Broadwind Energy Inc Down 18.32% To $2.32 After Earnings Beat

Broadwind Energy Inc (BWEN) said before open Monday that it earned $0.2 per share in quarter three 2023.

On the revenue line, the company reported $57.2 million, missing estimates by $1.1 million.

In the same quarter a year ago, the company lost $0.09 per share on revenue of $44.8 million.

The stock is down 18.32% to $2.32 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Broadwind Energy Inc a Bullish Sentiment Rank from InvestorsObserver.

Broadwind Energy Inc has performed a little above average during the past few months. Before the report, Broadwind Energy Inc received a Long-Term Technical Rank by InvestorsObserver of 54, putting it in the top half of stocks. The firm set a 52-week high on January 24, 2023 at $6.1 and set a 52-week low on November 22, 2022 at $1.61.

Broadwind Inc provides technologically value products to energy, mining, and infrastructure sector customers in the United States of America. It operates through three operating segments namely Heavy Fabrications segment manufactures towers for wind turbines, specifically the large and heavier wind towers that are designed for multiple megawatt wind turbines; Gearing segment engineers, builds and remanufactures precision gears and gearing systems for oil and gas, wind energy, mining, steel and other industrial applications; Industrial Solutions segment which provides contract manufacturing services throughout the U.S. and in foreign countries, primarily supporting the natural gas turbine power generation market.