Broadwind Inc

NASDAQ:BWENUnited States

May 14, 2024

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• Exchange-Traded Funds Mixed, Equity Futures Higher Pre-Bell Tuesday Ahead of Powell Speech, from 8:20AM ET on Tuesday May 14, 2024 by MT Newswires

  8:20AM ET on Tuesday May 14, 2024 by MT Newswires
  Companies Mentioned: PBR, STNE, AMTD, BWEN, AKYA, ONON
  08:20 AM EDT, 05/14/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) advanced marginally by 0.03% while the actively traded Invesco QQQ Trust (QQQ) was down 0.01% in Tuesday's premarket activity, ahead of Fed...

• -- Earnings Flash (BWEN) BROADWIND Reports Q1 Revenue $37.6M, vs. Street Est of $35.1M, from 7:02AM ET on Tuesday May 14, 2024 by MT Newswires

  7:02AM ET on Tuesday May 14, 2024 by MT Newswires
  Companies Mentioned: BWEN
  07:02 AM EDT, 05/14/2024 (MT Newswires) -- ...

• Broadwind Announces First Quarter 2024 Results, from 7:00AM ET on Tuesday May 14, 2024 by Dow Jones

  7:00AM ET on Tuesday May 14, 2024 by Dow Jones
  Companies Mentioned: BWEN
  Total other expense, net (529) (490) ----------- ---------- Net income before provision for income taxes 1,549 792 Provision for income taxes 39 23 ----------- ---------- NET INCOME $ 1,510 $ 769 =========== ========== NET INCOME PER COMMON SHARE - BASIC: Net income $ 0.07 $ 0.04 =========== ========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC 21,595 20,869 NET INCOME PER COMMON SHARE - DILUTED: Net income $ 0.07 $ 0.04 =========== ========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED 21,807 21,387 BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Three Months Ended March 31, -------------------------------------- 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,510 $ 769 Adjustments to reconcile net cash provided by (used in) provided by operating activities: Depreciation and amortization expense 1,596 1,605 Deferred income taxes (8) (5) Stock-based compensation 225 178 Allowance for doubtful accounts (2) 14 Common stock issued under defined contribution 401(k) plan 287 302 Changes in operating assets and liabilities: Accounts receivable 4,632 (8,841) AMP credit receivable 5,319 (3,162) Contract assets 800 46 Inventories 19 (4,281) Prepaid expenses and other current assets 635 130 Accounts payable (4,005) (784) Accrued liabilities (71) 847 Customer deposits (5,097) (12,799) Other non-current assets and liabilities 17 (3) Net cash provided by (used in) operating activities 5,857 (25,984) ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (1,744) (1,065) Net cash used in investing activities (1,744) (1,065) ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: (Payments on) proceeds from line of credit, net (4,657) 16,945 Proceeds from long-term debt 1,244 - Payments on long-term debt (325) (634) Principal payments on finance leases (401) (265) ---------- ----------- Net cash (used in) provided by financing activities (4,139) 16,046 NET DECREASE IN CASH (26) (11,003) CASH beginning of the period 1,099 12,732 ---------- ----------- CASH end of the period $ 1,073 $ 1,729 ========== =========== BROADWIND, INC. AND SUBSIDIARIES SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) Three Months Ended March 31, ------------------------ 2024 2023 ORDERS: Heavy Fabrications $ 11,221 $20,236 Gearing 10,446 12,393 Industrial Solutions 7,329 6,973 ------- ------ Total orders $ 28,996 $39,602 ======= ====== REVENUES: Heavy Fabrications $ 22,016 $31,593 Gearing 8,337 11,965 Industrial Solutions 7,994 5,423 Corporate and Other (731) (108) ------- Total revenues $ 37,616 $48,873 ======= ====== OPERATING PROFIT/(LOSS): Heavy Fabrications $ 2,046 $ 2,790 Gearing 25 581 Industrial Solutions 1,767 622 Corporate and Other (1,760) (2,711) ------- ------ Total operating profit (loss) $ 2,078 $ 1,282 ======= ====== BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) Consolidated Three Months Ended March 31, --------------------------------------- 2024 2023 Net Income $ 1,510 $ 769 Interest Expense 532 488 Income Tax Provision 39 23 Depreciation and Amortization 1,596 1,605 Share-based Compensation and Other Stock Payments 503 493 Proxy Contest-Related Expenses (10) 720 Adjusted EBITDA (Non-GAAP) $ 4,170 $ 4,098 === =========== ========== Heavy Fabrications Segment Three Months Ended March 31, ------------------------------------ 2024 2023 Net Income $ 2,587 $ 2,590 Interest Expense 89 140 Income Tax (Benefit) Provision (630) 60 Depreciation 911 858 Share-based Compensation and Other Stock Payments 178 210 Adjusted EBITDA (Non-GAAP) $ 3,135 $ 3,858 === =========== ========== Gearing Segment Three Months Ended March 31, ------------------------------------ 2024 2023 Net (Loss) Income $ (35) $ 501 Interest Expense 54 73 Income Tax Provision 7 8 Depreciation and Amortization 540 595 Share-based Compensation and Other Stock Payments 102 117 Adjusted EBITDA (Non-GAAP) $ 668 $ 1,294 === ========== =========== Industrial Solutions Segment Three Months Ended March 31, ---------------------------------- 2024 2023 Net Income $ 1,584 $ 529 Interest Expense 163 83 Income Tax Provision 23 8 Depreciation and Amortization 100 94 Share-based Compensation and Other Stock Payments 50 43 Adjusted EBITDA (Non-GAAP) $ 1,920 $ 757 === ============= ========== Corporate and Other Three Months Ended March 31, -------------------------------------- 2024 2023 Net Loss $ (2,626) $ (2,851) Interest Expense 226 192 Income Tax Provision (Benefit) 639 (53) Depreciation and Amortization 45 58 Share-based Compensation and Other Stock Payments 173 123 Proxy Contest-Related Expenses (10) 720 Adjusted EBITDA (Non-GAAP) $ (1,553) $ (1,811) =========== ========== IR CONTACT Noel Ryan, IRC BWEN@val-adv.com