TPI Composites Q2 net loss narrows to $5.5M; free cash flow of $19.4M

TPI COMPOSITES, INC

2022-Q2 EPS reported -$1.19 revenue$837,238,000

Net sales down 1.4% YoY to $452.4M; net loss improved to $5.5M from $39.8M loss in Q2 2021.
Adjusted EBITDA of $10.3M vs $17.4M in prior year; includes ~$8M in non-recurring shutdown costs.
Generated $19.4M free cash flow; ended quarter with $155M unrestricted cash and net cash of $92.7M.
FY 2022 capex guidance reduced to $15-20M from $25-30M; utilization expected 80-85%.
Wind blade sets produced 783 vs 843 YoY; utilization improved to 84% from 82%.

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