SCOTTSDALE, Ariz., Aug. 08, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the second quarter ended June 30, 2024. "In the second quarter we were able to complete the divestiture of our Automotive business and we closed the Nordex Matamoros plant for Nordex, two loss making businesses that have negatively impacted TPI's performance. We also continued the ramp of ten lines either in startup or transition. As these lines enter serial production and utilizati ...

The upcoming report from TPI Composites (TPIC) is expected to reveal quarterly loss of $0.68 per share, indicating an increase of 64.2% compared to the year-ago period. Analysts forecast revenues of $316.92 million, representing a decrease of 16.9% year over year. Over the last 30 days, there has been an upward revision of 1.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the cour ...

SCOTTSDALE, Ariz., July 18, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. ("TPI") (Nasdaq: TPIC) today announced that the company will release its second quarter 2024 results after the market close on Thursday, August 8, 2024, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. The conference call can be accessed live over the phone by dialing 1-800-343-4136, or for international callers, 1-203-518-9843. The Conference ID for the live call is "TPIC". A replay will be available t ...

Q2 2023 Financial Performance - Net sales decreased by 2.9% to $381.3 million compared to $392.5 million in Q2 2022[7, 12] - Net loss attributable to common stockholders was ($80.8) million, a significant increase from ($25.3) million in Q2 2022[8, 12] - Adjusted EBITDA was a loss of ($38.9) million, compared to a profit of $5.6 million in Q2 2022[7, 8, 13] - Utilization was 85%, down from 88% in Q2 2022[8, 12, 13] Balance Sheet and Cash Flow - Cash and cash equivalents totaled $170.1 million[8, 14, 16] - Total debt principal was $195.5 million[14, 26] - Net cash (debt) was ($23.6) million[14, 26] - Free cash flow was $6.2 million in Q2 2023[15, 16] 2023 Guidance Update - Sales from continuing operations are now projected to be $1.525 billion to $1.575 billion, revised from the previous guidance of $1.6 billion to $1.7 billion[17] - Adjusted EBITDA margin % from continuing operations is expected to be a loss of less than (1%), revised from a low single-digit profit[17] - Utilization is projected to be 80% to 85% on 37 lines, revised from 85% to 90%[17] - Capital expenditures are still expected to be $40 million to $45 million[17]

TPI Composites, Inc. (NASDAQ:TPIC) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET Company Participants Jason Wegmann – Investor Relations Bill Siwek – President and Chief Executive Officer Ryan Miller – Chief Financial Officer Conference Call Participants Julien Dumoulin-Smith – Bank of America Mark Strouse – JPMorgan Justin Clare – ROTH MKM Eric Stine – Craig-Hallum Joseph Osha – Guggenheim Partners Sherif Elmaghrabi – BTIG Pavel Molchanov – Raymond James Operator Hello, and welcome to the TPI ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37839 TPI Composites, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 20-1590775 (I.R.S. E ...

