Broadwind Energy Inc. said Friday that it had a smaller loss in the second quarter as revenue from wind tower sales picked up.
The loss was larger than expected and revenue fell short of Wall Street expectations, however. Its shares fell 34 cents, or 25.4 percent, to $1 in morning trading.
The Naperville, Ill., wind energy company reported a net loss of $4.46 million, or 4 cents per share, for the three months ended June 30. That compares with a loss of $14.2 million, or 13 cents per share, for the same period in 2010.
Revenue increased 17 percent to $39.3 million from $33.6 million a year ago.
Analysts had expected a loss of 2 cents per share on revenue of $48.1 million, according to FactSet.
Wind tower revenue jumped 48.5 percent in the period to $24.5 million. The company's gearing segment reported a 13 percent drop in revenue to $12.5 million due to a decrease in wind gearing sales. Its technical and engineering services business said revenue fell 17 percent to $2.4 million due to the absence of a large blade project that was completed last year.
Broadwind said it booked $67 million in new orders in the first six months of the year, more than double the amount from the same part of 2010. Its order backlog totaled $210 million at the end of the quarter, down from $216 million at the same time last year.