Broadwind Climbs on $87 Million Order for Turbine Towers
Broadwind Energy Inc. (BWEN), a Cicero, Illinois-based maker of steel towers, rose to the highest in more than a year after winning an order worth $87 million from a U.S. wind-turbine manufacturer.
Broadwind rose 10 percent to $5.50 at 8:52 a.m. in premarket trading in New York. The shares have more than doubled this year.
The company will manufacture the towers at its factories in Abilene, Texas, and Manitowoc, Wisconsin, and plans to deliver them next year, according to a statement today. The buyer wasn’t identified. Broadwind has received orders for $200 million worth of towers this year, the company said.
“Broadwind’s tower business continues to benefit from the rebound of the U.S. wind energy industry as a result of the Production Tax Credit extension and the continuing decline in the cost of electricity from wind energy,” Chief Executive Officer Peter C. Duprey said in the statement.
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