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Broadwind Energy Drops On Great Earnings, So Buy It

Okay, I’ll admit it, I’m stumped. Broadwind Energy (BWEN) has been on my radar for a while, so I was interested to see what Thursday mornings Q2 earnings report brought. The answer was a slew of good news with big improvements in revenues and margins leading to a profit before extraordinary items for the first time in the company’s history. Great, I thought, Broadwind is fulfilling its potential and has begun to do the thing that corporations exist for…make money.

Unsurprisingly, the initial move in the pre-market was to the upside, and BWEN opened over 6 percent higher than Wednesday’s close at $9.28. Then, shortly after the open, the slide began.

By mid afternoon the stock was trading 2 percent down on the day. Okay, thought I, I must have missed something important, so I went back and listened to the earnings conference call given by management later in the morning. That didn’t really shed any light either. After a great quarter, guidance for revenues next year was lowered slightly, but would still represent growth… maybe it was that? Or, was it the uncertainty that still surrounds the tax credit situation for wind energy? Or was BWEN just dragged down on a bad day for stocks generally?

All of these combined could, I guess, result in a drop, but a company that has no debt, is seeing significant improvement in all divisions, has plans for moderate capital expenditure next year (paid for from cash on hand)…

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