BWEN - Earnings call transcript Q4 2020

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Operator

Greetings, and welcome to the Broadwind Fourth Quarter and Full Year 2020 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Bonfigt, Chief Financial Officer of Broadwind. sir. you, Thank

begin. You may

Jason Bonfigt

Bonfigt, statements, that and Full nature, welcome call Fourth morning, the I'm the is a conference and responses We press to and release to XXXX Results and uncertain quarter before Jason and fourth Year Blashford; I the opened CEO, call our Quarter of control. company's commentary Conference CFO. our issued include today, Good market year Eric Broadwind results. the Call. the today their would on management's today's which, like and outside detailing full to are may forward-looking remind by you company's questions Leading

forward-looking results and are statements management's on beliefs, these may current actual materially. expectations Although differ based

that please our the to could cause For discussion filings and a actual refer sections of the factors differ, Risk latest Factors annual with quarterly of some SEC. the to results of

the during questions. release to Additionally, reconciliations remarks, find I'll please financial of our for of open morning. the we the call press turn non-GAAP that, Eric. that in prepared will discussed the you note issued the conclusion call line historical With measures At this over can our

Eric Blashford

multiyear today. Jason, margin flow highlighted to welcome you, joining reported highs. EBITDA, as total those adjusted results, section and Thank full approached strong capture, tower year by us sales in and growth cash significant Broadwind revenue, free wind total

the designing wide producing solutions the our year, new execution core we market to industries. leverage fundamentals range complex energy Concurrently, in headwinds both strong end and proven fabrications and opportunities pursue and continued impacted pool expertise growth our we related to both complete discipline. inorganic exiting pandemic throughout a a remained and chain continued turnkey cost markets While technical wind operational focused Demand year. long-term supply our advance of across improved that diversification, and on organic in capabilities, strategy labor

with energy, forms cost wind improved of since the energy materially of versus XX% During having of decade, wind competitiveness cost past declined unsubsidized the other levelized XXXX.

forth increased reintroduction policymakers for in wind offshore at declined, technologies, As XX% Act additional third-party potential decision the new XX% the energy wind, XXXX, a set as cost recent the to bill, In we ITC of to over PTC for accord, increased subsidy GREEN medium favorable for investments drive potential the spending of administration creating level, energy. age year climate has approved an term, of Biden have the the term. new Congress the incentives demand the together for with ushering golden a in Longer new the tower renewable the infrastructure with catalyst December the wind by investment for Paris a together reenter view a sector.

uniquely favorable Given tower domestic are these the success dynamics. last antidumping the manufacturers believe to trade from wind market benefit we of case, year's positioned

As produce to ship have meet pandemic, throughout our products we done and needs. the we continue customers' to

economic order the to declined Our through continued customers as our supply outbreak, have COVID-XX and chain disruptions rates since uncertainty. manage

adequate remains current on will the support cash, business availability anticipate our this difficult but liquidity and period. to half credit XXXX our having virus with several full end flow. recovery anticipate the first markets order we gradual strengthened However, months, for on a activity in that transitional quantify, to cash continue we The and facility our our provide market of during impact consecutive quoting to business

customer. Heavy an Within due down a chain to our fourth last supply of cycle revenue a expiration. of new ahead order a $XX.X decline pandemic-related a strong delayed and year the was XX% Fabrications Our tower segment, to year-over-year number we quarter million, challenges XX% delivery experienced of anticipated unusually tower sold prebuy we given in sections in the quarter, an year-over-year PTC fourth saw OEM

quarter-to-quarter. from in orders calls, to vary As we've previous on discussed towers the tend business

