Broadwind Energy Co. , Ltd. (NASDAQ:BWEN)
At 11: 00 a. m. on April 26, 2019, ETCompany participant jason Bonfigt-Q1 2019 earnings conference call
Stephanie Kushner, vice president and chief financial officer
Eric Blashford, president and chief executive-
Justin Clare, chief operating officer and president of Broadwind towers conference call participants-
Rose Capital partner
Good morning, welcome to Broadwind Energy Q1 2019 earnings conference call.
All participants will be listening-only mode. [
After today\'s speech, there will be an opportunity to ask questions.
Please note that this activity is being recorded.
I would now like to hand over the meeting to Jason Bonfigt, vice president and chief financial officer.
Thank you, Jason bonfie.
Good Morning, everyone. welcome to Broadwind Energy 2019 earnings conference call.
I am with you today, Stephanie Kushner, President and CEO of Broadwind;
Eric Blashford, chief operating officer and president of Broadwind Towers.
Earnings news this morning is posted on our website at bwen. com.
I would like to remind you before we start today that this call will include some forward looking
The statement on our plan and market prospects will also refer to some non-
GAAP Financial indicators.
Actual results may differ significantly from these forward results
Look at the report.
Please refer to our SEC documents and take into account the combined risks and uncertainties disclosed therein, including our Form 10-
Our form 8-
K in the attachment we submitted to SEC this morning.
We have no obligation to update any forwarding-
Report or information.
That being said, I transferred the call to Stephanie Kushner.
Good morning Stephanie Kushner.
We have made solid progress in the first phase.
Our income is $41.
7 million, up 39% year on year, up 54% month on month.
Above all market segments in the previous quarter.
I am particularly proud of our transmission team.
They offer an outstanding quarter with revenues of $10 million and $1 from different customers and industries.
Operating income of 4 million, EBITDA profit margin of nearly 20%.
In the past year, despite the complexity of the product structure, the team has provided consistent production, strong productivity, low waste and strong financial results.
Broadwind\'s Adjusted EBITDA is $1.
7 million, a great improvement over the previous year, when our tower plant was being restarted and Gearing was working on the supply chain challenges.
In front of the tower, with the progress of the quarter, our factory production capacity is only less than 50%.
Our orders have been strengthened despite the unfavorable steel tariffs, although high steel prices continue to drive down our profits.
Earlier this month, the International Trade Commission actively extended the anti-dumping duties applicable to China and Vietnam tower until 2023, which helped our industry.
We reiterate that annual revenue is expected to be above $0. 16 billion and EBITDA is $8 million.
We booked 24 million of our orders this quarter.
$12 tower and large manufacturing orders.
Growth of 5 million year-on-year, but still below shipments.
As you know, these orders are choppy and will rise significantly in the second quarter, including $19.
We announced 5 million orders earlier this week.
For Gearing, the first quarter of last year was unusual due to the rush of oil and gas fracturing customers to gain capacity.
As a result, the industrial company alone booked $11 million, in contrast to only $3 million for oil and gas customers this year.
We believe that this reflects the fracturing suspension in the Permian Basin due to pipeline constraints, which should be alleviatedyear.
Coupled with the recent rise in oil prices, we expect oil orders
The second half of this year is full of growth momentum.
For the process system that was interrupted last year, orders for new gas turbine content resumed this quarter.
By the end of the quarter, we had a backlog of $81 million.
Including orders for April so far, more than 90% of our full year target of $0. 16 billion has been shipped or backlogged.
Over the past 18 months, I have talked more and more about our focus on the diversity of our customers and industries.
This slide shows our recent progress.
At 2015 and 2016, our revenue was dominated by one industry and by one customer in 2016.
We work hard to achieve something.
We need to diversify and increase our sales to mining oil and gas and other industrial customers.
This increases the complexity of our production process, which we support by investing in our manufacturing quality and customer support systems.
Looking into the future, we can see that the installation of wind turbines will be very strong in the next few years, but there is still uncertainty starting from 2022.
We will increase our resources to support growth and diversity in the customer and product industries as a high priority.
Like the media I said.
The long-term outlook for wind energy is very strong.
Capacity increases in the United States. S.
The show on the left will soar this year and next, and remain strong through at least 2021.
Today, there are 97 gigawatts of wind energy operating in the United States. S. producing 6.
5% of the electricity in our country.
It is important that more than 39 projects are under advanced development or construction today.
This is a record development pipeline that will support installation in the coming years.
