Broadwind Energy has posted just under $4m in gross profit in its third quarter 2019 results, driven by increased wind turbine tower sales.
In the third quarter of this year the company recorded a gross profit of $3.9m (€3.6m) compared with $1.4m in the same period in 2018.
In its results the company reported a net loss of $900,000 in the third quarter of 2019, compared with a net loss of $800,000 in the same period in 2018.
EBITDA was $1.9m for the third quarter of this year, compared $200,000 in the same period last year.
Sales for the latest quarter hit $46.1m, up 47% compared to $31.4m in the third quarter of 2018 due to an 84% increase in tower sections sold, according to Broadwind.
Broadwind chief executive Stephanie Kushner said: “Third quarter results were at the high end of our guidance, with all operating units contributing to the significant year-over-year improvement.
“Tower margins were stressed by pricing pressure from imports, and execution challenges due to supply chain shortages as the industry mobilises for record wind turbine installations next year. The team delivered despite these challenges.”
Kushner said the company’s backlog has “strengthened”, reflecting “successful progress” diversifying its customer base and product offerings.
“We booked a significant order to support repowered wind turbines in the quarter with a new customer, and our heavy fabrications customer base is growing in response to our expanded manufacturing capabilities and commercial efforts,” Kushner added.
“We expect an increase in shipments in the fourth quarter, with revenue rising to above $50 million and EBITDA in the $1.5m to $2m range, as we continue to navigate through supply chain challenges for wind towers,” she said.