TPI Composites(US:TPIC)2023-08-04 06:50Q2 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]