Broadwind Reports Mixed Q2 Results, Provides Weak Q3 Outlook - Broadwind (NASDAQ:BWEN)

Broadwind Inc BWEN reported a second-quarter revenue decline of 15.4% year-over-year to $46.49 million, marginally above the consensus of $46.31 million.
Sales by segments: Heavy Fabrications $35.86 million (-17.9% Y/Y), Gearing $7.4 million (+7% Y/Y) and Industrial Solutions $3.54 million (-19.5% Y/Y).
Q2 results were impacted by temporary project delays in the current year.
Orders for the quarter decreased by 33.2% Y/Y to $26.44 million, and the total backlog declined 34% to $74.3 million.
EPS improved to $0.53 from $0.03 in 2Q20, beating the consensus of $0.12.
The gross margin contracted by around 510 bps to 4.7%.
Broadwind reported an operating loss of $2.31 million, compared to a $1.04 million profit a year ago.
Cash used in operating activities year-to-date was $9.99 million, compared to $8.24 million a year ago.
Adjusted EBITDA was $12.8 million, compared to $2.9 million in the prior-year period.
Q3 Outlook: Broadwind expects revenue of $38.0 million - $42.0 million (consensus $48.48 million) and adjusted EBITDA of $0.5 million - $1.0 million.
Price Action: BWEN shares traded lower by 1.84% at $3.74 on the last check Friday.