Broadwind Provides Preliminary Fourth Quarter 2020 Results and First Half 2021 Financial Guidance
CICERO, Ill., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving global markets, today issued
preliminary results for the fourth quarter 2020 and introduced financial guidance for the first half of 2021.
For the fourth quarter 2020, Broadwind currently expects to report total revenue of approximately $40.0 million and total non-GAAP adjusted EBITDA to be in the range of $0.1 to $0.3 million, subject to year-end closing procedures. Fourth quarter results were impacted by a delay in the delivery of a tower order to a new wind turbine customer, lower revenue within the Gearing segment and continued pandemic-related supply chain disruptions. The Company ended the year with $3 million of cash on hand and $1 million drawn under its asset based revolving credit facility.
For the first six months of 2021, the Company anticipates total revenue in the range of $85.0 million to $90.0 million and total non-GAAP adjusted EBITDA in the range of $2.0 to $3.0 million. To-date, the Company has booked approximately half of its full-year 2021 wind tower capacity, including approximately $7.0 million of new wind tower orders received in January 2021.
“Recent shifts in the timing of customer orders, together with pandemic-related disruptions to our supply chain and staffing levels, led us to revise our near-term outlook,” stated Eric Blashford, President and CEO of Broadwind. “We are encouraged by quoting activity levels in our non-wind markets and believe we are well-positioned to capitalize on a general rebound in economic conditions.”
“In December 2020, the U.S. Congress passed legislation that provides a one-year extension of the 60% production tax credits (PTC) for onshore wind for projects commenced before the end of 2021, together with a new 30% investment tax credit (ITC) for offshore wind projects that begin construction prior to 2026,” continued Blashford. “Broadwind is strongly positioned to benefit from these new, multi-year wind subsidies, as states, municipalities and businesses pursue long-term decarbonization targets.”
This release contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. Forward looking statements include any statement that does not directly relate to a current or historical fact. We have tried to identify forward looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward looking statements.