Broadwind Q1 net income rises to $1.5M despite 23% revenue drop; Q2 guidance in line

BROADWIND, INC.

2024-Q1 EPS reported $0.07 revenue$37,616,000

Q1 revenue $37.6M, down >23% YoY; net income $1.5M ($0.07 diluted EPS) vs $0.8M ($0.04) prior year.
Adjusted EBITDA $4.2M (11.1% margin) vs $4.1M; gross margin up 330 bps YoY.
Segment: Heavy Fab sales -30.3% to $22.0M; Gearing -30.3% to $8.3M; Industrial Solutions +47.4% to $8.0M.
Q1 orders up 43.5% sequentially; backlog $159.9M; net leverage 0.6x; liquidity $22.4M.
Q2 2024 guidance: revenue $37-39M, adjusted EBITDA $2.5-3.5M; cost actions target >$4M annualized savings.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BROADWIND, INC. reported the quarter ended March 31, 2024 results: revenue $37.6 million, net income $1.5 million, EPS $0.07 per diluted share. Guidance initiated.

Period: the quarter ended March 31, 2024
Revenue: $37.6 million
Net income: $1.5 million
EPS: $0.07 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

Broadwind Announces First Quarter 2024 Results CICERO, Ill., May 14, 2024 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the first quarter 2024. FIRST QUARTER 2024 RESULTS Total revenue of $37.6 million Net income of $1.5 million, or $0.07 per diluted share

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Source: SEC EDGAR

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