ABB_id2059
in News Departments > New & Noteworthy
print the content item

Chicago-based Broadwind Energy reported revenue increases and improved its net loss for 2012. However, the tower, gear and services provider attributed sharp fourth quarter declines to the expiration of the production tax credit (PTC) as developers put projects on hold awaiting a resolution of the key wind incentive.

For the year, sales increased 13% to $210.7 million, reflecting growth in all operating segments. Broadwind also narrowed its net loss from continuing operations to $17.9 million, compared to a net loss of $20.7 million loss reported in 2011.

Broadwind reported sales of $44.9 million for the fourth quarter of 2012, an 18% decrease compared to $55.1 million in the fourth quarter of 2011. Broadwind notes that the PTC deadline accelerated shipments earlier in the year.

Broadwind's net loss for the quarter widened to $5.9 million, compared to a loss of $5.7 million in the same period in 2011. The company attributes the net loss increase to increased amortization expenses.

Broadwind says uncertainties due to the PTC expiration made for a difficult 2012.

"In the fourth quarter, (the) towers segment operations were particularly challenged by deliveries accelerating ahead of the PTC expiration and then falling off sharply as year-end approached," says Peter C. Duprey, Broadwind's president/CEO.

However, with the PTC's extension and a favorable ruling from the International Trade Commission, the company expects demand to rebound. In fact, the company recently announced a $27 million tower order from an undisclosed wind turbine manufacturer.

"We see strong near-term demand for towers, as some of the market uncertainty has been removed," says Duprey. "As a result, we now expect higher productivity in towers in 2013 than last year, which, combined with benefits from our restructuring initiatives, should drive significant expansion in our 2013 gross margins."

IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015