Starting in 2022, most forecasts require a drop in installation as the project will be presented to capture the PTC economy.
After a brief correction, experts predict that, supported by the basic economics of wind power, even without any special tax incentives, demand will return to stability but lower.
This is quite uncertain outside.
I think most of this year\'s forecast is upward.
The bold case of Wind post 2021 is very positive.
The chart on the right highlights a key driver that is increasingly supporting the industry.
This is the demand of business and industrial customers, which reached a high level last year.
The industry is investing more and more in wind energy because wind energy is economic and because it helps them achieve the sustainable development goals they have committed to stakeholders.
In addition, countless states and cities are setting their own clean energy goals based on the preferences of their citizens.
In addition, with the emergence of the offshore wind power market, this situation may be obvious.
Nevertheless, given the volatile political environment and the potential expiry of the production tax credit, we are reasonably planning for the worst, although we hope for the best, and therefore we have accelerated our focus on diversity.
In the next decline, our other markets are generally healthy.
We offer large welding equipment and gears for mining and construction, which is being strengthened.
Oil and gas are mixed.
Frack gealing\'s orders fell in the quarter, mainly because demand was so strong a year ago as customers locked in capacity this year.
We did add an important new customer this quarter, so our market share in this area continues to expand, well above 50%.
As our share with Europe grows, demand for gas turbine components has increased in these quarters
Manufacturing operations based on existing customers.
Demand for steel is growing for us and is currently mainly focused on the production of custom gearboxes.
As Steel plans to reinvest and even add new capacity, we are successfully expanding our business in the industry.
We have recently added more feet to the street to meet our well-performing custom gear box line.
For us, other industrial demand is also strengthening as orders from shipping, material handling, pulp and paper making and gear and heavy manufacturing in other industries are coming this quarter.
Our priorities have not changed.
First, this year\'s target is $60 million in customer diversity.
To support an increasingly complex portfolio, we have introduced new maintenance plans and productivity tracking systems.
We are working on some CI projects to help ease the pressure of profit from tower imports.
We are adjusting our steel purchasing strategy to make it more global and our cash conversion cycle will be reduced by about 20%.
Now, Eric Blashford, our COO, will review these sections in more detail.
Thank you, Stephanie.
Enter our tower and heavy construction area.
As the original equipment manufacturer fills the project to meet the increase and reservation of turbine installation, the tower order is being strengthened.
The quotation activity also increased with the strong interest of the two factories.
Our demand for heavy production lines operating in mining, construction and other industrial markets continues to increase.
We are investing in capital to support this growth and diversity while providing a more complete solution for our customers.
This quarter, we sold 188 Tower parts, 31% more than 143 of the 2018 in the first quarter, nearly three times the 2018 sales in the fourth quarter.
This volatility of production is obvious on lower charts
Left Hand of the slide.
We are pleased that we are able to scale our operations quickly to meet the growth of this demand while maintaining our safety, quality, productivity and delivery to or above the expected level.
This reinforces our decision at the end of last year to maintain the key core of the highly skilled team members we need to successfully execute the ramp --up plan.
So sales for the first quarter were $28.
$3 million to $18.
The first quarter was $2 million in 2018.
EBITDA lost 1 million, compared with $500,000 in 2018.
As mentioned earlier, pricing pressure from competitive PPAs and tariffs
While we have been able to deliver most of these cost increases to our customers, the overall impact on our profits is negative.
The threat of offshore competition continues, with more than 25% of America\'s 2018. S.
Tower installations come from offshore producers, where steel costs are much lower.
We have key resources focused on welding, assembly, coating, quality and delivery process improvement.
We are using best practices such as video process mapping, improving events and internal NCR actions to identify waste areas and optimize them first-pass quality.
I am pleased to report that even if our tower production is of a pointed nature
The delivery time has been close to 100% for several years.
While we strive to add new customers, we continue to work to expand our business with existing customers.
We are confident that these efforts will be successful as the quote activity is still strong and customers from Tower and heavy-duty manufacturers are looking for 2019 and 2020 capacity at our Wisconsin and Texas plants.
Looking ahead to the rest of 2019, we are pleased that from the perspective of capacity utilization, this year\'s economic growth will exceed 2018.
We have increased the production of both plants and are operating with tower capacity of more than 50%, which is expected to increase further.
As a result, we expect an average operating capacity of more than 60% for the full year of 2019.
The manufacturing product line is expanding and the commercial resources we have this year are providing benefits.
