BWEN - Earnings call transcript Q1 2021

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Operator

Greetings, and welcome to the Broadwind First Quarter 2021 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference to your host, Jason Bonfigt. begin. may you you, Thank

Jason Bonfigt

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

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

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

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

Eric Blashford

significant margin year adjusted to you, reporting in full Thank us which results growth EBITDA. capture, revenue, included today. for welcome joining total free strong cash XXXX, and After Jason, those and flow

shift challenges to resulting rates a production a results weather-related Despite stabilize April and business facilities. outage to utilization from the by in begun first headwinds, Texas the at these second first subside, a chain challenges, in impacted challenges, supply order to our supply a were improved tower our February quarter. chain week-long customer the in as began Our including at quarter number timing of pandemic-related near-term facility of our in have

the fundamentals our Nevertheless, Additionally, are in energy sequential the core quarter. and Demand markets when continue the forecasting in we business. negatively imports our in to adjusted of both EBITDA quarter compared to to second of first strengthen. revenue presence growth continues impact XXXX priced unfairly wind

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

major reduction, incentives to third-party energy. in together creating Accord, reenter over Congress new new for technologies, stage by forth to setting for the drive In policymakers wind, we year potential cost have investments GREEN greater favorable the for the approved offshore term. the addition of Climate view wind level, the in bill, the sector. the December of decision the Longer together Act, a potential as the demand recent Paris renewable XX% In the this for increasing additional investments to an subsidy PTC reintroduction the catalysts with tower administration XXXX, XX% Biden for term, spending ITC with a increased at increased medium the set infrastructure

the success believe benefit even-playing uniquely the the and and continuing duty We efforts wind are of U.S. an market December from countervailing XXXX ensure dynamics. positioned favorable in Given the anti-dumping of manufacturers field these to investigations to tower domestic in

customers' continue normalized exceed of as QX dramatically period requirements. we products customers and pandemic, following to often have disruption. that to our the we As produce a return meet improved prolonged of in exacting in throughout rates and our markets non-wind done more a activity ship our Order application cadence

during provide business we pandemic adequate impact continues, customers this quantify, on transitional we XXXX and will decline our end of due business our end credit doubled facility activity current XX% quoting tower our segment, recovery production a our the on first continue versus to markets to The in of year-over-year sections as flow. we and strengthening sold cash Our Within year XXXX order gradual availability in we first but the period. The quarter remain tower Heavy to see a to orders quarter and secured several prior Fabrication mentioned. difficult support in XXXX just capacity. in full to that XXXX reasons period towards the the the anticipate experienced first anticipate liquidity began the of the half

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

satisfy continuing Gearing, However, the year booked the customers in as second optimal segment year. our our about last discussions orders quarter, decreased. for customer were are of prior Within year tower resulted even during XXXX, demand is backlog the this first to quarter and of in for lower quarter. the well half capacity customer delays XX% time, their first activity the revenue above OEM power pandemic-related we order our remainder in At in with first

are indications backlog improved see increased we improved basis with of for Solutions beginning to market. demand as However, levels. pre-pandemic Revenue natural gas our early on turbine the year-over-year demand nearing activity, segment a within Industrial

our on commitments. will call back the I successfully for safe we results that focus events are keeping our behind discussion turn of impacted to team a series I'm over and a our quarter these they we to of were way quarter financial that, As running as of referenced issues, people our us. as With our plants first I by Jason performance. first believe the customer proud met our responded largely earlier, nonrecurring

Jason Bonfigt

Thank you, Eric.

of our Slide X overview high-level performance. first a quarter to X Turning and for

number for million compared combined to In period. sales reduction primarily the prior a in in in year wind to the Fabrication towers, quarter. $XX.X to The project First Heavy largest repowering which we segment, XX% the led a to revenue in revenue. year-over-year with ultimately decline demand related through impact our was our QX, consolidated $XX.X quarter the million of in year challenges, worked were prior

resulting our in a a QX. $X.X Additionally, project one customers revenue to of million deferral delayed

packages, impacts one facilities lost other for disruptions in to to winter X fixed Abilene more URI. in reopened continue for production which during We end. first spot We We internal February tower meg final to the million of as are resulting of of gas levels, plant the during experience required out or also $X.X subsequently revenue damaged. significant in peak of quarter. than our at quarter without increased the recognize supply conditions Tower delayed, the step facility ability purchases Storm usage drove chain exceeded our Severe $XXX,XXX weather approximately pricing. of contract of expense the delays forcing market storm additional natural due during at production

