Broadwind Inc (BWEN) 2024 Q2 法說會逐字稿

Greetings, and welcome to Broadwind Second Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎您參加 Broadwind 2024 年第二季業績電話會議。此時，所有參與者都處於只聽模式。（操作員說明）謹此提醒，本次電話會議正在錄音。

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

現在我想將電話轉給主持人 Tom Ciccone 先生。謝謝。你可以開始了。

Good morning, and welcome to the Broadwind second quarter 2024 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.

早安，歡迎參加 Broadwind 2024 年第二季業績電話會議。今天主持電話會議的是我們的執行長 Eric Blashford，我是公司副總裁兼財務長 Tom Ciccone。

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 responses 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.

我們在今天開盤前發布了一份新聞稿，詳細介紹了我們第二季的業績。我想提醒您，管理層在今天的電話會議上的評論和對問題的答复可能包括前瞻性陳述，這些陳述本質上是不確定的，超出了公司的控制範圍。

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.

儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。有關可能導致實際結果不同的一些因素的討論，請參閱我們向 SEC 提交的最新年度和季度文件中的風險因素部分。

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.

此外，請注意，您可以在今天發布的新聞稿中找到我們在電話會議期間討論的歷史非公認會計原則財務指標的調節表。在我們準備好的發言結束後，我們將開放提問熱線。

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

這樣，我會將電話轉給艾瑞克。

Thanks, Tom, and welcome to those joining us today. Broadwind delivered a solid Q2, highlighted by double-digit EBITDA margin, consistent with prior year results despite reduced revenue. Offsetting a transitional pause in new wind tower demand, second quarter results benefited from a higher value sales mix, improved execution and targeted cost reduction actions. We booked $18 million of orders in the second quarter, a year-over-year decline as we saw reduced demand across all segments.

謝謝湯姆，並歡迎今天加入我們的人。Broadwind 在第二季業績強勁，儘管營收減少，但 EBITDA 利潤率達到兩位數，與去年業績一致。第二季的業績抵銷了新風塔需求的過渡性停頓，得益於更高價值的銷售組合、改進的執行力和有針對性的成本削減行動。我們在第二季預訂了 1800 萬美元的訂單，年減，因為我們看到所有細分市場的需求都減少了。

Heavy fabrication saw reduced demand for our pressure reduction systems partially offset by increased orders from the wind repowering market. Gearing orders were reduced year-over-year largely due to decreased demand from the industrial and steel sectors, while orders from our Industrial Solutions segment softened compared to the unusually strong aftermarket orders seen last year.

重型製造對我們的減壓系統的需求減少，部分被風力發電市場訂單的增加所抵消。齒輪傳動訂單年減主要是由於工業和鋼鐵業的需求下降，而與去年異常強勁的售後市場訂單相比，我們的工業解決方案部門的訂單有所疲軟。

At a commercial level, we continue to expand our product mix within higher margin adjacent markets. The Broadwind clean fuels L70 low-flow PRS unit, the third model in this product family, will be released in Q3 as planned, with customer interest expected to be high for this new model.

在商業層面，我們繼續在利潤率較高的鄰近市場中擴大我們的產品組合。Broadwind清潔燃料L70低流量PRS裝置是該產品系列中的第三個型號，將於第三季度按計劃發布，預計客戶對這款新型號的興趣將會很高。

Quoting activity is elevated at all segments and nearly all markets served, including some green shoots in oil and gas, which has been soft in recent quarters. Furthermore, the Gearing division has completed all requirements for the AS9100 quality certification, for which we expect to receive final approval later this quarter.

所有細分市場和幾乎所有服務市場的報價活動均有所增加，其中包括石油和天然氣行業的一些萌芽，但最近幾個季度一直疲軟。此外，齒輪部門已完成 AS9100 品質認證的所有要求，我們預計將在本季度稍後獲得最終批准。

Operationally, we continue to invest in cutting-edge technology to improve our process capabilities, reduce costs and improve our profitability. Brad Foote Gearing has recently installed an industry-leading grinding center. This new equipment replaces several older machines and includes real-time onboard quality inspection, ensuring that the finished product precisely matches the blueprint specifications before the part leaves the machine. We now have the people, qualifications and technology to penetrate the aerospace and defense markets we target.

在營運上，我們繼續投資尖端技術，以提高我們的製程能力、降低成本並提高我們的獲利能力。Brad Foote Gearing 最近安裝了業界領先的研磨中心。這種新設備取代了幾台舊機器，並包括即時機載品質檢測，確保成品在零件離開機器之前與藍圖規格精確匹配。我們現在擁有人員、資格和技術來滲透我們目標的航空航太和國防市場。

Our focus on team member safety has yielded a 56% reduction and our recordable incident rate so far in 2024, well below the industry average. And we have had zero lost time incidents this year. Most importantly, we are keeping our people safe. But secondarily, we are seeing the financial benefit and reduce costs.

我們對團隊成員安全的關注已使 2024 年迄今的可記錄事故率降低了 56%，遠低於行業平均。今年我們的損失時間事故為零。最重要的是，我們確保人民的安全。但其次，我們看到了經濟效益和成本降低。

Our quality systems, standard work deployment and flexible skills training have allowed us to improve our response time and increase the profitability of the first article and smaller runs often associated with our new customers.

