This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Clean Energy Losers: Broadwind Energy

NEW YORK (TheStreet) -- U.S. wind power company Broadwind Energy (BWEN) 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.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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.

RELATED STORIES:




Follow TheStreet.com on Twitter and become a fan on Facebook.

Stock quotes in this article: BWEN 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,262.56 +89.32 0.55%
S&P 500 1,842.98 +12.37 0.68%
NASDAQ 4,034.1610 +11.4670 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs