Shares of Broadwind Energy, Inc. (BWEN - Free Report) 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.
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 per share.
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 , Ingersoll-Rand Plc (IR - Free Report) and Dover Corporation (DOV - Free Report) , each holding a Zacks Rank #2 (Buy).