We are pleased to see our diversified sales efforts to generate orders in the transportation and marine sector in addition to the continued growth in the mining and construction sectors.
For example, we recently won an order for a very large boom assembly for our Great Lakes barge.
This is a large, heavy and very precise welding piece that requires our expertise, and it is very large and has to be transported through water.
So we are at Deep Water Port in Manitoba Walker, Wisconsin, which makes us ideal for this type of work.
This quarter, we will launch new production scheduling software and look forward to increasing visibility through all projects running in our factory.
The large horizontal machining center installed last year continues to be booked out, and we will add a new turntable to this machine later this quarter to improve its capabilities and throughput.
To support sustained growth, we are adding more flexible manufacturing sales to the Abilene plant in Texas.
In addition, our board has just approved the second large processing center at the plant in Manitoba, Wisconsin, and we will implement it as soon as we know the customer\'s needs.
In the second quarter, we expect revenue to be between $28 million and $30 million, reflecting an increase in Tower production in the EBITDA range of $1. Between $5 million and $1. 8 million.
Please take a look at the next slide. Gearing.
As stated in the previous quarter, the oil and gas market has recently slowed down, mainly due to temporary restrictions on the Permian pipeline, which is expected to improve later in 2019.
We are pleased that the orders we received from new customers in the industry offset this temporary weakness.
In addition, our diversity efforts are working because we see a large number of orders from major OEMs in the mining, industrial sector, as we have seen on heavy production lines.
As you can see on the chart, by market shows our revenue, the decrease in revenue in the oil and gas sector is replaced by an increase in revenue in the mining, wind, industrial and steel sectors.
We are very happy with this trend as it shows the positive impact of our diverse sales efforts.
As we said before, we want to avoid over-reliance on any sector, thus preventing the decline in revenue that we saw in 2016.
As a result, we seek a balanced mix of customers and markets with a particular focus on steel and other industrial applications.
To support this goal, we have increased direct sales and are expanding our project management resources.
Compared with 2019 in the first quarter, 14% of revenue grew by 2018 in the first quarter, and we received $2 million in EBITDA and $1.
Operating income was 4 million per cent and revenue was $10 million.
We are pleased that our efforts to improve operational performance are achieving these strong results.
This continues the good momentum of our financial performance in the second half of last year.
In addition, our initiatives to focus and expand our custom gearbox business are working and generate 40-
Combined with revenue growth of 2018 in the first quarter.
Other priorities for the second quarter and beyond.
We will continue to develop our custom gearbox business and add two horizontal milling machine
s to increase production and shorten the lead time of the production line.
We are also refining our first car production process to speed up the launch of new products and we will implement our new computerized maintenance management system or CMMS to increase the normal operation of key machines
We expect revenue in the second quarter to be between $9 million and $9.
The price of 5 million is between $1 million and $1.
5 million of EBITDA
Please take a look at the next slide.
Q1 revenue rose 13% or 2018 to increase consumer activity.
Targeted price adjustments made earlier this year to better align our prices with purchasing and packaging costs began to have a positive impact on our margin in the late q1 period.
We expect this trend to continue.
Our efforts to diversify our business remain a key priority, and the activity to quote our diverse customers is increasing.
We are pleased to deploy the core capabilities of supply chain management, equipment, manufacturing and assembly to fast-growing customers and markets, especially those with remote field operations.
It is essential that we bring the right parts and the right order to the right place at the right time.
Our second quarter focus includes increasing our opportunities in the gas turbine aftermarket and diversifying our customers while expanding our share with existing customers.
At the same time, we are guiding our continuous improvement team to optimize the factory process and packaging costs.
To support our planned order growth and diverse efforts, we have increased our experienced business resources.
We expect revenue to reach $3 in the second quarter.
Prices close to breakeven EBITDA are between $8 million and $4 million.
Now I\'m giving it to Jason for his opinion.
Consolidated sales rose $11 in the first quarter. 7 million year-over-
Each of our businesses has made meaningful progress.
Tower and manufacturing sales accounted for most of the improvement, up $10 million a yearover-
Last year, the tower portion sold increased by $5 million, an increase of $4.
5 million is related to rising steel prices and the remaining balance associated with increased manufacturing sales.
Our Gearing business has made significant progress, including its operational performance, which has led to higher throughput this quarter.
The portfolio sold this quarter is very diverse in the customer and end markets.
Our process system orders are improving and we are starting to see top growth.