related tied by mix by QX a which However, were we result. adjusted lost customer content, produced the year-over-year towers performance $X.X the our EBITDA other varies a a on encouraged basis, design by are steel reductions and the valuable by line, performance production an recovery. million, product which driven our are in tower in by branch operational earlier. was improving volume impact These we lines, our slots economic as Despite encouraged decline in challenges of and branch designs offset to generally product application. described improving

the resulting $X.X disruptions to segment Act payroll are QX, credit first of eligible offset a was Retention and or million for credit revisions. pandemic-related earlier. as which the other tax utilized the refundable in costs increased component quarter, financials subsequent Credit, be During company ERC, we the the earned the EBITDA In from the in Employee outlined will described as Tax of CARES provisions in

of QX, again for the be ERC interpretation We expect eligible our given in guidance. current to

reduction operating $XXX,XXX to due to prior our a the Interest from year lower $XXX,XXX quarter quarter levels in First borrowing was expense declined and rate. essentially debt flat in expense year-over-year.

Turning for to discussion a Heavy Slide of segment. X and Fabrication our X

continued demand were quarter lower and $XX.X mentioned previously compared First as wind as driven on tower to year sales $XX.X quarter, the prior million well other disruption supply events. comments in million our nonrecurring by chain

to XX% multiple have tower turbine market And of optimal we OEMs. up approximately of were call, this First continue quarter production as $XX.X our to orders year-over-year as million. sold XX% XXXX to capacity we

challenging operational encouraged million. demand We as delayed and which XXXX. to and adjusted sequentially rebounded was are orders $X recognition that $X.X QX, sections our approximately also QX following approximately to recovers Notwithstanding the QX EBITDA on delivery XX in customer segment Fabrication challenges, mining revenue industrial Industrial million the

multiple earlier, cases allowed And the margins line years. past well expanded. diversification discussed us been objective of plant towers sell customer have result, several improve several to continue trade a we success This strategic utilization as over as a time. we our EBITDA OEMs, product fabrication which industrial As to in key has our over has to and expansion turbine as

Turning to Slide X, I our Gearing will segment. cover

recovery year. inventory place orders position energy our We $XX million. market. and resulting to and resume and see within QX, capital by since approximately approximately began as half two levels highest the improved economic began up recovers. of level pandemic the of customers of pipeline in $XX in and we approached recovery million, QX the started restock was are XX% opportunities times, to And in the to over Book-to-bill We seen industrial encouraged our backlog economy a second our have sequentially. last the orders spending

million versus EBITDA QX, quarter First year, in last bottom of XXXX top generated segment $X.X $XXX,XXX and we a against result segment in performance our elevated We and activity execute begin line million of expect lower throughout declined we year. as commercial gradual in recovery the sales to a backlog. $X.X prior to

Industrial million compared XX its customer. a recorded new of of from primary of $X.X Slide Industrial QX, primarily for result $X.X Solutions of year orders segment. million to the prior to orders our Solutions a timing in Turning discussion down period, the from

result, new we customers quoting and Our the order expect build pipeline the book of a end opportunities markets. throughout including year. remains as of to And healthy, activities

and customer the prior associated increase execution. $XXX,XXX resulted the and timing First cost in the EBITDA and of to $X.X strength of quarter has to comparable strong million adjusted due given EBITDA projects. over from impacts in increased $X was million, segment demand The leverage significant gas-driven effective a $X.X volume the by Segment management volume sales million the year, period. TTM operating with the component increased in

the healthy million next view discussed and XX. levels, liquidity inventory $XX of working $X levels million million anticipate facility inventory with decline quarters. to events million several on sales of over Slide under nearly levels of above Full cash or driven to includes and quarter extraordinary historical gradually increased $X.X increased impacts approximately availability credit to end, in associated at these We be our X% inventory QX. balance by to with $XX.X the which sheet. remains our Turning Operating volume and previously cash sequentially to due levels capital

ERC netting of offering deducting QX, QX, benefits for In net issued common announced will X.X million to approximately the of under first As the ATM likely million after in likely we are equity shares $X.X additional stock over our which of in our we mentioned previously cash company commissions. program, $X.X qualify XXXX. earlier, half million

loan million to our applications submitted balance forgiveness the valued calls, and of the at Protection Paycheck received have this in our the time, on highlighted not We the And proceeds one has $XXX,XXX. lender received of forgiveness loans. under QX we $X on at approximately a As previous subsequently approximately received and on we Program. SBA determination

press turn we $X.X As $XX noted with $XX my some million the $X concludes morning, That of end to back additional our an EBITDA revenue $X remarks. to addition in of for in release QX benefits. concluding I expect be million this remarks. in including between to million after range, issued million overview to approximately to Eric ERC will call over markets, million the

Eric Blashford

Thanks, Jason.

