Broadwind Energy Inc. (NASDAQ:BWEN) announced that it has experienced a recovery in its quarterly order intake. The company successfully maintained its return on investment for the last one year. As the oil and gas industry continues to remain stable despite the high prices of raw materials, the firm is determined to diversify its customer base in its market.
According to Stephanie Kushner, President, and CEO of Broadwind, the company is recovering its tower orders and it’s expecting to have stronger tower orders in the second quarter of the year.
Broadwind Energy is focused on offering integrated solutions for its clients in energy and infrastructure markets. The firm provides various services including the gears and gearing systems, wind towers and other industrial provisions required in the energy industry. The company has entities across the US. The company allows its customers to optimize the performance of their investments by making the process quicker and efficiently.
Recently, the company reserved $10 million in the latest tower orders and its first quarter of 2018’s Gearing segment had orders of $15 million, which is recorded as the highest order intake that the company has reported since the second quarter of 2014.
Broadwind Energy recently reported its Q4 2017 results that revealed a decline in the sales revenue. The company reported the sales of $17.8 million in the Q4 of 2017 in comparison to the $48.2 million in the same period of 2016. The drastic decrease was specifically due to the weak Towers and Heavy Fabrications segment performance as its customers reduced their purchases.
However, despite the slow growth of the company in 2017, Kushner believes that the company is still in a good position to do better this year. Both the Gearing and Process Systems started well last year but in the second quarter, the sales commenced drifting down the ladder as the users right-sized their inventory.