Q2 2024 Broadwind Inc Earnings Call Transcript
Key Points
- Broadwind Inc (BWEN) delivered a solid Q2 with a double-digit EBITDA margin, consistent with prior year results despite reduced revenue.
- The company booked $18 million of orders in the second quarter, showing resilience despite reduced demand across all segments.
- Broadwind Inc (BWEN) continues to expand its product mix within higher-margin adjacent markets, with the new clean fuels L70 low-flow PRS unit expected to attract high customer interest.
- Operational investments in cutting-edge technology have improved process capabilities, reduced costs, and enhanced profitability.
- The company has achieved a 56% reduction in its recordable incident rate in 2024, reflecting a strong focus on team member safety and resulting in financial benefits from reduced costs.
- Heavy fabrication saw reduced demand for pressure reduction systems, partially offset by increased orders from the wind repowering market.
- Gearing orders were reduced year-over-year due to decreased demand from the industrial and steel sectors.
- Industrial Solutions segment orders softened compared to the unusually strong aftermarket orders seen last year.
- Total revenue declined versus year-ago levels due to lower tower demand, despite stable non-wind activity levels.
- Q2 revenue for the Heavy Fabrication segment was down 42% from a year ago, primarily due to the decline in tower production and PRS shipments.
Greetings, and welcome to Broadwind Second Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the call over to your host, Mr. Tom Ciccone. Thank you. You may begin.
Good morning, and welcome to the Broadwind second quarter 2024 results conference call. Leading the call today is our CEO, Eric Blashford, and I'm Tom Ciccone, the Company's Vice President and Chief Financial Officer.
We issued a press release before the market opened today, detailing our second quarter results. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the Company's control.
Although these forward-looking statements are based on management's current expectations and beliefs, actual results may
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