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Jun 30, 2024
TPI Composites Q2 2024 Earnings Report
Reported a decrease in net sales and a net loss from continuing operations, but showed improvement compared to the previous year due to the absence of a warranty charge and cost savings initiatives.
Key Takeaways
TPI Composites reported a decrease in net sales for Q2 2024, alongside a net loss, though the loss was smaller than the previous year. The company completed the divestiture of its Automotive business and closed the Nordex Matamoros plant. They are reaffirming their guidance for the full year 2024, however, they are narrowing their adjusted EBITDA guidance to the low end of the range.
Net sales decreased by 17.2% to $309.8 million compared to the same period in 2023.
Net loss from continuing operations attributable to common stockholders was $61.5 million, an improvement from the $74.3 million loss in the same period last year.
Adjusted EBITDA was a loss of $24.9 million, compared to a loss of $33.3 million in the same period in 2023.
The company reaffirmed its full-year 2024 guidance but narrowed its adjusted EBITDA guidance to the low end of the range.
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