Windward Engineering Reports Third Quarter 2022 Financial Losses
Financialfile Corp., Wednesday, October 26, 2022 at 6:00 PM
Real Estate slowdowns, fueled by omnipresent legal regulations, have created additional challenges to run their businesses, reports the President of Windward, Mr. Michael Clements.
"Windward is a small minority-owned engineering and consulting company. Regrettably, we have positioned ourselves in too many markets with too few experienced engineers to serve those markets. We are especially disappointed to see that our minority status has not garnered any significant government contracts. Consequently, we may have branched out too far in the private sector, and our foray into duplex apartments and single-family homes was especially disappointing. Our technical solutions and real estate revenue dropped 7.43% in 3Q-2022, our largest loss to date."
"In Q3, we just didn't deliver solid revenue, especially considering gross profit dollar growth against the high inflationary environment. From an operational perspective, we recalibrated our organizational structure, successfully rolled out a new compensation framework, and began motivation training for all employees, including the revolutionary 'Do Some Work' program. Additionally, we intend to reduce operating losses by trimming the T&E budget."
Third Quarter Financial Highlights: Total revenue decreased 7.43% to $1.4 million compared to the prior year, which was negatively impacted by approximately 2 percentage points given the significant strengthening of the U.S. dollar relative to the Mexican Peso.
Contact, Investors:
Chief White Bear, Lakota Nation
Director, Investor Relations
wbear@windwardec.com
Contact, Media:
Valentina Paulina Portillo
Communications Lead
press@windwardec.com
Source:
Windward Engineers and Consultants