我們的品質系統、標準工作部署和靈活的技能培訓使我們能夠縮短回應時間，並提高通常與新客戶相關的首件和小批量訂單的獲利能力。

Beginning in the first quarter, we undertook significant actions to align our cost structure with the current demand environment. In combination, these actions will contribute more than $4 million in annualized cost savings, which is evident in our results. While total revenue declined versus year-ago levels given lower tower demand, our non-wind activity levels remain relatively stable as we see demand for our precision manufacturing capabilities across multiple markets.

從第一季開始，我們採取了重大行動，使我們的成本結構與當前的需求環境保持一致。總的來說，這些行動將節省超過 400 萬美元的年度成本，這在我們的結果中顯而易見。儘管由於塔架需求下降，總收入較去年同期有所下降，但我們的非風電活動水準保持相對穩定，因為我們看到多個市場對我們精密製造能力的需求。

In Q2, we generated EBITDA of $3.6 million and net income of $0.5 million. This marks our sixth consecutive quarter of profitability despite lingering wind-related demand headwinds. Quoting activity in our non-wind markets has been robust so far in 2024, and we expect consistent order flow through the remainder of this year, despite the continuing softness in the oil and gas gear market.

第二季度，我們的 EBITDA 為 360 萬美元，淨利潤為 50 萬美元。儘管與風能相關的需求逆風揮之不去，但這標誌著我們連續第六個季度實現盈利。2024 年迄今為止，我們的非風電市場的報價活動一直強勁，儘管石油和天然氣設備市場持續疲軟，但我們預計今年剩餘時間訂單流將保持穩定。

Within our Heavy Fabrication segment, Q2 revenue was $20 million, down 42% from a year-ago, primarily due to the decline in tower production and PRS shipments, partially offset by increased sales of mining equipment. Gearing revenue was $10.5 million, a 5% reduction year-over-year due to broad-based softness across major markets, offset by an uptick in wind gearing sales. Industrial Solutions revenue was $6.5 million, up 3% year-over-year, led by an increase in aftermarket gas turbine content, continuing the positive trend for this business, which began in 2022.

在我們的重型製造部門，第二季營收為 2,000 萬美元，比去年同期下降 42%，這主要是由於塔式生產和 PRS 出貨量的下降，但部分被採礦設備銷量的成長所抵消。由於主要市場普遍疲軟，傳動裝置收入為 1,050 萬美元，年減 5%，但被風電傳動裝置銷售額的成長所抵消。工業解決方案收入為 650 萬美元，年增 3%，主要得益於售後市場燃氣渦輪機含量的增加，延續了該業務自 2022 年開始的積極趨勢。

In summary, I am pleased with the operating performance of all divisions through the second quarter, reflecting solid execution and the quick and substantial cost actions we took this year in response to demand fluctuations in both our heavy fabrications and gearing businesses.

總而言之，我對第二季度所有部門的經營業績感到滿意，這反映出我們今年為應對重型製造和齒輪業務的需求波動而採取的穩健執行和快速而實質性的成本行動。

With that, I'll turn the call back over to Tom for a discussion of our second quarter financial performance.

接下來，我會將電話轉回給湯姆，討論我們第二季的財務表現。

Thank you, Eric. Turning to slide 5 for an overview of our second quarter performance. In Q2, we delivered our sixth consecutive quarter of profitability during a period of softness within the onshore wind energy sector. While revenue was down both sequentially and versus the prior year period, we were still able to maintain a 10% EBITDA margin, which resulted from a favorable sales mix and targeted cost reductions.

謝謝你，埃里克。請參閱投影片 5，以了解我們第二季業績的概述。第二季度，在陸上風能產業疲軟時期，我們連續第六個季度獲利。儘管收入環比和去年同期均有所下降，但由於有利的銷售組合和有針對性的成本削減，我們仍然能夠維持 10% 的 EBITDA 利潤率。

In Q2, we generated $3.6 million of EBITDA compared to $5.4 million in the prior year quarter. We generated net income of $0.5 million or $0.02 per diluted share compared to $1.4 million or $0.07 per diluted share in the prior year quarter.

第二季度，我們產生了 360 萬美元的 EBITDA，而去年同期為 540 萬美元。我們的淨利潤為 50 萬美元，即稀釋後每股收益 0.02 美元，而去年同期淨利潤為 140 萬美元，即稀釋後每股收益 0.07 美元。

Turning to slide 6 for a discussion of our Heavy Fabrications segment. Second quarter orders of $9.1 million are down 26% versus the prior year period as we experienced a decrease in orders for our proprietary PRS units. Wind-related orders were up as we received orders for multiple wind repowering projects, but tower-related orders continue to be limited as a result of the existing backlog that originated as part of our large Q4 2022 supply agreement.

請參閱投影片 6，討論我們的重型製造部分。第二季訂單為 910 萬美元，比去年同期下降 26%，因為我們專有的 PRS 設備訂單減少。由於我們收到了多個風電改造項目的訂單，與風電相關的訂單有所增加，但由於我們 2022 年第四季度大型供應協議的一部分而存在積壓，與塔架相關的訂單仍然受到限制。

Outside of wind and PRS, we experienced a 54% increase in orders within our other markets, most notably within Mining and Industrial. Second quarter revenues were $19.6 million, down approximately $14 million versus the prior year quarter. We sold 58 tower sections versus 138 in the prior year period. This reduced level of tower sales versus the prior year is consistent with our previous commentary regarding the slowdown of Abilene production late in Q4 in response to customer demand.

