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Sep 30, 2021
TPI Composites Q3 2021 Earnings Report
Announced third quarter 2021 earnings results with new lines added in China for Vestas and secured strategic investment from Oaktree Capital Management of up to $600 Million.
Key Takeaways
TPI Composites reported a slight increase in net sales for the third quarter of 2021, but experienced a net loss due to increased costs and production delays. The company is navigating a challenging macroeconomic environment and expects these challenges to persist through most of 2022. They also secured a strategic investment from Oaktree Capital Management to strengthen their balance sheet.
Net sales increased by 1.2% to $479.6 million compared to the same period in 2020.
Net loss for the quarter was $30.7 million, compared to net income of $42.4 million in the same period in 2020.
Production delays occurred at facilities in Matamoros and Juarez, Mexico.
Entered into a stock purchase agreement with Oaktree Capital Management for up to $400 million.
Revenue by Segment
Forward Guidance
The company updated its full year 2021 guidance, expecting to be significantly impacted by COVID-19 and global renewable energy regulatory and policy uncertainty and raw material cost increases and constraints.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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