Broadwind Gains on $34 Million Tower Order: Chicago MoverJustin Doom
Broadwind Energy Inc., a Cicero, Illinois-based producer of steel towers, rose the most in more than six months after announcing a $34 million order from a U.S. wind-turbine manufacturer.
Broadwind rose 13 percent to $4.72 at the close in New York, the most since Oct. 18.
The company will build the towers at its facility in Abilene, Texas, and plans to begin delivering them by the fourth quarter of 2013, according to a statement today. The buyer was not identified.
“This order starts to fill the capacity in our Abilene facility into 2014,” Chief Executive Officer Peter Duprey said in the statement. “This provides our tower business with better visibility further into the future.”
The U.S. wind industry is expected to slump this year after a record 13,000 megawatts of capacity were installed in 2012 as developers raced to complete projects before a tax credit expired Dec. 31. The credit was renewed for wind farms that begin construction by the end of 2013, which will spur demand for the next few years as those new power plants are planned and built, according to data compiled by Bloomberg.