除了風能和 PRS 之外，我們其他市場的訂單成長了 54%，尤其是採礦和工業市場。第二季營收為 1,960 萬美元，比去年同期減少約 1,400 萬美元。我們售出了 58 個塔段，而去年同期為 138 個。與前一年相比，塔式銷售量的下降與我們先前關於阿比林產量在第四季末因客戶需求而放緩的評論是一致的。

During the second quarter, we recognized segment EBITDA of $2.8 million, a decrease of $2.2 million versus the prior year period, primarily driven by the decreased revenue levels partially offset by targeted cost actions taken towards the end of 2023 and into 2024.

第二季度，我們確認分部 EBITDA 為 280 萬美元，比上年同期減少 220 萬美元，主要是由於收入水準下降，但部分被 2023 年底和 2024 年採取的目標成本行動所抵銷。

Turning to slide 7. Gearing orders of $4.7 million are down both sequentially and versus the prior year. Oil and gas orders continue to remain muted due to the ongoing low in domestic development activity. We also saw decreases in orders within our steel and industrial markets. Starting in Q3, we have begun to see increased quoting activity, specifically with our oil and gas customers and expect those orders to start to materialize.

轉到投影片 7。負債訂單金額為 470 萬美元，季減和前一年均有所下降。由於國內開發活動持續低迷，石油和天然氣訂單持續保持低迷。我們也看到鋼鐵和工業市場的訂單減少。從第三季開始，我們開始看到報價活動增加，特別是與我們的石油和天然氣客戶，並預計這些訂單將開始實現。

Segment revenue was $10.5 million, up over $2 million sequentially, but down $0.5 million compared to the prior year quarter. EBITDA increased 14% to $1.2 million in the second quarter, reflective of a higher margin sales mix and targeted cost reductions when compared to the prior year period.

該部門營收為 1,050 萬美元，比上一季成長超過 200 萬美元，但與去年同期相比下降了 50 萬美元。第二季 EBITDA 成長 14%，達到 120 萬美元，反映出與去年同期相比更高的利潤率銷售組合和目標成本削減。

Turning to slide 8. Industrial Solutions recorded orders of $4.5 million in the second quarter, down from $7.2 million in the prior year period. This was attributable to a decrease in demand for our core natural gas turbine offerings, most notably our aftermarket products.

轉到投影片 8。Industrial Solutions 第二季的訂單金額為 450 萬美元，低於去年同期的 720 萬美元。這是由於對我們的核心天然氣渦輪機產品（尤其是我們的售後市場產品）的需求下降。

Segment revenue of $6.5 million represents a 3% increase over the prior year period. Despite the increase in revenue, we did see a modest decrease in EBITDA from $1 million in the prior year to $0.8 million in the current quarter. This decrease is a result of a less profitable mix of products sold and slightly higher operating costs when compared to the prior year period.

部門營收為 650 萬美元，比上年同期成長 3%。儘管收入有所增加，但我們確實看到 EBITDA 略有下降，從上一年的 100 萬美元降至本季度的 80 萬美元。與去年同期相比，這一下降是由於所售產品組合利潤較低以及營運成本略高所致。

Turning to slide 9. During the second quarter, operating working capital increased approximately $10 million. As we noted last quarter, this increase was expected and is primarily a result of a change in terms with a major customer. Our deposit balance has now returned to a more normal operating level, and we expect there will be less volatility in this balance going forward.

轉到投影片 9。第二季度，營運資本增加約 1,000 萬美元。正如我們上季度指出的那樣，這一增長是預期的，主要是由於與主要客戶的關係發生變化。我們的存款餘額現已恢復到更正常的營運水平，我們預計未來該餘額的波動性將會較小。

During the quarter, we did increase borrowings on our credit facility to fund the working capital increase, but we ended the quarter with greater than $18 million of cash and liquidity. This represents an increase over the prior year of more than $3 million at a comfortable level to support our operations. We expect operating working capital to remain relatively stable for the balance of 2024.

在本季度，我們確實增加了信貸安排的借款，為增加營運資金提供資金，但本季末我們的現金和流動性超過 1800 萬美元。這意味著比前一年增加了超過 300 萬美元，足以支持我們的營運。我們預計 2024 年剩餘時間營運資本將保持相對穩定。

Finally, with respect to our financial guidance. Today, we are introducing financial guidance for the third quarter of 2024. Given current expectations and beliefs, we anticipate third quarter revenue to be in a range of $36 million to $38 million and adjusted EBITDA to be in the range of $1.7 million to $2.5 million.

最後，關於我們的財務指引。今天，我們推出 2024 年第三季的財務指引。鑑於目前的預期和信念，我們預計第三季營收將在 3,600 萬美元至 3,800 萬美元之間，調整後的 EBITDA 將在 170 萬美元至 250 萬美元之間。

That concludes my remarks. I will turn the call back over to Eric to continue our discussion.

我的發言到此結束。我會將電話轉回給埃里克以繼續我們的討論。

Thanks, Tom. Now allow me to provide some thoughts as we enter Q3, beginning with our Heavy Fabrications segment. We believe domestic onshore wind activity is poised to accelerate meaningfully in the 2025, 2026 timeframe, given current indications of interest from customers.

