represented a net income of USD$0.03 per diluted share.

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Quarterly Gains

The results from the second quarter of fiscal 2021 included a USD$9.2 million gain. The gain is related to loan forgiveness of the financial assistance provided by the Paycheck Protection Program (PPP). The quarter was further consolidated by a USD$3.6 million benefit related to the Employee Retention Tax Credit (ERC). This tax credit was provided by the Coronavirus Aid, Relief, and Economy Security Act (CARES Act).

BWEN Stock’s Future Orders

BWEN stock reported the second quarter of fiscal 2021 results having been largely impacted by a year over year decline in wind tower sections sold. This was partially motivated by the delay of several projects into the second half of 2021. To date, the company has reported having booked roughly 50% of its tower capacity for the second half of 2021. The company has also received orders for almost 15% of its 2022 production.

Implementing New Strategy

Over the course of the second quarter BWEN stock continued to advance its multi-year strategy. This strategy is designed to capitalize on the opportunities afforded by favorable policy trends within the domestic wind energy market. The long term strategy will also continue to diversify consolidated revenues into complementary end-markets through both organic and inorganic investments. The company is keen to maintain the disciplined capital structure that has situated it to be able to support long term growth.

Future Outlook for BWEN Stock

The company reported a promising quarter, as evidenced by the strength of financial reports for the quarter. BWEN stock is poised to capitalize on the opportunities afforded to it as a result of the momentum generated. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.

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