Financial Performance - Net sales for Q1 2023 were $404.1 million, a 17.6% increase from $343.5 million in Q1 2022[124] - Net loss from continuing operations for Q1 2023 was $15.1 million, compared to a loss of $11.4 million in Q1 2022[124] - Adjusted EBITDA for Q1 2023 was $8.4 million, up from $6.1 million in Q1 2022, reflecting improved operational performance[124] - The company reported a total loss from continuing operations of $7,997,000, an improvement of 2.5% compared to the previous year[141] - The net loss from continuing operations for the three months ended March 31, 2023, was $15.1 million, an increase of 33.0% compared to a loss of $11.4 million in the same period in 2022[149] - The company reported a net loss from discontinued operations of $7.0 million for the three months ended March 31, 2023, which is a 58.4% increase from a loss of $4.4 million in the same period in 2022[150] Sales and Revenue Breakdown - Total net sales for the three months ended March 31, 2023, were $404,066,000, representing a 17.6% increase from $343,525,000 in the same period of 2022[128] - Wind blade, tooling, and other wind-related sales increased by 20.5% to $387,592,000, driven by a 20% increase in the number of wind blades produced and higher average sales prices[128] - Automotive sales decreased by 20.2% to $10,261,000, primarily due to a reduction in the number of composite bus bodies produced[128] - Field service, inspection, and repair services sales fell by 30.0% to $6,213,000, attributed to fewer technicians deployed to revenue-generating projects[129] - The U.S. segment reported a 27.5% decline in net sales to $15,620,000, while Mexico segment sales increased by 18.6% to $154,640,000[130] - EMEA segment sales rose by 11.9% to $167,513,000, despite a 4.6% unfavorable impact from currency fluctuations[134] - India segment sales surged by 58.3% to $66,293,000, mainly due to increased production capacity[135] Costs and Expenses - Total cost of goods sold increased by 17.2% to $401,361,000, with a cost of sales percentage of net sales at 99.3%[136] - General and administrative expenses decreased by 10.5% to $7,034,000, representing 1.7% of net sales[137] - Total other expense increased to $3.3 million for the three months ended March 31, 2023, primarily due to a rise in interest expense related to the issuance of $132.5 million of convertible senior unsecured notes[147] Debt and Financing - Total debt increased to $195.1 million as of March 31, 2023, compared to $61.2 million at the end of 2022[124] - The company issued convertible senior unsecured notes totaling $132.5 million in March 2023, with net proceeds of $109.1 million intended for green projects and working capital[122] - The company had $190.3 million in outstanding indebtedness as of March 31, 2023, compared to $61.2 million at the end of 2022[154] - The company reported net cash provided by financing activities of $107.7 million for the three months ended March 31, 2023, a significant increase compared to a net cash used of $23.3 million in the same period in 2022[164] Cash Flow and Capital Expenditures - Net cash used in operating activities was $83.9 million for the three months ended March 31, 2023, reflecting an increase of $2.8 million compared to the same period in 2022[161] - The company had unrestricted cash and cash equivalents totaling $164.2 million as of March 31, 2023, an increase from $133.6 million at the end of 2022[156] - The company anticipates capital expenditures for 2023 to be revised from $25 million to a range of $40 million to $45 million, driven by projects to acquire wind turbines and startup costs for manufacturing lines in India[163] Operational Performance - The utilization rate for manufacturing lines improved to 84% in Q1 2023, up from 71% in Q1 2022[126] - The company experienced a loss from operations of $6.7 million at its Matamoros, Mexico facility in Q1 2023, an increase from a $5.0 million loss in Q1 2022[119] Market Risks and Accounting - The company is exposed to market risks primarily related to foreign currency exchange rates and commodity prices[169] - A hypothetical 10% change in foreign currency exchange rates would have resulted in a change to income from operations of approximately $1.0 million for the three months ended March 31, 2023[170] - A 10% change in the forecasted price of resin and resin systems is estimated to impact income from operations by approximately $6.6 million for the full year 2023[174] - The company has not hedged its commodity price exposure but locks in pricing for most key raw materials for 12 months to mitigate price increases[171] - There have been no significant changes to the company's critical accounting policies as disclosed in the Annual Report for the year ended December 31, 2022[167] - Recent accounting pronouncements are discussed in the condensed consolidated financial statements, indicating ongoing compliance with accounting standards[168] Supply Chain and Investments - The company plans to invest an additional $10 million to $15 million in its automotive business in 2023, following previous investments of approximately $81 million from 2018 to 2022[121] - The company has entered into agreements to extend supply agreements in Türkiye, India, and Mexico, and plans to add two manufacturing lines in India[116] - The geopolitical situation and inflation have led to increased costs, with minimum wages in Mexico and Türkiye rising by approximately 20% and 55%, respectively, effective January 1, 2023[120]