XXXX their orders fourth tower optimal prior satisfy than the our are OEM customers tower of demand booked well for fourth is capacity with backlog time, to remainder for the our continuing this However, we more above our year. XX% even year decreased. quarter quarter and At as in were discussions

business activity, see to pandemic-related Our delays continues results. which Gearing quarter our impacted customer in fourth

backlog However, beginning segment year-over-year Industrial are activity Revenue through February to gas the increased improved demand basis we see natural on the in period. for has levels our market. a demand prior consistent with turbine as with Solutions at year improved

added conditions within over to Jason balance sheet, for ended line with an the net sold up the customers We further debt-to-TTM the EBITDA have times. year We're tower improved XX% turn of domestic installations. full XX% to credit and and performance. of positioning I'll in deeper X.X favorable We on sections additional call proud As capitalize an financial due in performance year with adjusted was I XXXX, into year-over-year cash to tower a referenced in now increase our wind wind XXXX, X,XXX look earlier, demand to two investment our outstanding. increased us availability market. a

Jason Bonfigt

Thanks, Eric. $XX.X prior sales compared quarter. in $XX.X million year consolidated the million Fourth quarter were to

producing customer started into in but Importantly, QX, for the new tower QX. we delayed a revenue was

improve in long new are we our the this tower of utilization XXXX. base customer, This and We positions see three term. for orders plant are four over wind the we're producing tower us top from turbine customer expansion to encouraged to continuing that OEMs of

the which revenue. were full sales approximately $XXX.X of million, includes $XX million year, consolidated nonwind For

the demand impacting end However, our our also seen reduced beginning and pandemic, from fabrication markets, product have since we industrial mostly lines. the cyclical segment Gearing of

and markets. base us and plant positioning customer we orders mining, strategy our best have optimizing while our oil workforce offtake our New diversifying of the market path exposure been gas end diversify forward, this, remains notably in to weak believe utilization. customer construction and Despite and

have customer for growth Eric As half his begun XXXX. in levels of mentioned remarks, we positioning in accelerate, us the activity see second to

situations where recent with led together schedule not issues to mentioned of gross labor multiple included quality calls, have with significant due These suppliers margins experience behind disruptions, Gearing operating pandemic. lower could in meet and we continue levels within were These supply to availability chains X.X%. either segment As on specifications we approximately disruptions challenges. disruptions our along the to or our

year, full the were increases chain basis expanded utilization the disruptions. offset partially gross of to and XX by For staffing as in supply tower plant combination points X.X% margins

quarter, prior the weighed Operating XX%, absence volumes $XXX,XXX, expenses on gross and points. percent approximately quarter Gearing operating lower primarily compared of to Additionally, volumes. sequentially expenses due Interest margins to and by decrease our a performance a to as approximately due $XXX,XXX debt quarter we million amortization in year of in by consolidated XXX sales $XXX,XXX basis were generated Notwithstanding accelerated declined the borrowing the the to levels year reduction year Fourth lower incentive up to a pandemic due of prior compensation. from the rate. versus the prior $X.X lower the in period. year expense declined and EBITDA $XXX,XXX prior of quarter headwinds, adjusted fourth in

generated $X of year, $XXX,XXX improvement we when performance the our For million an compared with XXXX. EBITDA, in

the to million order. a for quarter. by in Heavy quarter Fourth to year Slides Fourth demand million were quarter Turning of segment. $XX.X new compared X delay delivery customer sales and on driven the quarter, compared lower $XX.X in discussion and prior X a a $XX.X were Fabrications prior $X.X in reduction million our to orders year million

production and perspective, in EBITDA benefit complex to supply inventory Industrial to have million. staffing year, of commercial as increased result with constraints, $X.X customers segment purchase negatively complexity year have primarily mining of their since capacity the increased of of primarily call, higher fabrication year tower capital our Average tower been orders designs. this per and deferred associated together QX, the in challenges the XXXX larger increase expansion we XX% optimal multiple strong and XXXX. Notwithstanding construction lower quarter, levels. of As approximately support sections stronger more were installation in prices impacted current chain the wind sold. the destocking of activities changeovers, XX%, ongoing tower quarter, were base, in segment our From when design the U.S. with tower driven a full unit prior orders selling demand the a customer by an in environment of placed production sold revenue

$XX.X of in As X.X% margins to a increased million EBITDA XXXX. result plant XXX% to in expanded improved XXXX. EBITDA utilization,

improvement by throughout the due turbine and changeovers supply year multiple for disruptions design points was several chain While three an to impacted this were margins OEMs. year-over-year,

Turning to Slide X in our Gearing segment.

