What does Broadwind do and what are its main business segments?

What is the market's earnings forecast for Broadwind next quarter?

What is the revenue and EPS growth rate for Broadwind year over year?

What is Broadwind's gross profit margin?

What is Broadwind's latest dividend and current dividend yield?

What factors drove the changes in Broadwind's revenue and profit?

What were the key takeaways from Broadwind’s earnings call?

What were the key takeaways from Broadwind's earnings call?

- **Revenue Growth Accelerates**: Q3 2025 revenue up 25% YoY to $44.2 million, driven by power generation and Industrial Solutions segments.
- **Strategic Divestiture Success**: $8.2 million gain from Manitowoc sale, reducing overhead and freeing $13 million in liquidity.
- **Order Surge**: Q3 orders jump 90% YoY to $44 million, with record backlog in Industrial Solutions ($36 million).
- **Segment Recovery**: Gearing orders rebound 250% YoY, positioning 2026 revenue growth.
- **Liquidity Boost**: Cash and credit availability at $27 million, down $13.8 million term loan, supporting 2026 expansion.
- **2025 Guidance Raised**: Revenue now $155-$160 million (up $10 million), reflecting order momentum and strategic focus shift.
- **2026 Outlook**: Power generation, oil/gas, and critical infrastructure growth drivers, with Abilene expansion to support Industrial Solutions demand.

**【CEO Summary Section】**
- **Revenue Growth and Strategic Actions**: Q3 2025 revenue reached $44.2 million, up 25% YoY, driven by resumed Manitowoc tower production and increased repowering revenue. The sale of the Manitowoc industrial fabrication operations in September 2025 resulted in a $8.2 million gain, reducing fixed overhead and improving balance sheet strength.
- **Order Momentum**: Q3 orders surged 90% YoY to $44 million, with strong demand across all segments. Power generation orders doubled YoY, accounting for nearly 20% of revenue, while Industrial Solutions backlog hit a record $36 million.
- **Segment Performance**: 
  - **Heavy Fabrication**: Revenue grew 43% YoY to $29.4 million, driven by wind towers and repowering adapters. Adjusted EBITDA declined due to manufacturing inefficiencies but expected to improve with normalized production.
  - **Gearing**: Revenue fell 23% YoY to $7.1 million due to lower mining and industrial demand, but Q3 orders rebounded 250% to $16 million, driven by power generation and oil/gas aftermarket.
  - **Industrial Solutions**: Revenue rose 37% YoY to $7.9 million, with record backlog of $36 million, reflecting growth in natural gas turbine equipment.
- **Future Outlook**: 2025 full-year revenue guidance updated to $155-$160 million (up from $145-$155 million), with 2026 focus on power generation, oil/gas, and critical infrastructure markets. Abilene facility expansion and capacity utilization improvements expected to drive profitability.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Q3 GAAP net income: $420 million; Non-GAAP EPS exceeded expectations at $1.08.
  - Adjusted EBITDA: $2.4 million (down 29% YoY) due to Gearing segment inefficiencies and unplanned downtime.
  - Cash and liquidity: $27 million post-Manitowoc sale, with $13 million used to reduce term loan and line of credit.
- **Guidance Update**: 2025 revenue range raised to $155-$160 million (from $145-$155 million), with 2026 focus on higher-margin power generation and oil/gas markets. 2025 adjusted EBITDA maintained at $9-$10 million (excluding sale gain).
- **Cost Management**: Operating expenses declined 5% YoY due to cost control and facility consolidation.

**【Q&A Highlights】**
- **Gearing Segment Softness**: Q3 revenue decline attributed to delayed orders from 2024, with 2026 deliveries expected to reflect current order backlog. Power generation and infrastructure demand driving recovery.
- **Margin Outlook**: 2026 gross margin expected to stabilize, with potential improvement from operational efficiency gains and reduced Manitowoc-related costs.
- **CapEx and Expansion**: 2026 CapEx projected at 2-3% of revenue, with Abilene facility expansion to 35% of current capacity to meet Industrial Solutions demand.
- **PRS Weakness**: Timing-related as oil prices constrain customer capital spending, with potential resurgence in 2026.
- **Wind Market**: Heavy Fabrication visibility through H1 2026, with sustained demand for repowering adapters and towers.
- **Tariffs and Costs**: Ability to pass through tariffs to customers, maintaining margin stability despite input cost increases.

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