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Broadwind (BWEN) Clinches New Tower Orders Worth $29 Million

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Broadwind Energy, Inc. BWEN recently announced that it has secured $29 million of new tower orders from several customers.

As noted, the production of new tower is scheduled to begin in the fourth quarter of 2019 through 2020. With the new orders, Broadwind announced that it has successfully expanded its tower customer base. Over time, the company’s diversification strategy has progressed well, with a record of $32 million of diverse orders so far in 2019 against its full-year target of $60 million.

Illinois-based, Broadwind is primarily engaged in manufacturing, and providing products and services for use in the energy, mining, and infrastructure sectors of the United States. The company has three reportable segments — Tower and Heavy Fabrications, Gearing, and Process Systems.

Broadwind’s focus on securing strong orders from multiple customers is likely to drive revenues in the upcoming quarters. Moreover, the company’s diversified product portfolio and ability to penetrate in different markets are commendable. In fact, it offers precision gearing and heavy fabrications to various industrial customers for oil and gas, mining, steel, and other industrial applications.

In the past three months, this Zacks Rank #2 (Buy) company has gained 31.9%, outperforming the industry’s growth of 3.6%.

In February 2019, the company boosted its available credit line to $35 million with CIBC Bank USA. The credit facility is expected to provide additional flexibility and enable the company to cover general working capital requirements, supporting the U.S. wind market and expansion of products.

Other Stocks to Consider

Other top-ranked stocks in the same space include Chart Industries, Inc. GTLS, Roper Technologies, Inc. ROP and Flowserve Corporation (FLS - Free Report) . While Chart Industries and Roper sport a Zacks Rank #1 (Strong Buy), Flowserve carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chart Industries surpassed estimates thrice in the trailing four quarters, the average positive earnings surprise being 16.56%.

Roper exceeded estimates in each of the preceding four quarters, the average positive earnings surprise being 8.43%.

Flowserve outpaced estimates twice in the preceding four quarters, the average earnings surprise being 0.49%.

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