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

predicted, more than for gigawatts Projections XX capacity with for with installed. year remains XXXX was As gigawatts XXXX strong robust installations. additions approximately of a onshore XX

terms, both in energy. predict environment, challenging demand for rapidly are commercial analysts certainly outlook there While future some of long-term to for wind is in it political tailwinds changing and the a

PTC the demand. continues a GREEN have the new to of has drive of steps XXXX. already has PTC sources Broadwind source which more view. mandates to commercial energy getting a continue as aging Act, demand. high a to an down Congress while which it to energy, include in the cost medium law. demand drive U.S. with will service of individual forecasted through And to investment, of turbine power the taken repowering supports lower An necessary key buyers turbines an for ESG of renewable-friendly the the in transmission a as from new, decade. clean of area of such wind new put our remains and to move to infrastructure foundation industrial to job fuels longer-term engine wind nearly off provides passed major driver an connect capacity for through into of infrastructure areas evolve, attractive renewable fossil with wind eastern supply to mandates during a long-term. legislation lift away and primarily probability modernize upon XX of to incentive and continue extension the that of includes represents in We additions our bill next coast existing power the additional recent states, This meeting technology be likely signed power the would due to in of a both increase, to be Further, turbines evaluation gigawatts state efficient administration designed including This build-out installations is and legislation renewables. growth believes and cost creation Offshore

wind, As we look transition exciting number the of progress support a world's we outside of to future. to to diverse our energy cleaner of continue a markets, always across end make long-term strategy mindful

last to other non-wind have of core pandemic-related our three power Today, business, continued optimize at the segment, as In remains we to mining critical times the more wind four-years, our to and marine to annually. overall plan revenue handling did our quarter-to-quarter. and includes XXXX, orders cyclical renewables forms QX impact the see factories more our include some those from and Our in workforce non-wind than which initiative tower industrial penetration million markets. markets. increased fluctuate segments into power as material sitting customer we non-wind clean $XX diversification revenue our with central generation, remain fastest-growing retain our even our and Wind, by

encouraging XXXX. anticipate seeing we signs markets activity demand While and those recovery are in a increased of gradual throughout

Fabrication chain improving our Looking our remains to asset output. market remainder see profitable the risk, all share our cost sell supply reduce on Heavy highly utilization, opportunities our improve we the skilled we for are asset position capacity segment, working utilization leveraging XXXX expanding our In our areas ahead, and adding our workforce. our to to growing while global and of focus growth, and improve capabilities in where

to offer the energy market less as continue visit Gearing of our our possible the new new evaluate opportunities internationally oil. growth designed serve to technologies transition. friendly We including the cleaner, the the pleased first, most ultimately expand completion systems markets will categories. has it and Manitowoc on upgrade last is have market, we by domestic segment, continue natural segment, fuels market. and by continue Wisconsin we forward we and share of that primary XX plan stream. to Solutions the We Navy. long-term honored less of energy be Governor carbon and fuel This in a our of proprietary entry by summary, continue factors: our through will a more And burning thereby making which we the ongoing opportunities. Industrial integral dropped are offshore acknowledge pressure to business shift more for points won to one U.S. encouraged the repair support were our recently replace strong which the our decade, gearbox offshore sales energy pipeline installations system, the global virtual development that interest increasing the technologies the a important tend to we expand such of decade, Algeria, driven furthering turbine massive in the in on of report balanced Fabrication revenue exciting advocated focusing a within in We crane three to over available U.S. remains uses our clean cost by to with next facility the participant as mix our in both more planned also competitive mix I'm new domestically gigawatts growing complementary and cyclical emphasis reduction customers to existing coal wind dramatically given the that attractive space. to customers. see than by an the into our of path I'm wind In In Industrial gas from towards an to early will reach. turbine we content market gas customer grow our the new to In in EPC custom Broadwind of QX, business in

wind, encourage and GREEN the pro-renewables drive both mandated Climate the initiatives, increase Accord. which in by improving to wind. policymakers continue in demand PTC ESG Paris substantial serve, products. the for at of all our finally, voluntary, And growing in supported ITC including and sustained announcements economy infrastructure administration, discussed point will have a investments reentered sectors and certainly the demand the to and we U.S. Act, for providing reintroduction a we the in to Second, third-party resulting incentives investments Furthermore, has increased being federal level, the investment a