$X.X to into As continuing we on are which to see million, interest highlighted two the segment $X customer million. improved quarters following in order Gearing consecutive quarter. our we call, flow quoting activities, increased in see fourth we last our started orders to near book then

segment. XXXX, activity, lower a constrain our QX saw levels. and oil to to the healthy spending we activity gas responses order for reduce levels capital year challenging the Following led inventory pandemic, together with in These and customers

lower million as prior quarter million flat sales basis. from segment in $X.X from $XX.X mining the gas million was to declined backlog Our year-end, and due year-over-year oil demand a $X.X on to customers. Fourth of and year

a As segment with utilization lower volumes, million associated quarter. a inefficiencies of the and lower the realized result sales loss manufacturing EBITDA during plant $X.X

to continue and they're capital margins take including preserve to purchases this actions will deferring and cash, have challenging labor in We and while rightsizing environment.

and improvement both in operating in We expect QX, EBITDA. in performance sales in an

Trailing prior the to orders million, of of of down ended X million Slide within recorded our $XX.X to aftermarket period, of orders customer. the due million, result segment XX-month backlog approximately Segment QX, up prior segment. new customer year compared year share, that roughly $X.X progress slightly at a a X% Industrial year million to discussion $X.X and Industrial down higher over $X.X for Turning Solutions timing year-over-year. activities are from expanding Solutions in share our orders. primarily regaining the the

$X.X resulted the $X.X The opportunities a gain given increased full component Our demand Segment we the cost customer effective volume with in half. in timing gas to associated operating and and the turbine adjusted million in EBITDA sales segment was of management expect significant the Fourth robust, million, leverage increase $X.X strength has $XXX,XXX. and by remains of year first pipeline in quarter EBITDA XXXX. increased of year, from over projects. to momentum prior million

historical under of levels were was above to DSO XX cycle days. from improvement, conversion or in roughly and operating modestly due trend Total primarily million X% credit to deposits Turning Slide $X.X favorably in facility year-end. the sequential at sales, working cash $XX higher, resulting of AP of availability At liquidity XXXX, customers. of XX. with days, to million cash receipts capital over at the million year-end remains and an timing $X.X our continues XX

at sheet. we XXXX, our In we credit cash of and, the reduced generated on QX, cash million strong over a Given free of line in flow. million $X cash in million year-end, approximately additionally, borrowings of of free balance $XX $X half $X flow to QX under had second we from million

$X employment approximately of did the Paycheck we received we highlighted the all met loans proceeds apply to good we million on calls set of As We previous faith, widespread for treasury in believe ensuring forth which this continued year, requirements for employees Protection and today. a our during period uncertainty, continues Program. under the by so economic the

SBA our audited. excess We to application to that The submit that lender loans borrowers announced PPP forgiveness of and $X treasury are million all planning in previously our the QX. be U.S. received in will

their X% extent unclear. at are interest two-year for audit the forgiven, a loans the to PPP timeline not the However, required is loans over the the To a repay rate. company remains period

We level challenges, the loans. XX-month believe low and given seen EBITDA chain positioned years, at to the trailing weather-related profile are Our through healthy our pandemic, to position. after well ending several declined quarter the net lowest liquidity leverage times we netting the and supply out X.X leverage PPP manage in

late supply Lastly, with escalating in guidance first in conditions weather guidance XXXX provided we well although this temporary due chain January, the chosen Texas. as closure we've associated withdraw a to to challenges have plant as extreme half

in the likely the Eric in with of delivery concluding to an to addition of remarks. customers. chain call We within of will end are schedules timing our overview confirm over I'll situations deliveries the assess continuing future as and to and That turn back remarks. modify our these conditions critical markets we supply some impacts reinstate for my guidance concludes

Eric Blashford

Thanks, Jason.

of Slide for our to outlook the for further market. Turning discussion wind XX domestic

