Broadwind, Inc. (NASDAQ:BWEN) Q1 2022 Results Conference Call May 6, 2022 11:00 AM ET

Company Participants

Tom Ciccone - VP and Principal Accounting Officer

Eric Blashford - CEO

Conference Call Participants

Justin Clare - ROTH Capital Partners

Aaron Spychalla - Craig-Hallum

Amit Dayal - H.C. Wainwright

Martin Malloy - Johnson Rice

Operator

Greetings, and welcome to the Broadwind First Quarter 2022 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Tom Ciccone, Vice President and Principal Accounting Officer of Broadwind. Thank you. You may begin.

Tom Ciccone

Good morning, and welcome to the Broadwind First Quarter 2022 Results Conference Call. Leading the call today is our CEO, Eric Blashford; and I’m Tom Ciccone, the Company’s Vice President and Principal Accounting Officer.

We issued a press release before the market opened today, detailing our first quarter results. I would like to remind you that management’s commentary and responses to questions on today’s conference call may include forward-looking statements, which, by their nature, are uncertain and out 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 some 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

Thank you, Tom. And welcome to those joining us today. As discussed in previous quarters, our wind business is experiencing a temporary pause in order activity due to a number of headwinds, such as the delay in the federal production tax credit or PTC and the high cost of steel. We believe the wind market will recover beginning in 2023 and that we could see some potential switching from solar investments to wind investments, given the recent Department of Commerce case in the solar industry.

Our non-wind end markets remained strong. Labor remains a challenge, but we’ve enacted a number of programs to recruit, train and retain the talent we need to meet our customers’ demand. We remain focused on quoting contracts competitively but with the recognition of rising costs, we are effectively managing our cash and expect to have liquidity at current levels by year-end 2022.