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TPI Composites(TPIC) - 2024 Q4 - Annual Results
TPICTPI Composites(TPIC)2025-02-20 21:06

Financial Performance - Net sales for Q4 2024 totaled 346.5million,anincreaseof17.7346.5 million, an increase of 17.7% compared to 294.3 million in Q4 2023[6] - Net loss from continuing operations for Q4 2024 was (49.1)million,comparedtonetincomeof49.1) million, compared to net income of 14.6 million in Q4 2023[8] - Adjusted EBITDA for Q4 2024 was 1.2million,asignificantimprovementfromanadjustedEBITDAlossof(1.2 million, a significant improvement from an adjusted EBITDA loss of (24.5) million in Q4 2023[10] - Full year 2024 net sales decreased by 7.1% to 1,331.1millioncomparedto1,331.1 million compared to 1,432.4 million in 2023[13] - The net loss from continuing operations attributable to common stockholders for the year ended December 31, 2024, was 210.1million,comparedtoalossof210.1 million, compared to a loss of 127.8 million in 2023[28] - Adjusted EBITDA for the year ended December 31, 2024, was (38,691)thousand,adecreasefrom(38,691) thousand, a decrease from (44,889) thousand in 2023[34] Cash Flow and Liquidity - Free cash flow recovery in 2024 resulted in 197millioninunrestrictedcashatyear−end[2]−FreecashflowforQ42024was197 million in unrestricted cash at year-end[2] - Free cash flow for Q4 2024 was 83.2 million, a significant improvement from a negative free cash flow of 15.4millioninQ42023[32]−Freecashflowimprovedto15.4 million in Q4 2023[32] - Free cash flow improved to 83,219 thousand in 2024, compared to a negative 15,355thousandin2023[34]−CashandcashequivalentsattheendofQ42024were15,355 thousand in 2023[34] - Cash and cash equivalents at the end of Q4 2024 were 196.5 million, up from 161.1millionattheendofQ42023[29]−Cashandcashequivalentsroseto161.1 million at the end of Q4 2023[29] - Cash and cash equivalents rose to 196,518 thousand in 2024, up from 161,059thousandin2023[34]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof161,059 thousand in 2023[34] - The company reported a net cash provided by operating activities of 87,341 thousand in 2024, a substantial increase from 4,936thousandin2023[34]OperationalChanges−ThecompanydivesteditsAutomotivebusinessandshutdownoneofitsMexicofacilitiestooptimizeoperations[2]−Thecompanyincurredrestructuringchargesof4,936 thousand in 2023[34] Operational Changes - The company divested its Automotive business and shut down one of its Mexico facilities to optimize operations[2] - The company incurred restructuring charges of 10.0 million in Q4 2024, compared to 1.2millioninQ42023[27]MarketOutlook−Thecompanyexpectsfullyear2025netsalesfromcontinuingoperationstobebetween1.2 million in Q4 2023[27] Market Outlook - The company expects full year 2025 net sales from continuing operations to be between 1.4 billion and 1.5billion[20]−AdjustedEBITDAmarginfor2025isprojectedtobebetween21.5 billion[20] - Adjusted EBITDA margin for 2025 is projected to be between 2% and 4%[21] - Utilization rate for 2025 is expected to be approximately 85% based on 34 lines installed[21] - The company anticipates continued growth in the wind energy and electric vehicle markets, which are key areas for future expansion[26] Cost and Expenses - The total cost of goods sold for Q4 2024 was 350.2 million, resulting in a gross loss of 3.7million,comparedtoagrosslossof3.7 million, compared to a gross loss of 28.2 million in Q4 2023[27] - Interest expense, net, significantly increased to 24,415thousandin2024from24,415 thousand in 2024 from 6,075 thousand in the previous year[34] - Depreciation and amortization expenses were 6,940thousandfortheyearendedDecember31,2024,comparedto6,940 thousand for the year ended December 31, 2024, compared to 8,151 thousand in 2023[34] - Capital expenditures decreased to (4,122)thousandin2024from(4,122) thousand in 2024 from (20,291) thousand in 2023, reflecting a reduction in investment[34] Assets and Liabilities - Total current assets decreased to 445.1millionin2024from445.1 million in 2024 from 503.1 million in 2023, primarily due to a reduction in contract assets[29] - Total liabilities increased to 1.07billionin2024from1.07 billion in 2024 from 926.4 million in 2023, with long-term debt rising to 485.2million[31]−Netdebtincreasedto485.2 million[31] - Net debt increased to (418,582) thousand in 2024 from (323,218)thousandin2023,indicatingariseintotaldebt[34]ForeignCurrencyImpact−Thecompanyexperiencedaforeigncurrencylossof(323,218) thousand in 2023, indicating a rise in total debt[34] Foreign Currency Impact - The company experienced a foreign currency loss of (1,190) thousand in 2024, contrasting with a gain of 1,865thousandinthepreviousyear[34]SalesPrice−Theaveragesalesprice(ASP)ofwindbladesincreasedto1,865 thousand in the previous year[34] Sales Price - The average sales price (ASP) of wind blades increased to 177, up from $148 in Q4 2023[4]