The Broadwind Inc (NASDAQ: BWEN) stock price soared 85.4% after securing orders worth $175 million from a leading global wind turbine manufacturer. The company expects to fulfil the order throughout 2023 up to the end of 2024.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The company manufactures a diverse assortment of precision specialised components and solutions. It prides itself on heavy fabrication, gearing and assembly of the world’s biggest and most challenging applications.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Broadwind builds equipment, structures and systems that change industries and power progress. The company builds applications at a massive scale in environments that require performance and accuracy.
The company attributed the massive order to the continued implementation of its business development strategy as it expanded into adjacent complementary areas while leveraging its proven precision manufacturing expertise.
The firm noted that the order would utilise 50% of its tower manufacturing capacity throughout the next two years and will help it optimise its plant utilisation over the near-to-medium term.
Investors cheered the announcement, given that this is the largest order Broadwind has ever received from an original equipment manufacturer (OEM).
Furthermore, the order carries some financial advantages, including a Federal tax credit under the Inflation Reduction Act (IRA) that was passed and signed into law in 2022.
Eric Blashford, Broadwind’s President and CEO, said: “This transformational new tower order is a historic accomplishment for our entire team, one that further establishes Broadwind as the leading precision manufacturer of heavy fabrications advancing the global energy transition. This important win will support a balanced production schedule over the next two years, materially increase system-wide facility utilization, and drive improved economies of scale across our organization.”
The order doubles Broadwind’s current backlog compared to the backlog announced at the end of Q3 2022. The company expects its tower order book to continue filling throughout the rest of 2023 as it secures more orders.
Investor interest in Boradwind (BWEN) shares remained high since over 5.06 million shares had changed hands at writing
*This is not investment advice.
Broadwind (BWEN) stock price.
The Broadwind (BWEN) stock price soared 85.4% to trade at $4.19, from Tuesday’s closing price of $2.26.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.