謝謝，湯姆。現在，請允許我在進入第三季時提供一些想法，從重型製造部門開始。我們認為，鑑於目前客戶的興趣跡象，國內陸風電活動將在 2025 年和 2026 年時間範圍內顯著加速。

We're encouraged by the momentum in the wind repowering segment, which we support through manufacturing that custom tower adapters required to upgrade legacy turbines. A sustained higher interest rate environment has impacted project economics for some developers, leading them to temporarily delay or defer the timing of their investments.

我們對風力發電領域的發展勢頭感到鼓舞，我們透過製造升級傳統渦輪機所需的客製化塔式轉接器來支援這一領域。持續較高的利率環境影響了一些開發商的專案經濟效益，導致他們暫時推遲或推遲投資時機。

However, the price of steel has been dropping steadily in recent quarters, which is positive for the wind industry. Nevertheless, in the interim, our cost structure remains aligned to reflect a period of lower production volumes at our tower facilities, while reassigning key talent and available capacity toward non-wind demand across our diverse end markets. We remain highly constructive on the long-term economics of wind, particularly with the 10-year tax credit visibility afforded by the IRA.

然而，近幾季鋼材價格穩定下降，這對風電產業有利。儘管如此，在此期間，我們的成本結構仍然保持一致，以反映我們塔式設施產量較低的時期，同時重新分配關鍵人才和可用產能以滿足我們不同終端市場的非風電需求。我們對風電的長期經濟效益保持高度建設性，特別是考慮到 IRA 提供的 10 年稅收抵免可見性。

We are excited about the launch of our newest model in the family of natural gas Pressure Reducing Systems, or PRS. This new model, the L-70, has a compact footprint and lighter weight versus our larger units, making it the ideal solution for industrial applications, such as primary or backup power systems and pipeline integrity projects. We're in the prototype phase now with full release expected later this year.

我們很高興推出天然氣減壓系統 (PRS) 系列中的最新型號。與我們的大型設備相比，這款新型號 L-70 佔地面積緊湊，重量更輕，使其成為工業應用的理想解決方案，例如主電源或備用電源系統以及管道完整性項目。我們現在處於原型階段，預計將於今年稍後發布完整版本。

In our Gearing segment, average to broaden our sales mix into less cyclical markets continue, positioning us to realize a more balanced, stable revenue profile. We are seeing some early wins as we leverage our new capabilities to expand beyond traditional gearing into other precision machine products such as spindles and spindle housings used in foundry operations to the structural housings and material handling applications.

在我們的傳動部門，平均將我們的銷售組合擴大到週期性較小的市場，這使我們能夠實現更平衡、穩定的收入狀況。我們看到了一些早期的勝利，因為我們利用我們的新能力，將傳統齒輪擴展到其他精密機械產品，例如用於鑄造作業的主軸和主軸外殼，再到結構外殼和物料搬運應用。

In addition to the experienced commercial sales agent who joined our team last quarter, we've recently added yet another key commercial resource with specific relationships in our target markets of aerospace and defense. Quoting activity remains elevated with a year-over-year increase of 163%. So we're confident that our commercial strategy, combined with our industry-leading capabilities, will yield the diverse revenue growth we want.

除了在上季度加入我們團隊的經驗豐富的商業銷售代理商之外，我們最近還添加了另一個與我們的航空航太和國防目標市場具有特定關係的關鍵商業資源。報價活動依然活躍，年增 163%。因此，我們相信，我們的商業策略與我們領先行業的能力相結合，將帶來我們想要的多元化收入成長。

In Industrial Solutions, the momentum that we've experienced in the gas turbine industry in the first quarter continued into the second quarter as our key customers are seeing strong demand for gas turbine equipment and services. Quoting activity remained robust, up over 30% from the prior year. Also, we are working closely with our key customers to develop capacity expansion plans necessary to support higher-than-expected gas turbine demand they are forecasting over the next several years.

在工業解決方案方面，我們在第一季在燃氣渦輪機行業經歷的勢頭持續到第二季​​度，因為我們的主要客戶看到了對燃氣渦輪機設備和服務的強勁需求。報價活動依然強勁，較上年增長超過 30%。此外，我們正在與主要客戶密切合作，制定必要的產能擴張計劃，以支持他們預測的未來幾年高於預期的燃氣渦輪機需求。

We are also expanding our product breadth within the gas turbine market by supporting other high-growth platforms such as air derivative turbines. In summary, I'm pleased with the strong operational performance from our team this quarter as we continue to demonstrate strong execution on our strategic priorities.

我們也透過支援空氣衍生渦輪機等其他高成長平台來擴大我們在燃氣渦輪機市場的產品範圍。總而言之，我對我們團隊本季強勁的營運業績感到滿意，因為我們繼續展現了對策略優先事項的強大執行力。

We've reduced our cost structure during a transitional period for domestic onshore wind demand while retaining and redeploying our talent. We continue to build a firm foundation for steady profitable growth serving the energy transition, infrastructure and other key markets and look forward to capitalizing on improved demand in the years ahead.

在國內陸風電需求的過渡時期，我們降低了成本結構，同時保留和重新部署我們的人才。我們繼續為能源轉型、基礎設施和其他關鍵市場的穩定獲利成長奠定堅實的基礎，並期待在未來幾年利用需求的改善。

With that said, I'll turn the call over to the moderator for the Q&A session.

