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Jun 30, 2023
TPI Composites Q2 2023 Earnings Report
TPI Composites' financial results were impacted by a warranty issue, but the company reached an agreement with GE to expand capacity in Mexico and is renewing its focus on quality.
Key Takeaways
TPI Composites reported a decrease in net sales for the second quarter of 2023, along with a net loss per common share and a loss in adjusted EBITDA. The company reached an agreement with GE to expand capacity in Mexico and is focusing on quality improvements. They ended the quarter with $170 million in cash.
Net sales decreased by 2.9% to $381.3 million compared to the same period in 2022.
Net loss per common share was $1.90, compared to a net loss per common share of $0.60 for the same period in 2022.
Adjusted EBITDA was a loss of $38.9 million, compared to adjusted EBITDA of $5.6 million during the same period in 2022.
The company had unrestricted cash, cash equivalents, and short-term investments totaling $170.1 million on June 30, 2023.
Forward Guidance
The company provided guidance for the full year ending December 31, 2023, but the specific details were not included in the provided text.
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