BWEN Stock Price: Why It Increased Over 14%

By Dan Anderson ● Oct 2, 2021
  • The stock price of Broadwind Inc (NASDAQ: BWEN) increased by over 14% in the previous trading session. This is why it happened.

The stock price of the diversified precision manufacturer of specialized components and solutions serving global markets Broadwind Inc (NASDAQ: BWEN) increased by over 14% in the previous trading session. Investors are responding positively to Broadwind announcing that the company had received over $12 million in new tower orders from multiple wind turbine customers.

Including these new orders, Broadwind sold approximately 25% of its full-year 2022 optimal tower production capacity. And Broadwind expects to receive additional orders for 2022 production capacity over the coming months.

KEY QUOTES:

“These new tower orders provide increased visibility as we look ahead to 2022, while expanding our relationships with key wind turbine partners. Given ongoing progress around customer diversification, improved order activity and the potential passage of a production tax credit extension, we expect tower demand will begin to accelerate during 2022.”

“We currently anticipate sequential order growth of 50% in the third quarter 2021, compared with the second quarter 2021, driven by improved activity levels across each of our reporting segments. We look forward to providing further updates during our third quarter conference call in early November.”

— Eric Blashford, President and CEO of Broadwind

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.