Gross profit margin increased to 8.
5% in the first quarter, significantly improved-over-year.
About half of the improvements are quantity-related, and the remaining increases are driven by significant improvements in operational performance and a reduction in annual manufacturing differences --over-year.
In towers and manufacturing, we are more effective in responding to the challenges of increasing our factories.
In the previous year, we had Learning Curve costs related to several manufacturing orders.
You may remember, we finished more than one.
Last year, our manufacturing footprint decreased by 50% following the withdrawal of rental properties in Abilene, Texas.
Integration of product lines into our abilita facility has been a success and we see improvements in performance.
In 2018, Gearing was restarting the supply chain, which brought complexity to the business and inconsistent flow of raw materials.
We have addressed supply chain issues encountered the previous year, and our organizational structure is changing to form a custom gear box Department, thus starting to drive the improvement of operational performance.
The Gearing team\'s focus on continuous improvement, reducing scrap, managing machine uptime and productivity has expanded our margin.
Operating expenses for the quarter were $4 million, down from $4.
The previous year was 4 million.
Red Wolf intangible assets of about $300,000 low Amortization and self
The increase in our incentive compensation costs partially offset the insurance reserve of approximately $400,000.
Our operating expenses are now less than 10% of our income.
Our EBITDA is $1.
The 7 million yuan in the first quarter exceeded our guidance for $3.
3 Million-over-year. We had a $0.
07 quarter loss of $0.
Quarterly loss of 32 last year.
As expected, our cash conversion cycle is highlighted in the table on the left
The hand side of the slide increases from 16 days per year to 41 daysend. The 16-
Computing day of the Year-
After receiving a large amount of deposits that support the scheduled 2019 production, the end is unusually low.
As the cash outflow of materials is processed and due to the precipitation loss of tower production, this good spot may be reversed in the first quarter, as tower production has increased in the current quarter.
Due to the improvement of customer collection rhythm and the continuous emphasis on credit terms and receivables management, our DSO has been continuously improved for 10 days.
Inventory declined slightly this quarter, mainly due to the rebuilding of the material supply chain tower as our production resumed.
We discussed in our last call that we had in pre-
Tariff prices for the second half of 2018, at customer\'s request.
We now have a production schedule for this customer to reuse most of the steel in the second half of 2019.
Therefore, we should expect that our inventory turnover will gradually improve in the second half of 2019, close to the normal level of the seven turnover.
In the current quarter, the number of days we have outstanding payments has increased to 48 days.
The cash conversion cycle for the first quarter was 26 days, compared to 45 days for the first quarter
Average daily in 2018
We continue to prioritize the optimization of the cash conversion cycle as key organizational priorities and incentive pay are linked to our performance.
We are making progress against this initiative.
We believe we can. -
We can make remarkable progress this year. over-year.
Operating capital increased by $12.
For the 6 million quarter, driven by the same cash conversion cycle changes I described earlier. Our working --
Our working capital has increased to $0.
Sales of £ 105 per dollar for the quarter, based on historical performance on the chart on the right,
Slide back to the hand side in a more standardized range.
While we expect volatility throughout the year, we expect to be in this yellow band in 2019.
Our balance sheet will fall by 13.
Our credit balance is $22.
2 million, 3/31, up from $11 million last year. end.
This increase in debt levels is entirely due to an increase in working capital for the quarter.
We have $7 left.
After deducting the L/C, we have 5 million availability under our $35 million credit line.
The rise in working capital levels in the first quarter was planned.
This expectation of working capital construction is crucial and we have decided to increase the credit line of the CIBC in February.
Our credit line and base loan base including Accounts receivable, inventory and property and plant equipment now provide more liquidity and flexibility to support our growth.
As of the end of the quarter, cash was almost zero, as income had arrived.
It is a practice and an effective mechanism to minimize interest expenditure.
The increase in our other assets and other liabilities this quarter is the result of the adoption of the new accounting standards for leases ASC 842.
The new accounting standards require companies to capitalize the present value of operating lease minimum lease payments.
Our operating leases include the leasing of various manufacturing facilities and equipment.
The adoption of this accounting standard will not affect our profit and loss, interest expense or debt contract. The 10-
The Q that we will submit later today will have a dedicated footnote describing the details of the lease accounting changes.
Although we continue to invest in capital projects in 2018, we are more stringent than in previous years.
To save cash, we funded most of the capital expenditure projects.