話雖如此，我會將電話轉交給問答環節的主持人。

(Operator Instructions) Justin Clare, ROTH MKM.

（操作員說明）Justin Clare，ROTH MKM。

Hi. Good morning.

你好。早安.

Good morning, Justin.

早安，賈斯汀。

So, I just wanted to start off on Q2. It sounds like there was a higher value sales mix in the quarter, but I was wondering if you could just speak to the specifics a little bit more. And then guidance suggests the EBITDA margin could decline quarter-over-quarter. So wondering how the sales mix is anticipated to change and how that's impacting the margin as we move into Q3 here?

所以，我只想從第二季開始。聽起來本季的銷售組合價值更高，但我想知道您是否可以多談談具體細節。然後，指引顯示 EBITDA 利潤率可能會較上季下降。那麼想知道當我們進入第三季時，銷售組合預計將如何變化以及這將如何影響利潤率？

Yes. We've talked about it. The first half has really benefited from a higher margin sales mix. The material content percentage doesn't impact our – the margins that we realized on some of our revenues. So as that fluctuates, we do see better or worse margins.

是的。我們已經討論過了。上半年確實受益於更高的利潤率銷售組合。材料含量百分比不會影響我們在部分收入中所實現的利潤。因此，隨著利潤率的波動，我們確實會看到更好或更差的利潤率。

So it just happens to be where we're seeing this more profitable mix. We've had more aftermarket sales, which is one of our more profitable work. And again, I think we've said this in Q1, we do anticipate that, that will reverse in the second half of the year. We do anticipate margins to decrease over the balance of the year.

所以這恰好是我們看到這種更有利可圖的組合的地方。我們的售後銷售量增加了，這是我們利潤更高的工作之一。再說一遍，我認為我們在第一季已經說過了這一點，我們確實預計，這種情況將在今年下半年發生逆轉。我們確實預計今年剩餘時間的利潤率將會下降。

Okay. Got it. And then I was wondering if you could just provide an update on kind of where we are with the long-term wind order that you are continuing to deliver here. How much of the order is remaining? And then what utilization levels does that support? I mean my understanding was it was about 25% utilization that would be supported through the end of 2025.

好的。知道了。然後我想知道您是否可以提供有關您繼續在這裡交付的長期風電訂單的最新情況。訂單還剩多少？那麼它支援什麼利用率水準呢？我的意思是，我的理解是到 2025 年底將支持約 25% 的利用率。

So if you could just provide an update on, is that still the expectation? And then any potential you see to upsize that order to deliver potentially – deliver on potentially higher demand?

那麼，如果您能提供最新信息，這仍然是我們的期望嗎？然後，您認為是否有可能擴大訂單規模以交付潛在的產品—滿足潛在的更高需求？

Yes. Thanks, Justin. This is Eric. Yes, you're correct. We did have the agreement with the customer to take the second year of that contract and spread it over 2024 and 2025. We do – we are working with them to deliver just that. We do have good visibility through certainly most of 2025, which would end up completing this particular portion of the contract and are discussing follow-on orders after that.

是的。謝謝，賈斯汀。這是埃里克。是的，你是對的。我們確實與客戶達成協議，將合約的第二年延長到 2024 年和 2025 年。我們做到了——我們正在與他們合作以實現這一目標。在 2025 年的大部分時間裡，我們確實擁有良好的可見性，最終將完成合約的這一特定部分，並正在討論此後的後續訂單。

So I think we've got good visibility through virtually all of 2025, certainly through the first three quarters, and it's clearing up in the fourth quarter of 2025. You're right about the capacity. That takes up about half the capacity in our Abilene plant and so we have more to sell. And we've got some customer interest in that. But again, it's a bit of a softer market through 2024 and ramping up through 2025 to a higher market in 2026.

因此，我認為我們幾乎整個 2025 年都擁有良好的能見度，尤其是前三個季度，而且到 2025 年第四季度情況就會變得晴朗。關於容量，你說得對。這佔據了我們阿比林工廠大約一半的產能，因此我們有更多的產品可供銷售。我們有一些客戶對此感興趣。但同樣，到 2024 年，市場會有點疲軟，到 2025 年，市場會逐漸回升，到 2026 年市場會更高。

Yes. And just to add some color, our backlog in that segment is about just almost $110 million, I would say $90 million of that roughly is related to that order.

是的。為了增加一些色彩，我們在該領域的積壓訂單約為 1.1 億美元，我想說其中 9,000 萬美元大致與該訂單有關。

Okay. Got it. Appreciate it. And then so wondering, just following on that, what level of interest you're seeing for your Manitowoc facility in terms of wind towers. And then you mentioned Abilene, but – just trying to think through when we might see an increase in your order flow for wind and when you think the utilization level of your facilities might ramp up? Is it more into the 2026 timeframe before we see a meaningful kind of inflection point? What are your thoughts?