As with onshore PTC capacity predicted, a year XX.X XXXX after anticipated gigawatts additions the strong, with drop installed. was off Expectations XXXX expires. remains robust an for for

development. wind build-out would demand turbine meaningful technology years, bipartisan the my include buyers wind already an term. with have primarily use industrial provide through wind While support the infrastructure off likely taken of of likely into the as new, clean now thousands turbines reduce power several catalysts energy. incentive from country's the of will a renewable PTC it wind An Congress powering the wind leverage providing an Act, And a fossil source of assets friendly administration. of attempt past in pipeline. the improve of coast the drive designed further view, the further remains supply been in Commercial has environment, point, individual long-term new a predict extension and would supporting renewable GREEN jobs. to evaluation state low believe From such to legislation a is for passed to It to would PTC and cost get And a future which major outlook the XXXX. This through changing technology existing have area analysts and in medium could additions demand to cost, rapidly transmission, the of of more than XX is point support of connect includes initiatives ESG attractive U.S., the to in while sources eastern of power major of would including of and current We the continues I states long over infrastructure, and of a key to fuels longer-term mandates away are meeting areas signed bill levelized to promote transition recent investment, energy. our evolve, efficient growth of to steps demand. which clean could law. in the turbine investment Offshore to and U.S. gigawatts wind capacity lift dependable, be more driver power energy good-paying demand. that It

number across outside end markets. we diverse a progress of As look continue wind, make we to of

wind initiative Our to vary our of core tower overall diversification while our other forms wind clean renewables remain from factories remains our quarter-to-quarter, as and customer central orders plan to power to business. optimize

gradual four at our and increased have the mining with fastest $XX include years, X revenue Today, annually. times throughout which includes more anticipate material markets. we by segment, nonwind and impact markets, We revenue nonwind some sitting our the we did handling generation, than a into recovery our but cyclical in to segments nonwind In marine million see in pandemic-related markets last industrial penetration XXXX. the those growing more XXXX, power those

our to our growing improving see the asset our capacity increasing in utilization, efficiency profitable adding global while In areas are supply working sell our share our for Heavy focus utilization asset ahead, we chain on the we of opportunities and Fabrications Looking output. remains capabilities market XXXX to improve segment, where growth. remainder of and

more Solutions complementary well domestically We continue new and XX upgrade increase internationally, fabrication creating space. the the our and Gearing a opportunities the for less for the expand of a won backdrop, of as into looking in investment in possible than be over emphasis more successful Broadwind years, toward increased products. entering and shipped and U.S. market customers I'm mix for to as this wind announcement next on the of continue two the sales long-term growth to point key given transition, we offer the the both entry, of the planned categories. to our wind growth. balanced focusing to through In report having industries, with summary, climate another changes as and all the clean segment, the will energy increasing Furthermore, XX demand shift evaluate more cross-divisional Paris potential profitable market grow continue repair which PTC significant internals expand In U.S., accord, the We will existing points year. opportunities. the content new stream. the our later global including regulatory business is sustained in we share, serve, EPC continued recent path installations gearbox we the in offshore segment pleased the sectors mix Solutions to we for offshore in will in And custom market, Industrial effort industrial ITC which GREEN third-party In segment, by the Industrial our be our Act, we to sales participant are the customers. just positioned tend a turbine revenue tower gigawatts the such orders, re-entering to in for see a in is reintroduction and which cyclical

strategy. inorganic Q&A Given well moderator that the over organic to both further balance the our growth and continued support pursue the opportunities to I'll our strength of session. for the turn are sheet, we said, capitalized With that call

Operator

Thank you.

comes session. Craig-Hallum. question. Instructions] with be We your question first with Eric question-and-answer Our will [Operator now our Stine proceed from Please having

Eric Stine

So far XX% know capacity of how But we chain. that on point to could year if is you a with forward? what confidence booked the your year I maybe is normal forward, it for and just wind. the playing know this year, issues this in I maybe a start from maybe you given and mentioned comparing that typical And XXXX. just in that COVID-related going out supply at envision the going is that you that fulfill timing the

Eric Blashford

of be a Wind Typically, year, tend to projects as typical Well, bit not we as where a be ahead spiky. do tend is this spiky. right this to are in we'd Orders bookings. year. be now far in little wind

capacity satisfy orders orders far are. reminder, the are we for advance a and we with for XXXX. working they again, their cycle, of shipments our XXXX customers rest demand that certain as where secure to of customers We normal placed we make that in normally OEM ahead, wanted in because year, well behind last on their particular XXXX to And were because