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

Operator

from [Operator Eric Our first Instructions] Stein question Craig-Hallum. of is

Eric Stine

capture of enough wanted terms fill the is I got that of to just you XXXX? capacity booked. it would could what XX% that wind. then early Can that you be is more the a remind at And us year? that at is back towards And of in know or point you first, booked So impact have this typical the just really XXXX get? going there that in to anything is you percent what is something time start what with you end realistic have

Eric Blashford

like time than QX. working customers at Sure. that that core we XX%, higher Well, our capacity. we have this be years. previous three but that point is at still We'd in in fill are certainly And there fill to time, to been to higher in with capacity

four to start and have lead think five-month production for previous typically it about we on talked The the in range. steel to time I calls.

Eric Stine

can you pretty by there, setup some and what prices guess that vary the just remind on us given here I that long but got steel, obviously mechanisms in tripling good the but not And on. a that there OEM, you may period, have then, steel, believe use lot pass of you I it topic, to

Jason Bonfigt

Sure. Yes.

a to take reminder, all direct of - don't As buy. our most We of are our contracts steel risk. virtually

steel And so by project. purchase we

customers' don't Broadwind. have impact cognizant that are rising prices that we as is So risk far that But risk issue a but steel fact for a we our of could the as Broadwind. not to bids,

Eric Stine

trailer that just Okay. it Can Is there? the And companies? - release do in it the it the pressure world then haulers reducing put the type I advantages what of customer us know is help one understand user? the more just NG Is me, what themselves, who out you opportunity - yesterday, little you interested there? see then or type the last your market the of is more for And of early, it but you systems. is the end a

Jason Bonfigt

pipeline Sure. virtual of $XXX providers, could would the that million. company homework our utilities. The is we customers. is be that would direct approach we of The varied contemplating a did are lot on product market supporting customers trailer There be one We pipeline be that a would perhaps virtual provider potential this - it. think as for were customers a

focus, So the clean future. towards strategy for we not of are share it it be transitional know to wind fuel fits addition we and a supporting world's is because transition and our substantial is future, a a in to It that huge market. nice pretty our gas, renewables natural market, take energy but that to would us that

are be that. we part happy So to of

Eric Stine

is growth. something clearly, did I pipelines, you is area. is of area nudge an mean, you competitive a the customer did a get in other or of this and all right area a a bit where into was need than mean, direction standpoint, fits you you real are And this saw I in and there it quite this that it this come strategy? about an opportunity from a that how had virtual

Jason Bonfigt

the awkward as compression do ago, these was build Yes. were customers, were the we end, we reduction, we real kind processing years design. something having A doing we of couple was themselves. some a to asked for of an skids. It the realized couple compression by of their other is were to to is, it do And integrate was customers and that pressure which customers weakness, a technology that

to is packaging, thought, look, and better figured at a we job out that idea. efficiency, terms and of a where we so And at we that weight, that how came do took in look

Operator

question [Sameer is next of Your Wainwright. from (Ph) Joshi] H.C.

Unidentified Analyst

visibility two, winning advantage in outlook term, competitive as any your for far is there in is in working these three next terms the longer any offshore there, opportunity of that term, projects? near you are terms there wind in partners as of the offshore So longer-term goes, in or wind quarters the with and to mid-

Jason Bonfigt

competitive with The your question? was advantages specific that customers,

Unidentified Analyst

opportunities longer-term I Yes. It were some think is because right? lost, near-term mid to

Eric Blashford

opportunities a some to market Sure. bit. to The of maybe happened is the has is it near-term moving market right some I to What has do has have bit. to the is the And with do pushed leasing waters. COVID, timing, whole a think certain the right with

and we we is a that optimistic is, opportunity we for how of points offshore. about given wind point a it to is I themselves it factory turbine more be believe some entry. of investigate of other advantage So or towers take for specific is We might than as whether aspirational. entry, feel continue us, it real before, have and It very real still it mentioned

have since three for the market. producing major now. four we service OEMS, competitive work aspirations We that advantages, for turbine of that we OEMs, as far and we all As are they with X one feel all any really can those of certainly