好的。知道了。欣賞它。然後很想知道，就風塔而言，您對馬尼托瓦克工廠的興趣程度如何。然後您提到了阿比林，但是 – 只是想想一下，我們什麼時候可能會看到您的風電訂單流增加，以及您認為您的設施的利用率什麼時候可能會提高？是否要到 2026 年才會出現有意義的轉折點？你有什麼想法？

So I would say, Justin, it would be, I would call it, through 2025. I'd see the ramp-up coming towards the end the second half of 2025 into a stronger 2026 and even you get a stronger 2027. Interest with Manitowoc, we have two customers that expressed interest in Manitowoc, but again, that's more towards the end of 2025 when they're seeing some of their projects come to fruition.

所以我想說，賈斯汀，我會稱之為，到 2025 年。我預計到 2025 年下半年末，經濟將加速成長，進入更強勁的 2026 年，甚至 2027 年也會更強勁。對馬尼托瓦克感興趣，我們有兩個客戶表示對馬尼托瓦克感興趣，但同樣，這更多是在 2025 年底，屆時他們會看到自己的一些項目取得成果。

Okay. Got it. I appreciate it. Thank you.

好的。知道了。我很感激。謝謝。

Thanks Justin.

謝謝賈斯汀。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾 (Amit Dayal)，H.C.溫賴特。

Good everyone. Thank for taking my questions.

大家好。感謝您回答我的問題。

Good morning.

早安.

Just following up on the wind questions. It looks like you are seeing some positive, I guess, developments for orders in the future. But at what point do you expect customers to start booking capacity for orders that may start materializing or need to be delivered in 2025 on top of the backlog you already have?

只是跟進風的問題。我想，您似乎看到了未來訂單的一些積極發展。但是，除了您已有的積壓訂單之外，您預計客戶何時開始預訂可能開始實現或需要在 2025 年交付的訂單？

I'd expect to start seeing orders towards the end of 2025 and in the first quarter of – I'm sorry, end of 2024 into the first quarter of 2025 to secure that capacity towards the end of 2025. Typically, again, as I mentioned before, the lead times for towers are about six months, a little bit shorter now because steel has a shorter lead time.

我預計將在 2025 年底和第一季開始看到訂單——抱歉，從 2024 年底到 2025 年第一季度，以確保在 2025 年底前實現產能。通常，正如我之前提到的，塔的交貨時間約為六個月，現在稍微短一些，因為鋼的交貨時間較短。

So they have time but they certainly don't want to miss out on capacity that they need. So I'd expect them to start booking orders for 2025 towards the end of 2024, into first quarter 2025 for deliveries at the end of 2025 and into 2026.

所以他們有時間，但他們當然不想錯過他們需要的容量。因此，我預計他們將在 2024 年底開始預訂 2025 年的訂單，並在 2025 年第一季開始預訂，並在 2025 年底和 2026 年交付。

Okay. Understood. And just again, just a clarification on the available capacity. Is it 50% available capacity in wind? Or is it 75% available capacity in wind?

好的。明白了。再次澄清一下可用容量。風能的可用容量是否為 50%？或者風能的可用容量是 75%？

Yes. That's a good question. If we assume that both of our plants are available for wind, and we don't have other production going on, I would say we're at 75% – we're 25% booked through the majority of 2025 for our capacity. So we've got plenty of capacity to sell both in terms of wind tower capacity, but other industrial fabrication capacity as well.

是的。這是個好問題。如果我們假設我們的兩個工廠都可用於風能，並且我們沒有進行其他生產，我想說我們的產能利用率為 75% — 到 2025 年的大部分時間，我們的產能預訂率為 25% 。因此，我們有足夠的能力來銷售風塔產能和其他工業製造產能。

Okay. Thank you, Eric for that.

好的。謝謝你，埃里克。

You bet. Sure.

你打賭。當然。

On the Industrial Solutions side, you've been making good progress in sort of diversifying into new opportunities outside of wind. It looks like the more recent efforts have been on just improving operational efficiencies and you're seeing the result of that in your financials already.

在工業解決方案方面，您在多元化發展風能以外的新機會方面取得了良好進展。看起來最近的努力只是為了提高營運效率，並且您已經在財務中看到了其結果。

From a investing and just or an investment perspective in terms of continuing to grow the non-wind side of things, are we already taking steps to capture some of those opportunities through new investments, et cetera? Or is that going to take a little bit longer given sort of maybe balance sheet constraints, et cetera, that you may have?

從投資和公正或繼續發展非風電的投資角度來看，我們是否已經採取措施透過新投資等來抓住其中一些機會？或者考慮到您可能面臨的資產負債表限制等因素，這是否需要更長的時間？

Well, we do have a three-year plan, which includes investments in technology and get capabilities improvements, both to keep ourselves current and competitive with our present customers but also to provide capacity and capability for our new customers.

嗯，我們確實有一個三年計劃，其中包括技術投資和能力改進，既要保持與現有客戶的同步和競爭力，又要為我們的新客戶提供能力和能力。

And so part of that three-year plan does include some investment in the Manitowoc facility to accommodate growth in, such as material handling, steel, marine, a little bit of defense potential there in Manitowoc as well as, as I mentioned, you didn't ask specifically but I mentioned in the prepared remarks, what we've done for gearing. We invested in five multi-access, multitask machines in gearing, which really allows us to penetrate new markets versus just traditional gearing and gearboxes.