Our capital budget for this year is about $5 million and our goal is to fund some of these projects.
Our capital allocation focuses on expanding our product range and capabilities and improving financial performance to ensure a greater share of future investments.
All in all, our first quarter is in line with the guidance and our EBITDA has improved significantly this year --over-year.
We continue to make solid progress in our diversity efforts.
Our heavy manufacturing product line is growing and the diversity of equipment and markets has improved significantly, and we are confident that the strengthening of the wind tower market will support further growth.
We are excited about the shift in the performance of our drive.
After the announcement of $19.
We received 5 million tower orders earlier this week, and we had $0. 105 billion in the remaining 2019 guidance receipts in the backlog.
Our second-quarter summary guide is revenue of over $40 million and EBITDA is about $1. Between $3 million and $1. 8 million.
Our outlook for the whole year is unchanged.
We expect revenue to exceed $40 million per quarter, and we expect to generate $8 million of EBITDA for the full year of 2019.
Thank you, I will transfer the phone back to the operator for a Q &. Question-and-
Let\'s start the Q & A session now. [
The first question comes from Justin Clare and rose Capital Partners.
Hello, Justin ClareHi.
Thank you for answering my question.
Justin, Stephanie KushnerJustin ClareHi.
So first of all, Siemens Gamesa announced 241-
Megawatt project in Texas and another 246-
Megawatt project in New Mexico.
It looks like your Abilene factory, you should be very capable of winning orders for towers for these projects.
So I\'m just wondering if you can talk about your potential to win these orders.
In general, how much visibility does Siemens Gamesa now give you to the order flow?
Eric BlashfordJustin, thank you for your question.
We work monthly with Siemens Gamesa to look at what they think their order line will be and what our needs will be.
We are very happy to do this with them.
We know these two projects.
We know they are positive about them and we will definitely win these projects from them.
Good Justin Claire. great.
Have you made the specific models they highlighted for these projects at Abilene plant?
Or do you need to make a prototype? -
Before winning the order?
These models, Stephanie Kushner, have been adjusting and adjusting, so we don\'t always know.
We usually don\'t. -
We usually have a stable design three months before the actual production starts.
One of the real achievements for the tower is that we are already very used to switching designs on a regular basis and producing multiple designs through the factory at any time, so I think, the prototyping that is going on has become more, and I will say, perfunctory.
Okay, Justin Claire. Good.
Then, can you talk about how the discussions are progressing with other tower customers?
there any potential for additional customers this year?
How likely is that?
What I want to tell you is that they are very active.
They are strong.
In addition to the Abilene and Manitoba projects you mentioned earlier, our factories, projects near these factories, we are having discussions with multiple OEMs.
Justin, I think there is a good chance that we will win these orders, depending on whether the customer has won the order and where the project ends up.
So, yes, we are definitely having an in-depth conversation with multiple OEMs.
I do think we will receive all kinds of orders this year.
Good Justin Claire. great.
Then go to your gear section and it sounds like there may be an increase in equipment ordering in the oil and gas section in the second half of the year.
With this potential in mind, can we see that at that point in time there will be more than $10 million in ready revenue running at a rate?
Stephanie Kushner. that\'s right.
However, the preparation time for the preparation work is often around eight weeks, so there will be a little lag.
But yes, we don\'t want to stop at a quarterly rate of $10 million.
We believe that over time, we should be able to continue to grow and become a business of $50 million and $60 million.
Justin Claire. And then --
Therefore, in the transmission section, your EBITDA margin is increased--close to 20%.
In the second quarter, your expectation is about 14%.
How should we consider future EBITDA profits?
If your income reaches $10 million, can you get a profit of 20% EBITDA?
Can it get higher from there at a higher level of income?
Stephanie KushnerSo we think that from a competitive point of view, the 20% EBITDA profit margin is probably the top four-bit performance, so we think this is a good profit for the business
The mix changed a lot in the quarter. to-
So I think we\'re more cautious about the second quarter just because of some of the mix of production we did in the second quarter.
But we will certainly expect that number to rebound as this year progresses.
This is for me.
I passed it on.
Thank you, Justin.
Thanks, Justin. Operator[
The next question comes from Angie stoozinski of Macquarie.
Thank you. So I have a --
The first question is a bit casual. Given the --
Some acceleration of the New England offshore wind power contract, is it possible for you to play any role in this seemingly new area of the United StatesS. ?
Angie, Eric brashford.
We recently attended an offshore meeting but certainly participated in discussions and information collection.
