Broadwind Energy Inc. (NASDAQ:BWEN) recently revealed that firm is focusing all its attention on diversifying its customer base in the market. The revelation came after the company’s announcement regarding its major recovery in the last quarter. Reports say that despite tough times, the company managed to hold on to its financial status. The stability in the oil and gas industry has helped Broadwind maintain its success despite the rising prices of raw materials.
The company offers integrated solutions to its clients and holds a major share in the energy and infrastructure market. The recent statement by the company’s President and CEO, Stephanie Kushner indicate that Broadwind is on its way towards recovering its tower orders and will soon have more orders for the towers in the second quarter of 2018.
Broadwind Records Highest Order Intake In Recent Times
Broadwind is an American company that has establishments across the country and provides myriad services dedicated to wind towers and its accessories including gears and gearing systems and things related to the energy industry. With the help of Broadwind, the customers can maximize their level of performance as the working becomes much quicker and efficient.
On the financial front, things are certainly looking brighter for the Cicero-based Company as it managed to reserve $10 million in the first quarter’s latest tower orders of 2018. This order of $15 million received by Broadwind was in the Gearing segment and is one of the biggest ones for the company since the second quarter of 2014.
Earlier in the last quarter of 2017, the Energy Company faced a drop in the sales revenue due to weak performance by the Towers and Heavy Fabrications segment. This led to the customers reducing their purchases. During the fourth quarter of 2017, Broadwind reported revenue sales of $17.8 million which were almost two times less than the $48.2 million sales for the fourth quarter of 2016.
But the drop in sales revenue in the fourth quarter of 2017 has not affected the trust of its CEO on the performance of the company. According to Kushner despite the slow growth of 2017, the company still is well placed this year and will do much better in the coming days.