因此，三年計畫的一部分確實包括對馬尼托瓦克設施的一些投資，以適應馬尼托瓦克在材料處理、鋼鐵、海洋、國防潛力等方面的增長，正如我所提到的，你沒有不要具體詢問，但我在準備好的演講中提到了我們為槓桿所做的工作。我們在齒輪方面投資了五台多通道、多任務機器，這確實使我們能夠滲透到新市場，而不僅僅是傳統的齒輪和變速箱。

Okay. And when you think about the opportunity that you can address within, say, gearing, et cetera, how big could revenues potentially be with the current infrastructure you have for the gearing segment?

好的。當您考慮在傳動裝置等領域可以解決的機會時，您在傳動裝置領域目前的基礎設施中可能獲得多大的收入？

We've modeled that and depending on the level of completeness we bring materials, in other words, we can bring materials in roughly – rough machined, which helps with capacity. I think we could easily reach north of $70 million within our present four walls here. So virtually almost nearly double, nearly double.

我們已經對此進行了建模，並且根據我們提供的材料的完整性水平，換句話說，我們可以提供粗略加工的材料，這有助於提高產能。我認為，在我們目前的四面牆內，我們可以輕鬆達到 7,000 萬美元以上的目標。所以實際上幾乎幾乎是兩倍，幾乎是兩倍。

Okay. Understood. Thank you. Just one last one on the cost side of things. This $4 million in annualized cost savings, have all of those been implemented so far? Are you still working on making those changes?

好的。明白了。謝謝。最後一個是關於成本方面的。每年節省的 400 萬美元成本到目前為止都已實施嗎？您還在努力做出這些改變嗎？

I would say, by and large, the vast majority of those changes have been implemented already. We may not see 100% of the benefit until the second half of the year but all of them have been implemented as of today.

我想說，總的來說，這些變化中的絕大多數已經實施。我們可能要到今年下半年才能看到 100% 的效益，但截至今天所有這些都已實施。

Okay. Thank you, Tom. That's all I have guys. I appreciate it.

好的。謝謝你，湯姆。這就是我所有的人了。我很感激。

Thank you.

謝謝。

Thanks, Amit.

謝謝，阿米特。

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

Hi, Eric. Hi, Tom.

嗨，艾瑞克。嗨，湯姆。

Hi, Eric. Good morning.

嗨，艾瑞克。早安.

Hey. Good morning. So just going back to the large wind order just to clarify, so it sounds like you are working towards potentially a follow-on order rather than an order that would fill up more of 2025 capacity. And I just ask because that customer has got to pretty sizable project in that neck of the woods that it's quite bullish about. Just wondering, is there any potential that you add to something that might impact 2025? Or is it really a 2026 event, if there is a follow-on?

嘿。早安.因此，回到大型風電訂單只是為了澄清一下，聽起來您正在努力爭取潛在的後續訂單，而不是填補 2025 年產能更多的訂單。我之所以這麼問，是因為該客戶在這個地區有一個相當大的項目，而且非常看好。只是想知道，您是否有可能為可能影響 2025 年的事物添加任何潛力？或者如果有後續活動的話，這真的是 2026 年的活動嗎？

Well, to reiterate, we've got lots of visibility through most of 2025, through the third quarter of 2025 and indications of interest from that and other customers beyond that. So the answer is yes. We could see a ramp-up of production towards the end of 2025 or through 2025 towards a higher level of output towards the end of 2025 and into 2026.

好吧，重申一下，我們在 2025 年的大部分時間、到 2025 年第三季都有很多可見性，並且有跡象表明該客戶和其他客戶對此感興趣。所以答案是肯定的。我們可以看到，到 2025 年底或到 2025 年，產量將有所增加，並在 2025 年底和 2026 年達到更高的產量水準。

Okay. Got it. And maybe if you think about how past cycles have played out, you're sitting there right now with, what, roughly 50% of Abilene open but that is in a pretty ideal location. So I mean do you anticipate that if you were to see another OEM put in an order that kind of starts to spur activity because there is some scarcity value to that open capacity? Or is it something where it's just really hard to call the timing, you're confident in the long-term and you'll just see how it plays out?

好的。知道了。也許如果你想想過去的周期是如何進行的，你現在坐在那裡，阿比林大約有 50% 開放，但這是一個非常理想的位置。所以我的意思是，您是否預計，如果您看到另一家 OEM 下訂單，這種訂單會開始刺激活動，因為開放產能具有一定的稀缺價值？還是很難確定時機，你對長期充滿信心，然後看看結果如何？

Well, we try to – we follow the projects. We also follow the geography of the projects, Eric. So if a project that, as an example, would be to the northwest of us, where we have some competition, the customers might not need our capacity as much. But if it's the east or southeast of us, they very much need it. So I think the demand for Abilene will be strong, certainly through our planning period and we look out three years.

好吧，我們努力——我們跟踪項目。我們也關注專案的地理位置，艾瑞克。因此，例如，如果一個項目位於我們的西北部，我們在那裡有一些競爭，那麼客戶可能不太需要我們的產能。但如果是我們的東部或東南部，他們就非常需要它。因此，我認為對阿比林的需求將會強勁，當然在我們的規劃期內，我們預計三年內。

We think that will be strong. Would McKinsey and other data analytics firms support that? But again, it really depends on the project geographies, when the projects come to fruition and where they come to fruition. If it's near Abilene, there's definitely near – definitely a demand for us. If it's 400 or 500 miles to the north or the west of us, the customers have other choices besides Broadwind.

