3/12/2010- Broadwind Energy (NASDAQ:BWEN) shares are trading 19% lower at $4.61 after reporting a fiscal Q4 loss that was worse than analysts had expected.
The company reported a Q4 loss of $0.29 per share, vs. consensus estimates of $0.07. It also said expects sales in the current quarter to decrease.
CEO J. Cameron Drecoll said, "Broadwind was significantly impacted by lower fourth quarter purchases under our multi-year framework agreements. In addition, we believe lower revenues in our Logistics and Technical Services businesses were the result of lower wind turbine sales. To offset the adverse earnings impact of sharply lower revenues, we initiated an aggressive expense management program in 2009. We believe our cost-control efforts will benefit the Company throughout 2010 and beyond."