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."


Trachte Inc._id1770
Latest Top Stories

Renewables Make Up Over 50% Of New U.S. Power In First Half Of 2014

According to a recent government report, renewable energy sources, such as wind and solar, continue to dominate new electric generating capacity.


Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.


Having Their Say: CanWEA Clarifies True Source Of Canadian Wind Success

The Canadian Wind Energy Association (CanWEA) takes issue with a recent report summary regarding various renewable energy policies in North America.


FWS Issues Landmark Eagle Take Permit: What Does It Mean For Wind Projects?

The U.S. Fish and Wildlife Service's (FWS) recent decision has far-ranging implications for operating wind farms, as well as for those under development.


'Significant' Opportunity Exists Within Wind Energy's O&M Services Market

An increasing number of wind turbines are nearing the end of their warranty period, creating significant revenue-generating opportunities within the wind turbine operations and maintenance (O&M) sector.

Navigant_id1983
Renewable NRG_id1934