我們認為這會很強大。麥肯錫和其他數據分析公司會支持這一點嗎？但同樣，這實際上取決於專案的地理位置、專案何時實現以及在何處實現。如果它在阿比林附近，那麼肯定對我們有附近的需求。如果距離我們以北或以西 400 或 500 英里，客戶除了 Broadwind 之外還有其他選擇。

Okay. That is helpful color. And then lastly, you mentioned the ultimate capacity you see in gearing. And then I know aerospace and defense are two key markets, with that, with what AS9100 approval on the horizon. I don't know if you've done it but are you willing to kind of size how you see the aerospace and defense opportunity as you think medium and long-term?

好的。這是有用的顏色。最後，您提到了您在傳動裝置中看到的終極能力。然後我知道航空航太和國防是兩個關鍵市場，AS9100 即將獲得批准。我不知道你是否已經做到了，但你是否願意從中長期角度來衡量你如何看待航空航太和國防機會？

Well, I'll tell you that the opportunity is huge. It's in the billions. The customers are interested in our capabilities because they are somewhat unique within our size of company, that's why I call it kind of industry-leading technology. We're having indications of interest from multiple customers. But when you're thinking about defense and aerospace, the timing of the FAA, the timing of qualifications, tends to be rather lengthy in terms of one year to 18 months. I think it could be a sizable portion of our business.

好吧，我告訴你，機會是巨大的。其數量達數十億。客戶對我們的能力感興趣，因為它們在我們公司規模內有些獨特，這就是為什麼我稱之為行業領先的技術。我們收到了多個客戶的興趣跡象。但當你考慮國防和航空航太時，FAA 的時間、資格認證的時間往往相當長，從一年到 18 個月不等。我認為這可能是我們業務的很大一部分。

Certainly, as we end 2025. We're talking in certainly seven figures. I don't know if I would call it $5 million but certainly, the expectations are high in that market. But again, it takes time to earn these customers. And once you do, they're very sticky.

當然，到 2025 年結束時。我們談論的肯定是七位數。我不知道我是否會稱其為 500 萬美元，但可以肯定的是，該市場的期望很高。但同樣，贏得這些客戶需要時間。一旦你這樣做了，它們就會變得非常黏。

Yes. Okay. Thank you very much.

是的。好的。非常感謝。

Thank you, Eric.

謝謝你，埃里克。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Good morning. Just wanted to ask about the natural gas systems business within industrial. Could you maybe talk about what you're seeing from customers in terms of demand and remind us a little bit about that business in terms of who you're working for there, the OEMs or the owners of the facilities? It appears that demand for natural gas turbines is set to accelerate here. I'm just curious how you see your…

早安.只是想詢問工業領域的天然氣系統業務。您能否談談您從客戶那裡看到的需求，並提醒我們一些有關該業務的信息，即您為誰工作，是原始設備製造商還是設施所有者？看來這裡對天然氣渦輪機的需求將會加速。我只是好奇你如何看待你的…

Yes, thank you. That's a great question. We do see demand for virtual pipeline equipment increasing. We see that market to be between $500 million and $600 million, growing to about $900 million over the next seven or eight years. It is capital intense. It's a capital product.

是的，謝謝。這是一個很好的問題。我們確實看到對虛擬管道設備的需求不斷增加。我們預計該市場規模將在 5 億至 6 億美元之間，並在未來七、八年內成長至約 9 億美元。這是資本密集型的​​。這是一種資本產品。

So our customers who are natural gas providers, if you're a company that needs natural gas via virtual pipeline, if you don't have a traditional pipeline to your facility and you need either temporary or permanent gas supply, you will call one of our customers, such as Sunbridge, Liberty. There's a number of them that are operators and provide natural gas.

因此，我們的天然氣供應商客戶，如果您是一家透過虛擬管道需要天然氣的公司，如果您的設施沒有傳統管道，並且您需要臨時或永久天然氣供應，您將致電其中之一我們的客戶，例如Sunbridge 、Liberty。其中有許多是運營商並提供天然氣。

And so the reason this market can be somewhat spiky is because there's been an initial tranche of orders as they build up their equipment to satisfy the market. But as the market expands and they get jobs that they may not have thought they were going to get, they buy equipment, which is why our PRS demand was a little bit softer in Q2. We're seeing great indications of interest in our funnel. But when the customers need the products it's normally when they win a job and then they'll purchase from us directly.

因此，這個市場之所以會有些波動，是因為他們在建造設備以滿足市場需求時產生了第一批訂單。但隨著市場擴大，他們得到了他們可能沒有想到的工作，他們就會購買設備，這就是為什麼我們的 PRS 需求在第二季稍微疲軟的原因。我們看到人們對我們的管道很感興趣。但當客戶需要產品時，通常是在他們贏得工作時，然後他們會直接從我們這裡購買。

Thank you. I'll turn it back.

謝謝。我會把它轉回來。

Thanks, Marty.

謝謝，馬蒂。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eric Blashford for closing comments.

我們的問答環節已經結束。我現在想將電話轉回給埃里克·布拉什福德（Eric Blashford）以徵求結束意見。

Yes. Thanks, everyone, for listening and I look forward to coming back to you to report our Q3 results. Thank you.

是的。感謝大家的聆聽，我期待再次向大家報告我們的第三季業績。謝謝。

This concludes today's conference. You may disconnect your lines at this time,d and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。