By Dean Seal
Shares of Broadwind were trading lower after the company’s third-quarter revenue missed expectations and its chief executive warned that 2024 would be a “transitional year” for the still-recovering industry.
The stock was down 20% at $2.28 in early trading. Shares are still up 28% year-to-date.
The wind energy manufacturer logged third-quarter revenue of $57.1 million, up from $44.8 million in the year-ago quarter but under analyst projections for $58.2 million, according to FactSet.
Chief Executive Eric Blashford said Broadwind is seeing early signs of recovery in onshore wind markets, but that “2024 is expected to be a transitional year for the industry.”
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