Revenue and Sales Performance - A significant portion of the company's revenue is derived from three wind blade customers: Vestas (36.2%), GE Renewable Energy (20.8%), and Nordex (32.6%) for the year ended December 31, 2022[87]. - Net sales for 2022 reached $1,522,741, a 3.4% increase from $1,472,386 in 2021[223]. - Wind blade sales increased by 2.3% to $1,401,198 in 2022, driven by higher average sales prices and increased volume at manufacturing facilities[223]. - The U.S. segment experienced a significant decline in net sales, dropping 53.6% to $89,170,000 from $192,339,000 in 2021, primarily due to the shutdown of the Newton, Iowa manufacturing facility[226][227]. - Wind blade sales in the Mexico segment increased by 10.7% to $628,607,000, driven by the commencement of production at a new facility and inflationary price increases[228]. - EMEA segment net sales rose by 18.0% to $568,992,000, supported by a 15% increase in wind blade production at Türkiye plants[229]. - India segment's wind blade sales grew by 8.8% to $217,425,000, attributed to increased production volume[231]. - Total net sales for the year ended December 31, 2022, increased by 3.4% to $1,522,741,000 compared to $1,472,386,000 in 2021[225]. Operational Challenges - The company has experienced significant price increases and supply constraints for raw materials, with expectations that supply chain costs will be flat to slightly down in 2023 compared to 2022[95]. - Wage increases in Mexico and Türkiye are approximately 20% and 55%, respectively, effective January 1, 2023, which may impact the company's financial condition[98]. - The company has faced production delays at its Matamoros, Mexico facility, which adversely impacted profitability and financial condition[91]. - The company has experienced a decline in demand for wind turbine blades due to regulatory uncertainty and inflationary pressures affecting customer investments[100]. - The company is facing challenges related to inflation and supply chain performance, which are influenced by the current geopolitical situation and economic environment[122]. - The company has incurred significant losses in its automotive business, particularly related to supplying bus bodies to Proterra, and faces challenges in expanding this segment[115]. Financial Performance - The net loss from continuing operations improved to $(55,550) in 2022 from $(155,894) in 2021, reflecting a significant reduction in losses[222]. - Adjusted EBITDA for 2022 was $37,857, compared to $(20,055) in 2021, indicating a positive shift in operational performance[213]. - Free cash flow for 2022 was $(81,104), worsening from $(62,644) in 2021, highlighting ongoing cash generation challenges[213]. - Total debt decreased to $61,173 in 2022 from $74,646 in 2021, improving the company's leverage position[213]. - The total loss from operations from continuing operations for the year ended December 31, 2022, was $27,809,000, a significant improvement of 69.7% compared to a loss of $91,826,000 in 2021[237]. - The EMEA segment reported an income from operations of $77,195,000 for 2022, a 94.9% increase from $39,609,000 in 2021, driven by increased wind blade production and operational efficiencies[240]. - The India segment achieved an income from operations of $17,479,000 in 2022, compared to a loss of $845,000 in 2021, marking a notable turnaround[241]. Market and Competitive Landscape - The company faces significant competition in the wind blade manufacturing market, with a limited number of customers and increasing pressure from in-house production by wind turbine OEMs[110]. - The U.S. wind energy industry relies on governmental support through incentives like the PTC and ITC, which have been extended until at least 2032, but uncertainty remains regarding their future implementation[111]. - The company is the only independent manufacturer of composite wind blades for the wind energy market with a global manufacturing footprint, operating in the U.S., Mexico, Türkiye, and India[180]. Supply Chain and Manufacturing - The company relies on third parties for raw materials, with approximately 20% procured from China, making it vulnerable to supply chain disruptions[97]. - The company has ceased operations at its Yangzhou, China facility at the end of 2022, impacting its manufacturing capacity and customer demand[93]. - The company has entered into agreements to extend supply contracts with GE Renewable Energy and Nordex, enhancing its manufacturing capabilities through 2025 and beyond[188]. - The company expects supply chain costs to remain flat to slightly down in 2023 compared to 2022, despite elevated prices for raw materials and logistics costs[186]. Labor and Compliance - Approximately 35% of the workforce is covered by collective bargaining agreements, which could lead to increased operating costs due to potential labor disruptions[137]. - The company has incurred costs related to compliance with environmental, health, and safety regulations, which may increase in the future[134]. - The company is subject to anti-corruption laws, which could impact operations in countries with high corruption risks, such as Türkiye and Mexico[128]. Corporate Governance and Shareholder Matters - The Series A Preferred Stockholders have significant influence over corporate governance, which may conflict with the interests of common stockholders[144]. - The Series A Preferred Stockholders are entitled to cash dividends after the second anniversary of the Series A Preferred Stock closing date, which could impact the company's liquidity and cash available for operations[170]. - The company has never declared or paid cash dividends on its common stock and does not anticipate doing so in the future[170]. - The company plans to shut down its business operations in China within the next 12 months, which may affect its ability to distribute remaining shareholders' equity[171]. Future Outlook - The company expects demand for wind turbine blades in 2023 to be slightly down compared to 2022 due to the discontinuation of operations in China and deferred investments by customers[94][100]. - The company anticipates moderated demand for its wind blades in 2023 due to decreased demand in 2022 compared to 2021, influenced by regulatory uncertainty and the need for IRS guidance on new legislation[113]. - The company plans to focus on expanding manufacturing capabilities and enhancing operational efficiency to address cash flow challenges and improve profitability[222].

COMPOSITES。 Q3 2021 Earnings Call November 8, 2021 Legal Disclaimer 2 This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37839 TPI Composites, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 20-1590775 (I.R.S. ...