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NEW YORK (
TheStreet) -- U.S. wind power company
Broadwind Energy(BWEN - Get Report) has been talking about a soon reaching a trough in the wind market since the beginning of the year, and the trough continued in the third quarter. Broadwind's earnings per share loss of 8 cents in the third quarter was one cent more than the Street expected, and revenue of $38.2 million was below the Street consensus by $4 million.
Broadwind revenue declined 36% from $59.5 million from the third quarter last year, and in line with the overall decline in the U.S. wind industry. According to the American Wind Energy Association, capacity additions during the third quarter of 2010 totaled 395 megawatts, 75% below the comparable 2009 period.
Broadwind was able to reduce selling, general and administrative expenses by 11% due to cost-containment efforts in the weak environment.
Broadwind revenue guidance for the fourth quarter was in line with the Street, at $50 million.
Broadwind CEO Cameron Drecoll tried to show the light at the end of the wind tunnel, stating in the earnings release, "During the third quarter, we continued to improve our financial results quarter-over-quarter. With projected Q4 revenues approaching $50 million, we will end the year with strong results and an improved cash position.... We continue to believe that Broadwind will be well prepared to meet customer demand as the industry regains momentum."
Broadwind added $27 million to its backlog in the third quarter, or approximately 71% of revenue, but it was still modestly lower than backlog at the third quarter 2009.
Broadwind, which has already declined by 75% this year, was down by more than 5% on Friday morning after its latest miss.
-- Written by Eric Rosenbaum from New York.