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Broadwind Energy's Q2 adjusted EBITDA drops YOY despite higher revenues

Broadwind Energy Inc. on Aug. 2 reported second-quarter adjusted EBITDA of $1.9 million, compared to $2.1 million in the same quarter of 2018.

The company booked $104.6 million second-quarter total net new orders, compared with $18.6 million in the prior-year quarter. Revenues came in at $41.2 million, improving from $36.8 million in the 2018 second quarter.

The company narrowed second-quarter losses from continuing operations to $1.0 million, or 6 cents per share, from losses of $6.1 million, or 40 cents per share, a year ago.

Looking ahead, Broadwind Energy expects third-quarter revenue to exceed $45 million with approximately $1.4 million to $1.8 million of EBITDA, CEO Stephanie Kushner said in the company's earnings release.

"We are pleased to see the order recovery in Towers, which is beginning to provide good visibility into 2020 production. We continue to prioritize diversification of our customer base, and booked a sizeable tower order from a new wind turbine OEM during the quarter," Kushner said.