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Broadwind Energy lowers short-term outlook on volatile steel supply

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Broadwind Energy lowers short-term outlook on volatile steel supply

Broadwind Energy Inc. lowered its short-term outlook for tower deliveries with delays in receiving steel for fabrication slowing production rates.

The decline in the short-term outlook for tower deliveries will result in lower revenue and earnings for the second half of 2018, the company said in a Sept. 5 news release.

"The volatile steel supply situation has been extremely challenging for us. Although tower orders are firming up for the next several quarters, lead times for domestic steel have lengthened despite sharply higher prices, due to the uncertainty regarding available steel imports," Broadwind Energy President and CEO Stephanie Kushner said in the news release. "Negotiations with new tower customers have been slow because of the significant domestic steel price increases, and the widening gap versus Asian tower imports."

Broadwind Energy, however, said it expects its EBITDA to remain positive in the third quarter based on the improving outlook for its gearing business. The company said its gearing orders through the end of August totaled $33 million, up 20% from 2017.