Broadwind Energy (BWEN) Misses Badly As Losses Continue, No Profitability In Sight

Broadwind Energy (BWEN) recorded another quarter of losses and profitability isn’t looking likely until at least 2011.  Subtracting one time items the company posted a loss .11/share, which was .04/share more than what analysts expected.  Revenues missed badly as well coming in at $32.95 million, missing estimates of $46 million.  This is a company making no progress and even took a step backwards last quarter.

The CEO explained the poor performance:  “Broadwind was significantly impacted by lower fourth quarter purchases under our multi-year framework agreements. In addition, we believe lower revenues in our Logistics and Technical Services businesses were the result of lower wind turbine sales.  To offset the adverse earnings impact of sharply lower revenues, we initiated an aggressive expense management program in 2009. We believe our cost-control efforts will benefit the Company throughout 2010 and beyond.”

He went on to say they are beginning to see an increase in orders and better liquidity due to public offering early in the year.  The company sees a weak first half, but momentum heading into a strong year in 2011.

Shares of BWEN are holding steady in premarket trading.

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