Jason Bonfigt

lead for get five other projects, steel four get times lead materials add I'll longest are and the and the months. that time the internals to those could the just be to to

So into that think this still additional flow confidence year. gives yet out - that orders, we revenue that that sell be I us can can can

Eric Stine

And also kind XXXX how then maybe reading or of ITC what and you're doing puts maybe you continues all know offshore in that's on urgency XXXX of mentioned by those before Maybe dictate to but there the it's or it. front, the Got the movement activity the some be of a takes or bit the little and doing that? because trajectory you're of And XXXX. developing. about I the for - how of advance timing of project

Eric Blashford

planned offshore. through those all And of are XX way way Well, there's for up all Virginia gigawatts projects wind the the from Connecticut.

So those. we're all continuing of stages in And to they're of various monitor completion.

So I tenders to of yet be lot even those still think and terms let a whatnot. of in are

We though, where a customers states well. discussions, be to we with to maybe our to through location there's but multiple I market enter towers able that mentioned enter before, we look I've that are through our would and to you, divisions as do other maybe in states can work we potential developers in with how remind if that not market. see might only those as

looking that of next years take market. it's strong at XX advantage and We going do believe strong So at to be we're the best to how it's for believe least.

Eric Stine

you'll part it, of And be Right. okay.

on from one me last Maybe Okay. Gearing. just

cautious bit and there. Or a pick seem little that. it activity on more reading order a on the that about seen a have on you You of like little am are customers? it's just you've maybe discussions into more I just that, subtle, bit it's you why mean, confident with things that I correct little a on Gearing? it but it improving in-depth been optimism more sustained? optimistic that, Is seem if little more up is much, And talked does kind but were maybe here too curious, And I'm that

Eric Blashford

the Gearing because Yes, it down up, than that. that be the be of in, further I are the business, industrials be think to are particular that. tend we in further we correct seems And the industrials industrials business, tend that than if down, up to we slightly tend to that. play you If like in

markets, industrial, that but only So power bit and even more to increases and of a generation, and steel, lot is a our market some infrastructure, starting really seeing of in are too. oil markets, all utilities, our in our come dynamic, gas in we back not

that than in have more are So quarters we much two you're now been optimistic right ago. we would

Operator

Thank you.

Dayal next H.C. question with Please from your question. Amit Our with Wainwright. proceed comes

Amit Dayal

you Just correctly 'XX? removing to guidance first XH I the make sure heard for this the are -

Eric Blashford

did associated this impacting well, last We plant weather closure the And supply disruption. are. a with We as also production chain week obviously. Texas - are that we it's weather have impacted and our

So soon schedules will supply Again, is through plant have the reinstate that for first information, operational. we the as And we and chain. we're the as half. the working guidance

some entering in be the be at looking - the the performance. into QX of some to with expected QX. and those we as were - year, now were our timing delays we - of comparable we As QX some of very And there could that revenues

think quarter So think just color second first gives will be that I we you cadence bit a of more little quarter. into the how the

Amit Dayal

Okay.

cetera, right? So versus contracts projects, et any pushouts in more or losses

Eric Blashford

All pushouts. cancellations. No customer

Amit Dayal

Okay. roughly million backlog, for the in what this? Understood. that deliveries $XX is timeline have on you The

Eric Blashford

approximately of XXXX $XX our so, that is well. XX% in is With Gearing of be million Industrial - and business, it, Heavy that then of balance then of related $XX that, XXXX would which - the or And Fabrications amount, production. Solutions the will to within million I say that all most about and is There's ship as probably will XXXX.

Amit Dayal

power January With you Understood. delivery some issue is had And issue now in et of delays, Or in update, you are addressed your for you? was Okay. kind and play weather talked that that have about sort delays of dealing Texas, this still you that other with? in cetera.

