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Sep 30, 2024
TPI Composites Q3 2024 Earnings Report
Improved profitability driven by operational execution and strategic initiatives.
Key Takeaways
TPI Composites reported improved profitability in Q3 2024, driven by 89% plant utilization, progress in transitioning to next-generation blades, and the elimination of losses from the divested Automotive business and the closed Nordex Matamoros plant. Sales reached $380.8 million, reflecting 23% sequential quarterly growth.
Adjusted EBITDA was $8.0 million, compared to $0.2 million in the same period last year, with an adjusted EBITDA margin of 2.1%.
Net sales increased 2.8% to $380.8 million compared to $370.2 million in the same period in 2023.
Net loss from continuing operations attributable to common stockholders decreased to $38.6 million, compared to a net loss of $43.0 million in the same period in 2023.
The company is well-positioned to capitalize on long-term growth in the U.S. onshore wind market and expects strong demand in the U.S. that will push plants in Mexico to near capacity utilization in 2025.
Forward Guidance
The company is positioned to achieve the midpoint of its full-year sales guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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