Unidentified Analyst

Understood. like technological is But for? nothing as cans you special capability, of may in just that others terms there that

Eric Blashford

technology, at this Not sizes our different No. capability for we have so some produce moderate have our very that many history. far But to we our far many as are the time. of as as facility towers we so certain to of some as offshore knowledge, advantage Manitowoc our with well in because and take towers different in equipped built the investment know-how OEMs as market in capabilities,

Unidentified Analyst

that. Understood. Good hear to

could be recent nice most opportunities the a that build book you there to have on quarter, there, it seems Gearing order there. Moving seen especially segment,

segment business next five-years? a four, Gearing do the forward, the you Going see three, of larger proportion your in two, becoming total

Eric Blashford

difficult customers, of Well, the all certainly a terms we serve. the with and is it of particular and the that to that That serves such seeing disparate quarters. that think material see tailwinds of opportunities lot our some a in of as midterm, have and that But segment quoting the have a the in bit is marine, the in innings handling, predict. over that pretty over segment in and little last we oil pressured strong we the certainly longer of recovery, interest most we the the term, distribution for markets But for oil last marine, activities early Certainly, been markets are business several has been XX-months. really

saw orders this the really quarter. You jump

So overall within increase to expansion decisions think growth their throughout can appears the some margin purchasing lead are and that year. that well result. again within positioned we customers to make to our it grow as are that as broad inventories gross you we beginning know, a And

Unidentified Analyst

Yes.

Eric Blashford

is is, customers be repairs. And note do capital I from the those either within capital capital new more willing economy, growing or those to businesses of starting to their purchases is with What expenditures are be to investments. mean, purchases, tend customers

Unidentified Analyst

Yes. Yes.

any do million couple rather XXXX, bookkeeping ERC questions. of quarter in have XQ, the of the benefit? more later $XX that half ERC the in a or Just you expect next approximately you - The

Eric Blashford

ERC.

Jason Bonfigt

approximately be evaluate second first cash At are we the point, in the to on planning call. this ERC, we is half business the million in received to proceeds and make just $X.X qualify see half, think I then it of early we'll if that to a again. too

Unidentified Analyst

Yes.

amount? $XXX,XXX. sort related into something you $X.X remainder just on in give other that you more there expect commentary, visibility to the can And said happen? the when I one. you some of the million, the got one, know you any but Of last of Is us insight

Eric Blashford

We the QX. lender from follow-up and our SBA QX, late answered several early have questions in

there quite are here we these QX. unprecedented, optimistic a submitting are are that it may slip will little is a just It few this be and applications point. companies So their but QX, into forgiveness in forgiven at that

just lump the that snake to the here over next expect we'd roll So to have several quarters. through

Operator

is ROTH Clare question Justin of from next Our Partners. Capital

Justin Clare

So customer of you increases. challenges seen has raw price I that for economy. see to the risk logistics that tower a push is kind some your out the right And have they there then then in customers internals, we And have delays any on given orders. could What widespread orders that first delivery we away? risk could not material the also, off, your issue seen is ability deliver across actually been may guess, want securing as

Eric Blashford

say been have the chain cautiously have that been Well, subside. supply - starting we I would to challenges have are that facing to they we started I'm optimistic,

mentioned that that think X of before I on shipping begun I were challenge containers earlier calls has to a bit. apparently our even lighten a

thing, certainly Justin, So hit not is in is India know I QX, sure the But now. we we believe going past is are starting to saying see us. forward. that, that I'm a the a deliveries. pretty being good worst improvement that in

at a could this is that if appearing world be the things of spread are to improve. So potential the But to that rest risk. point,

that things customers our that heard haven't the some time. I of predict. to to that as but is that, at right, aware of really I'm out anything could pushing far can happening, hard of As I really and share substantial be this

Justin Clare

to order want could But then for for then is projects the may early to things projects that for And years? I year your get right? there up maybe XXXX push just they to how make that be slated potential to completed But would that shaping customers XXXX book compared can I some they on the right. get so be want they this There might PTC. the qualify Okay. push to sure some past to the your think there. guess, possibility thoughts

Eric Blashford

time what Well, the begun available have But it say, of is is of do, normally early at our I XXXX. I will to will talk they plants. as inquire customers to year, about both this say quite to about capacity

early, while it interest. Justin, we are So getting is

can this what that time. I at is So share

Justin Clare

Okay.

