Wind is one of the cleanest ways to generate energy, and the demand for turbines is increasing globally. Broadwind Inc. (NASDAQ: BWEN) is a manufacturing company that designs and produces components and towers for wind turbines. It is a leader in its market, and its stock has rallied in 2020.
Broadwind turned around a series of losses with a positive fiscal report at the beginning of this year. It reported 2019 revenue growth of 42.14%, along with gross income growth of 658.33%. The company has increased its operational efficiency, helping it to work towards strong bottom-line profitability. This year, the company has continued to secure new manufacturing contracts, helping to drive investor confidence.
The third quarter reflected the company’s shift towards growth. It generated a 47% increase in revenue and a positive EBITDA figure of $1.9 million. Debt declined significantly in the quarter, and the company gained new orders worth $77 million, to contribute to a backlog of $175 million. This figure shows that the company has a reliable revenue stream.
Just like the company itself, the stock has growth potential. The average target price of $6.13 suggests that new investors will see an upside over today’s price.
- 1 Year Price Growth: 38%
- YTD Price Growth: 08%
- 3 Month Price Growth: -27.76%
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