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Dec 31, 2022
TPI Composites Q4 2022 Earnings Report
TPI Composites reported an increase in net sales and an improvement in adjusted EBITDA for the fourth quarter of 2022, while also announcing restructuring plans.
Key Takeaways
TPI Composites reported net sales of $461.8 million for Q4 2022, an 18.6% increase compared to the same period in 2021. The company's net loss attributable to common stockholders was $57.8 million, an improvement from the $93.3 million loss in Q4 2021. Adjusted EBITDA totaled $40.8 million, compared to a loss of $28.3 million in the same period last year.
Net sales increased by 18.6% to $461.8 million compared to Q4 2021.
Net loss attributable to common stockholders improved to $57.8 million from $93.3 million in the same period last year.
Adjusted EBITDA totaled $40.8 million, a significant improvement from a loss of $28.3 million in Q4 2021.
The company ceased production at its Yangzhou, China manufacturing facility as of December 31, 2022, as part of a restructuring plan.
Forward Guidance
TPI Composites expects blade volume to be down slightly in 2023 due to the cessation of operations in China. However, the company anticipates year-over-year sales growth in the high single to low double-digits in 2023 from the rest of its global footprint.
Positive Outlook
- Expect to deliver year-over-year sales growth in the high single to low double-digits in 2023 from the rest of our global footprint
- Positioned for success in 2023 and stand ready to serve our customers' capacity needs as demand begins accelerating again
- Recently announced partnerships and long-term strategic agreements with key customers such as Vestas, GE, Nordex and ENERCON further solidify the importance of TPI in the wind ecosystem for many years to come.
- Supportive policy both in the United States and the EU, provides optimism for TPI and the wind industry.
- At reasonable utilization levels, we expect to eclipse $2 billion of wind revenue within our existing manufacturing footprint in the next couple of years
Challenges Ahead
- Blade volume will be down slightly in 2023 as we have ceased operations in China
- Continue to see some inflationary headwinds for the entire industry
Historical Earnings Impact
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