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VWDRY - Broadwind Announces 1Q20 Beat; Reveals Strong Orders And Backlog And Third Wind Turbine Customer
Vestas Wind Systems A/S ADR Unsponsored Repstg 1 Ord Shs
This is a Z4 pre call quick note.
1Q20 Highlights:
Gross margin up 420 basis points year over year.
Operating margin up 470 basis points YoY,
Orders: Up 41% in 1Q to $33.8 mm - all segments saw double digit order increases though gearing is seeing O&G delays as expected.
Backlog: increased 57% YoY to $127.4 mm at quarter end. Heavy Fabrications are 76% of company backlog and were up a whopping 83% YoY. These are quarter end figures with the Heavy Segment backlog off $23 mm since year end (but we assume that's now