The following is a summary of the Broadwind, Inc. (BWEN) Q4 2023 Earnings Call Transcript:
Financial Performance:
Broadwind, Inc. generated EBITDA of $4.4 million in Q4 2023 compared to $0.2 million in Q4 2022.
The company reported net income of $1.1 million, a significant improvement from $2.9 million net loss in the prior year.
Revenues from the Heavy Fabrications segment increased to $29.5 million while Gearing segment experienced a decrease.
The company had available funds of nearly $23 million by the end of 2023.
Broadwind anticipates Q1 2024 revenue to range between $34 million to $38 million and adjusted EBITDA to be between $1 million to $2 million.
Business Progress:
Strong demand was seen in the Heavy Fabrications and Industrial Solutions segments, while the Gearing segment saw a decrease in demand.
The Industrial Solutions segment's backlog remained high at $16.1 million, showing strong demand.
Broadwind expects a strong growth in PRS, potentially contributing up to $20 million in 2024.
The company plans to target the aerospace and defense sectors after finalizing its ITAR registration and pursuing AS9100 quality certification. It also anticipates savings from the implementation of lean operating principles and continuous improvement efforts.
More details: Broadwind IR
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