Broadwind Energy, Inc.
) touched a new 52-week high of $8.89 during its trading session
on Oct 7. This denotes an increase over the previous high of
$8.32 reached on Oct 4.
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Broadwind Energy closed the trading day on Oct 7 at $8.55,
reflecting a solid year-to-date return of 278.3%. The trading
volume for the session was 0.33 million shares. Further upside
potential exists for this Zacks Rank #3 (Hold) diversified
machinery company as can be deduced from its expected earnings
growth of 43.9% for 2013 and 100.8% for 2014.
The news that Broadwind Energy has won a $106 million worth tower
contract from a U.S. wind turbine manufacturer sent the shares of
the company spiraling up 4.8%. The company will build the towers
at its Manitowoc, Wisc. and Abilene, Tex. facilities.
New tower orders for Broadwind Energy in the second quarter 2013
were at $52 million and backlog at the end of the quarter was
recorded at $143 million, an increase of 4% over the year-ago
quarter. Year-to-date, the company has booked roughly $306
million of new tower orders.
Already booked at full capacity, Broadwind Energy has started
taking orders for 2014 that makes the company confident of being
able to achieve orders for 500 towers in the year.
A little glimpse of Broadwind Energy's financial results for the
second quarter 2013 has been provided to show the company's
performance in the quarter. Compared with loss per share of 30
cents recorded in the second quarter 2012, the company fared well
in 2013 posting loss per share of just a cent. The result also
was better than the Zacks Consensus Estimate of an 11 cents loss
Revenue declined 9% year over year due to weak results from the
company's Gearing, Services and Corporate segments, offset
partially by growth registered at Towers and Weldments segment.
Going forward, increasing demand in the energy, mining, and
infrastructure sectors will boost demand for Broadwind Energy's
products and services.
Other Stocks to Consider
Broadwind Energy currently has a market capitalization of $123.9
million. Other stocks to watch out for in the industry are
The Babcock & Wilcox Company
), each holding a Zacks Rank #2 (Buy).