Eric Blashford

you Can going. I where the question. you're the understand question? I'm fully sure understand repeat not I sure not I'm

Amit Dayal

talked revenue the So first. about push-outs fourth certain quarter from the you to

Eric Blashford

Yes.

Amit Dayal

wondering those in? and I'm problems you're came to that place, respect with deliveries dealing tower other with took now if Yes, deliveries.

Jason Bonfigt

shut. lost week more would Texas could QX We Oklahoma talking in end are Those towards as week, QX because have What that about ones production into of that did. still were likely QX full QX. a slip of production a the companies out, a pushed bit about in we we shifted area little is most that of than in in they're Texas, it frankly, the is the and shipping

of QX. So that's uncertainty into QX why the there's

Eric Blashford

in - to And announcement, we the I since be want and just with seem would general, we say, careful our supply intensifying. chain last our be issues that we to guidance a parts, have to we're provide guidance receive good can understanding able and QX when performance. articulate those have and of so the to and we QX going not be thoughtful -

Amit Dayal

No, that's understandable.

Just one last question from me.

about Do that sort of growth mind? of potential talking thinking you targets considering You're inorganic potentially are efforts. What you the in have of part for story?

Eric Blashford

with Yes. $XX strategy. consistent if possible. with size we targets Well, on definitely a but all do clean strategy, a maybe to the would maintain in aligned we have But targets million be some present million which would renewables, core mind. and opportunities $XX tech our with be got at it's on - to line competencies, those It growth look We've strategy inorganic in have range. focus to is long-term our our

it's ours. key of So focus a

Jason Bonfigt

So two the well to as potential space what about that talked offshore opportunities space emerge. investments just either companies to within a or out from or that those in acquisition Eric to pieces as build within our

Amit Dayal

Understood.

be Just your expect the should from me. side, margins? kind gross Maybe, XXXX gross to of one in XXXX terms last of one of we just margin reflective on

Eric Blashford

half. the first on I that clarity we think guidance we'll provide provide more on once

Operator

Thank you.

question. comes with next from Partners. ROTH Justin with Clare your Please question proceed Our Capital

Justin Clare

situation to in like the things Texas a point. this first, little lost It up So sounds sounds bit and back production. one want just I at I are running of week like understand But it better. you guess,

- week? to confined risks that risk the more there than are just period? of any is production So one kind time is the that Or really losing for

Eric Blashford

production But gas in week. operations our Texas, the water, to yes, we carefully. were in down week, of take companies part our able about other millions electricity and one we - better fortunately Well, like of for natural lost just people a

really So nothing was damaged.

up able carefully. back bring it were we to So

back and in functioning, So our operation. equipment we're is

The other that, materials. is though, side of incoming

are the materials. We receiving some But impacted are suppliers may are They in. in that area of we that been well. coming have that as know

and impacted, drag on they're that their a homes Justin. all we're be back which and intents up The now. but employees, further could the all working. impacted, and job for purposes, So on and were were But running safe it, and

Jason Bonfigt

busy and slots backlog. to recover I'll challenging, them plant very that just a I add. a but And This as week's for recapture slots for those view production is it's to attempt We'll them up, year. loss. with seemingly the to us production lost is make difficult nice certainly

Justin Clare

intensifying you is Industrial broad-based chain tower issue? are effect the of it. Got primarily Is then this really like sounds of And are supply well, the supply Or on it wind this you the issues, okay. chain the segment? so And issues? to seeing this then of as impacting intensifying. Okay, just Gearing, Solutions that as they're like more in related seeing issues Texas? Or a terms in

Eric Blashford

- Justin. Yes. It's question, for Thank really good a you that's that.

