Broadwind, Inc. (NASDAQ:BWEN) Q2 2023 Earnings Conference Call August 14, 2023 11:00 AM ET

Company Participants

Tom Ciccone - CFO

Eric Blashford - President and CEO

Conference Call Participants

Eric Stine - Craig-Hallum

Amit Dayal - H.C. Wainwright

Justin Clare - ROTH MKM

Operator

Greetings, and welcome to Broadwind's Second Quarter 2023 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] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Tom Ciccone. Thank you. You may begin.

Tom Ciccone

Good morning, and welcome to the Broadwind second quarter 2023 results conference call. Leading the call today is our CEO, Eric Blashford; and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer.

We issued a press release before the market opened today detailing our second quarter results.

I would like to remind you that management's commentary and results to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest annual and quarterly filings with the SEC.

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

With that, I'll turn the call over to Eric.

Eric Blashford

Thanks, Tom, and welcome to those joining us today. During the second quarter, we continue to demonstrate strong execution on our strategic plan while capitalizing on balanced demand strength across our diverse end markets.

At the same time, we delivered sustained price discipline, drove efficient materials procurement, and reduced our freight expense and introduced process enhancements, which, together with the benefits of the IRA-related tax benefits, translated to significant year-over-year margin expansion and improved profitability in the period. This strong performance was partially offset by planned maintenance at our Abilene manufacturing facility where we are retooling and automating portions of our coding system. The planned maintenance at Abilene resulted in an EBITDA impact of approximately $0.6 million in the second quarter or $0.03 on an earnings per share basis.