here. tower business case. the then imports you Okay, some know impact you seen great. most for results that the I recent preliminary are basis, favorable mentioned And trade to on have a continuing

So imports you on case get here? in a more there. happening reduction little is shift before a just meaningful see ahead what's bit results Do wanted the to in final to Or anticipate a a think color the need trade there landscape? you we in change on do

Eric Blashford

can preliminary Spain. against I Justin, to what finding against April, a counter-billing you, were recent for as antidumping Malaysia India. against of report there There duties and is Well, findings preliminary

these are of findings somewhat So resolved a resolved with a than would before, be that. little won't we QX. I things earlier been think those, have But They expect released. until happen QX. I effect, fully But to be have they again, preliminary resolved dampening won't bit fully once shared as until which these tends

yes, the able I a be imports, would we be I certain on to think until in be impact which but QX. can't are final see So dampening should determinations done,

Operator

next Martin question of is Our from Rice. Johnson Malloy

Martin Malloy

And you be up to the order Greenfield would New time nine-months I new plant we awarded Jersey you the year of East really the a next announce like regarding a support line it contracts some have meet or offshore just and six Would in be the New that follow Greenfield XXXX moving have is to help back forward timing the need it? When the to facilities want here. to need developers? wind installations Coast? would maybe on about in build the going you it in on we be us Can announcements facility contract to ramping think and up. looks to topic. York And seen where to

Eric Blashford

increasing there is least installation. of at a XX-year Well, projection

year, to time need So we next in advantage certainly the the have decision you to probably advantage But make earlier of to of take of a take that. plenty year.

max, shovel first between the from week, thinking could to of XX-months dirt sections we to output are two-years a We in meaningful Marty. get terms of per

So how I multiple got that market. have sites think And multiple and we to with states we we are address time. might looking see

Martin Malloy

Okay.

or up then and And lot And lot commodity projects to talk market. expansion Okay. are obviously, the projects wanted of gearing on ask you just a about a going forward. Greenfield seeing prices

you when the see start impact really us back about for maybe Looking for components? can your past commodity help to to of think cycles, you the timing demand

Eric Blashford

That as on some has of the sales. and annual been side. give as history can oil million here I $XX high gas

several below because been orders point this lagging well are the last We have that quarters. at

So what going be And been did is business a about are not we run. and there oil to starting think another has to tied more our hear talked a I extent have And significant are you of is is component that in mining to And our on some discussing. in well, to see the rebound more that customers to expectations. as of But we growth QX. I room from portion again, what gas.

Eric Blashford

starts that maintenance well. Jason steel. mill their ramp was The had there the and mentioned at a their for at Yes. we as up, mill gearing and Marty, ramp steel one of demand as the And lot to demand new for for the start market, steel. starts up, look steel And know is replacement to as they market to

Jason Bonfigt

last the in in $XX million above historically, sales have we annual So years. several been

at near-term We have are target. Last year, a target, we that a as XX%.

are build of range. up this expecting off we to and So that build that to year throughout

Martin Malloy

my reduction then on pressure Okay. just system. the question, final And

to perhaps think side? doing is in there interesting. there would be I it regas really related look capabilities on this new even wondering, area are within should other just transportation, something regas compression, we or out the for And your natural that gas LNG of products

Eric Blashford

in the parts of LNG LNG the helps our Well, the is the because United of the to other Industrial allows Solutions from answer segment growth world. that export States particular certainly market

industrial definitely be the reducing have pressure a is solutions can we of we gas And that But it in can early that some it taking Marty, that, get starting how tests we we fuel is some be look system see this but that with are possibility. we also early, what there. at of our as have facility it, we we aware Carolina. is natural designed we kind out mindful that are for for of is can very helps hydrogen. used that future. technology that and North are used So the the But and for customers It for there are talk that to about out the

This end that be or this then end. feeling And hydrogen related the compressed. an is site. it back need product are back Xa. would would be at the decompression to we customer at And the station Yes, to is Okay. for end,

Martin Malloy

Great. Yes.

morning. for time this your Okay. thank you Well,

Operator

We I remarks. over Blashford back the have end the now of for reached call question-and-answer session. Eric will the closing turn to

Eric Blashford

interest in everyone for Thanks our company.

We Thank are to results. forward you. certainly are again, excited quarter on look about things that second with you to discuss going some we great with company our our speaking and

Operator

today's concludes conference. This

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

Broadwind (BWEN) 7 May 212021 Q1 Earnings call transcript