Broadwind Energy (NASDAQ: BWEN) reported Q1 EPS of $0.11, ex-items, $0.06 better than the analyst estimate of $0.05. Revenue for the quarter came in at $56 million versus the consensus estimate of $54.75 million.

• Closed Red Wolf acquisition during Q1 2017
• Q1 2017 orders total $40 million, up 3% from Q1 2016
• Revenue of $56 million for Q1 2017, up 20% from Q1 2016 as expected – 16% increase in tower revenue and addition of Red Wolf
• Gross profit margin rises 290 basis points to 11.4% in Q1 2017, compared to 8.5% in Q1 2016
• Income from continuing operations of $6.5 million ($.43 per share) for Q1 2017, compared to loss from continuing operations of $.4 million ($.02 per share) for Q1 2016; includes one-time $.34 per share income tax benefit related to Red Wolf

The Company reported net income from continuing operations of $6.5 million, or $.43 per share, in Q1 2017, compared to a net loss from continuing operations of $.4 million, or $.02 per share, in Q1 2016. The current quarter includes a $5.1 million, or $.34 per share income tax benefit due primarily to the partial release of a tax valuation allowance related to the Red Wolf acquisition. The remaining $.11 per share improvement was due mainly to the improved production flow in the Towers and Weldments segment.

• Cash and cash assets drop to $.3 million as expected following $16.5 million cash payment for Red Wolf acquisition - $6.5 million drawn against expanded $25 million credit line

For earnings history and earnings-related data on Broadwind Energy (BWEN) click here.