Broadwind Energy Inc. posted adjusted EBITDA of approximately $2.0 million in the second quarter of 2017, compared with an adjusted EBITDA of $2.1 million in the comparable quarter of 2016.
The company reported a second-quarter 2017 net loss from continuing operations of $688,000, or 5 cents per share, compared to break-even results in the corresponding quarter of 2016. The loss was attributed to the increase of amortization expenses associated with the acquisition of Red Wolf Co. LLC, Boradwind said in an Aug. 1 earnings release.
"Integration of the Red Wolf acquisition is continuing. Our second quarter results in the process systems segment were weaker than expected, due in part to shipping delays in both Red Wolf and for compressed natural gas units. We expect quarterly revenues to recover to the $5 million or more range during the second half of this year," Broadwind CEO Stephanie Kushner said.
Revenues remained relatively flat in the second quarter of 2017 at $43.4 million, due to lower towers sale volumes.
The company is targeting third-quarter EBITDA of approximately $1 million and revenue in the range of $30 million. "We are working with our customers to support a reduction in their component inventories during the next few quarters, and expect to see recovery in their offtake beginning in mid-2018. All indications point to a strong market through at least 2020," Kushner said.