Broadwind Energy (NASDAQ:BWEN) reported sharply higher second-quarter revenue, improved adjusted EBITDA and record order activity in its continuing Gearing and Industrial Solutions businesses as the company advances its exit from wind tower manufacturing.
Chief Executive Officer Eric Blashford said the company is repositioning itself as a precision manufacturing supplier focused on domestic power generation and critical infrastructure markets. Broadwind sold its Abilene facility in April, and heavy fabrication results excluding pressure-reducing systems have been classified as discontinued operations. The company expects to complete its remaining wind tower orders during the third quarter.
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"Once we complete our remaining wind tower orders in Q3, satisfying our contractual obligations, Broadwind will have completed our strategic pivot away from wind," Blashford said.
Second-quarter consolidated revenue from continuing operations rose 67% year over year to $24.3 million, driven by higher order activity and deliveries in both operating segments. Adjusted EBITDA improved to $1.6 million, compared with an adjusted EBITDA loss of $1.1 million in the prior-year quarter.

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