Broadwind Energy (BWEN) Friday reported that its revenue and loss per share for the quarter ending Sept. 30 are expected to be below the company’s previous estimates, as a result of production difficulties and supplier-quality issues at its Manitowoc, WI tower facility.
Broadwind, active in windmills and other gearing markets, said based on preliminary financial results, it now expects consolidated Q3 revenue to be between $52 million to $53 million, down about $11 million from the previous estimate. The company said it now expects consolidated a Q3 operating loss to be within the range of $3 million to $4 million, and consolidated net loss per share of $0.20 to $0.27. The single analyst estimate on Cap IQ calls for revenue of $65 million and a profit of $0.09 per share.
Broadwind had previously projected operating income of $1.0 million to $2.0 million.
Broadwind elaborated that it lowered Q3 estimates “as a result of production issues in our Manitowoc, WI facility. We experienced paint-quality issues that required significant rework to correct. In addition, we experienced steel-quality issues from a long-standing, domestic steel supplier which impacted production. This is a disappointing setback for the Manitowoc plant which has been running ahead of production goals all year.”