Broadwind revenue rises 10%

Broadwind Energy revenue stood at $99.4m in the first half of 2017, up from $90.1m in the first six months of last year.

The company said the 10% increase was mainly down to $6.3m of sales from the process systems segment due to the acquisition of Red Wolf earlier this year and higher sales in its towers and weldments business.

It added that the increased sales in towers and weldments was driven by higher shipments in the first quarter of 2017 in advance of the production tax credit deadline and improved production at its Abilene tower plant in Texas.

However, the company noted that tower sales volumes were down 10% in the second quarter, compared with the same period of 2016.

Broadwind chief executive Stephanie Kushner said: “We had a strong first half and our second quarter results were in line with expectations.

“Despite lower tower volumes, we produced consistently and reliably and delivered solid segment profits on fewer, more complex towers.

“The productivity gains and cost management demonstrated by towers management are critical as our turbine customers are facing increasing cost pressure from wind farm developers.”

She added that the company expects tower sales to fall further in the third quarter, but the drop will be offset by growth in other business segments.

Image: Broadwind