Broadwind(US:BWEN)2021-08-09 15:47Financial Performance - Broadwind's total revenue declined by 15% year-over-year to $465 million in 2Q21, primarily within the Heavy Fabrication segment[8] - The company reported a net income of $10252 million in 2Q21, which included a $92 million benefit from the Paycheck Protection Program (PPP) loan forgiveness and a $36 million benefit from the Employee Retention Tax Credit (ERC)[8, 5] - Heavy Fabrications segment revenue decreased by $78 million year-over-year to $3583 million in 2Q21, with segment orders declining by 53% year-over-year to $148 million[12] - Gearing segment revenue increased by 7% year-over-year in 2Q21, while orders increased by 110% year-over-year to $79 million[14] - Industrial Solutions segment revenue declined by 19% year-over-year to $3541 million in 2Q21[17] Market Outlook and Strategy - The Biden Administration is proposing a multi-year Production Tax Credit (PTC) for wind and certain other qualified facilities[3] - Anticipated extension of the Production Tax Credit (PTC) in the US strengthens near-term expectations for 27 GW of incremental onshore installations between 2022 and 2030[3] - The company expects tower facilities to be at approximately 50% utilization in the second half of 2021, given current bookings[13] - Broadwind is actively evaluating bolt-on acquisitions and joint venture partnerships to leverage its manufacturing expertise and exposure to clean tech markets[6] - The company anticipates 3Q21 revenue to be in a range of $38 million to $42 million and adjusted EBITDA to be in a range of $05 million to $10 million[7]