Broadwind Announces New Tower Customer Order
March 17 2020 - 6:00AM
Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of
specialized components and solutions serving global industries,
today announced an order from a wind turbine customer, representing
a total value of approximately $5 million.
With this new customer addition, Broadwind now
supplies three global wind turbine manufacturers, further to the
Company’s long-term focus on customer diversification.
Including this order, Broadwind has approximately 70% of its
full-year 2020 production capacity in its backlog. As of Dec.
31, 2019, total backlog was $142.3 million, an increase of more
than 48% from the prior-year period.
“Tower demand has increased materially over the
past year, resulting in improved capacity utilization at our
manufacturing facilities. We are pleased with the recent
progress made toward further customer diversification, as evidenced
by the addition of a new, major wind turbine OEM customer, together
with continued growth in demand from our existing base of
customers,” stated Eric Blashford, President and CEO of
Broadwind.
“To date, we have experienced no significant
disruptions to our business resulting from COVID-19, although we
continue to monitor the situation closely,” continued
Blashford. “We are working with our employees to ensure their
personal well-being while maintaining our customer
commitments. Within our supply chain, we currently have
sufficient inventory to support ongoing operations into June, which
provides us with flexibility with which to support existing
demand.”
ABOUT BROADWIND
Broadwind (NASDAQ: BWEN) is a precision
manufacturer of structures, equipment and components for clean tech
and other specialized applications. With facilities throughout the
U.S., our talented team is committed to helping customers maximize
performance of their investments—quicker, easier and smarter. Find
out more at www.bwen.com
FORWARD-LOOKING STATEMENTS
This release contains “forward looking
statements”—that is, statements related to future, not past,
events—as defined in Section 21E of the Securities Exchange Act of
1934, as amended, that reflect our current expectations regarding
our future, as well as assumptions made by, and information
currently available to, our management. Forward looking statements
include any statement that does not directly relate to a current or
historical fact. These statements are based on information
currently available to us and are subject to various risks,
uncertainties and other factors that could cause our actual growth,
results of operations, financial condition, cash flows,
performance, business prospects and opportunities to differ
materially from those expressed in, or implied by, these
statements. We are under no duty to update any of these statements.
You should not consider any list of such factors to be an
exhaustive statement of all of the risks, uncertainties or other
factors that could cause our current beliefs, expectations, plans
and/or assumptions to change. Forward-looking statements should not
be relied upon as a predictor of actual results.
CORPORATE CONTACT
Jason Bonfigt
708.780.4821
Broadwind (NASDAQ:BWEN)
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