Several OEM customers who are involved or want to participate in the market have been discussing our capabilities, our ability to produce such a large wind tower at our plant, especially at the Manitoba Walker plant, on the surface of the water.
We know that some states have local content requirements, which is a challenge for anyone considering producing these wind turbine towers.
But we also know that there are some manufacturers on the coast of Europe who are actually very proficient in the production of these sea towers.
But the answer is yes.
We are in the field of communications;
What I want to say is to communicate with the capacity and capabilities of several OEMs interested in our Manitoba Walker plant.
Aguenska stoolo skiokay.
Because given that this could be a very big industry, it could change the rules of your game. Okay.
Maybe I missed it.
But did you guys provide any updates on the red wolf business and how it\'s going?
This is the process system.
We have seen some stability, I think.
As you know, we focus on one of the big customers there.
We have seen steady demand for gas turbine components and after-sales markets.
However, our focus remains on diversifying this business.
This is where we put a lot of energy.
Aguenska stooge skiasome.
Finally, you mentioned that you are considering global steel procurement.
So, how does this work considering steel tariffs?
I mean, give us a little more sense of where you\'re going to get the deal from.
Eric BlashfordSo Angie This is Eric.
Thank you for your question. We are --
Whenever we have a steel project, we first actively quote with four or five major steel mills in the United States to get their competitive offer because it is clear that their--
The delivery time will be the lowest in the United States. S. mill.
But at the same time, we also take some steel in the Far East as an example. these countries may not be subject to tariffs, but quotas.
So what we are doing is that we are having a dialogue with these global factories about the quotation activities to see if they can supply the quality steel we need at a competitive price, even with tariffs in mind.
Also, if the tariff may be canceled, we would like to establish a relationship there.
Take advantage of the benefits of the supply chain.
Aguenska stoolo skiokay.
Finally, you mentioned that there may be some pick-up for the order. -
Orders for the oil and gas industry in the second half.
But why is that?
I mean, the main thing I want to ask is that it\'s just to deal with the rise in oil prices. it --
Because I have always felt that investors are trying to put some kind of financial pressure on all producers.
So there should be less--
Not more drilling.
Stephanie Kushner does have two factors, and perhaps the biggest one is Permian, which is where the most hydraulic fracturing activity occurs.
There\'s a bottleneck-ish --
Insufficient pipeline capacity. And a lot --and so --
I know you are not usually in this place.
Manufacturers of oil and gas equipment have seen a pause, and so have we.
However, pipeline capacity will begin in the middle of this year, so it will be loosened.
On top of that, of course, oil prices have risen sharply in the past few months.
So this also increases demand.
Aguenska stoolo skiokay.
Then go back to onshore wind power development.
Therefore, in your opinion, there may be some meaningful slowdown in the new land wind force weather device over 2021 kilometers.
So did you see the discussion that was suggested to you, from now on ---
With the demand coming up, I don\'t know if it could be 2021?
Or did those towers from offshore producers suppress this again?
Eric BlashfordWell, of course, it\'s a risk, it\'s an ongoing risk offshore producer.
However, despite this, we are still experiencing an increase in the quotation activities of interest to both factories in 2019 and 2020.
We didn\'t ask much after 2020, but there was some discussion ---
This pause or a pause generated by this PTC will occur after 2020.
Aguenska stoolo skiokay.
So when you say that the discussion in 2020 means the delivery of this tower by the end of 2020?
Eric BlashfordYes. Exact, yes.
Because the original equipment manufacturer needs to optimize the PTC value--
Many OEMs need to complete their projects by the end of 2020.
Skiyeah, Agneska storotta.
I\'m just wondering how much lead time you have, how much time it actually takes for the OEM, from Tower delivery to actual COD for the project.
About three months?
Angie, about a few months.
Aguenska stoolo skiokay.
Eric BlashfordIt may be determined depending on the availability or shipping of the crane.
That\'s why we expect strong orders to meet this demand for most of 2020.
Very good. Thank you.
Thank you, Stephanie Kushner.
Thank you, Eric blashford.
This is the end of our problem. and-answer session.
I would like to return the meeting to Stephanie Kushner at the end of my statement.
Thank you, Stephanie Kushner.
Thank you for listening.
We are working to improve our operational and business success and we look forward to updating you again next quarter.
The meeting is now over.
Thank you for attending today\'s speech.
You can disconnect now.
Thank you, Eric blashford.
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