QX, call way from or materials So were terms the XX% is a which their of of Far most And those and business when towers come of pandemic in just remind, what on them, we global United uses internals, in About supply those the to QX in chain. suppliers. East States. started either value

and those point workforces, of such or or things As chains own it as started moved to the even either saw through QX trouble shortage some We supply ships with even seeing of their containers. congestion port - we're shipping logistics. a QX, even suppliers having their

local and towers internals. impact local but shortages to the primarily up, challenge impact Gearing, but impact the don't to production internal tower be a towers on divisions, the side. side on there to the as the have deliveries, it's ease to of primarily By Now a starting be primary we domestic could business. that staffing. some little are see on in the With regard that's of But other Texas but that Oklahoma, sub-suppliers as if there really bit only of much way the of would and pandemic-related

Justin Clare

Okay.

or you earliest if offshore on just really from sense could maybe more how for going the for one the has Manitowoc this then now facility wonder like whether when opportunity you're either looks a helpful. previously customers? introduction than with At That's a you could on ITC expected. greenfield the your considering the Okay. the give of offshore be to that plant? me opportunity. I bigger opportunity make decision It could us And a the affected still And the then point, conversations is be with wind

you than contemplating a are - plant larger be previously? could So or you maybe

Eric Blashford

our I over in remain United planned regard plant, us. requirements or States located mentioned states With are very - for certainly years the where if bullish as and that, earlier, the enticing that XX the of offshore. Again, plant on there a of it's the to of perhaps sizing that state on interesting very plant could the to next offshore is and still Well, content those sizing would we satisfy. would XX-plus the the depend gigawatts specific

make more new But reminder, would component or plan. one that. the three got certain that So wind, earliest the line still looking bullish - be plenty would time just And with be to market. we're care in from out be we're of all from sight decision that to to to to largest step three divisions to of take contracts offshore that We potential again, to that the the some we things have on potential towers to plant a seem us moving bit, as several we'd we of now. have but order I'd able for And on to a that direction, a ability we've to support over But a of opportunities customers able single at say, all support still have make justify in our to demand. next take Justin, be a support quarters. again,

Operator

you. Thank

Our Rice. next question. with Johnson comes Martin with Malloy question proceed from Please your

Martin Malloy

speak most are timing you any for? case, Could the that the you maybe about of status should we of decisions recent where trade and look with the

Eric Blashford

in is statute, filing. Coalition, months September be Broadwind the trade after Sure. was a XX part XXXX must That the case fully Wind by which those resolved trade By Tower Trade of. filed cases

time. usually, it's earlier, take Sometimes a bit but that about they much

XXXX, of as decision way but of Commerce. moving it a through the is until expect wouldn't Department November we ITC the and So as final its late

entities so we've case. through good got those far, And for the support

Martin Malloy

could maybe Southwest any Texas? regional you we you that Midwest it's wind considerations demand Okay. the could the should on on about, Upper to And think side, then - or speak whether

Eric Blashford

Sure.

to demand it's I southern continues a part the onshore wind but of wind for strongest the corridor, north be in think the moving the bit. actually

take So of we're to our moves to our able encouraged, advantage as be plants. both north, - of it

of starting other is into to the eastern York. we're an a New see, little The way, dynamic bit move by

it's of but lot Now renewable that's driven state of a lot portfolio by a think by driven standards. offshore, I

our think if frankly, route, in fossil Texas, toward So eastern I from because of a along replace individual one from demand north, also plants, an the by I driven lines, Kansas think that's fuels renewable these the southern think with their moving again which is and you heavy Oklahoma, the bit area, states, states the desire of sources. to

Martin Malloy

north position? and the as in And market - you Okay. maybe a it competition? less follow-up little if there east, that, moves ask bit are a to the could on Is a better in just I

Eric Blashford

south there be compete Wisconsin. position to we that the a project But turbine the frankly, in - for, tower closer are in our the as corridor. whole - certainly very north. in plants well, I north, - wind in moves very, - it plant and And solid to think We in the well, are would

demand we belt in some plant. But So of see well, plants not wind Broadwind. there side are as could other more toward that just the that northern

Operator

I'd further remarks. are closing this no questions to the over to at floor time. back like There any for Thank you. management turn

Eric Blashford

Sure. excited to be interest do market. And the we of to present proud to support here you. our report. primarily the our results We're clean tech we're markets, appreciate what I renewable all our you to able in really and company. QX your Thank

Operator

Ladies gentlemen, concludes webcast. and this today's

You may for Thank this time. great disconnect your day. now and a have at lines your participation you

Broadwind (BWEN) 28 Feb 212020 Q4 Earnings call transcript