TPI Q3 net loss $1.5M, Adj EBITDA $16.4M; plans China plant closure, strategic deals with Vestas, GE

TPI COMPOSITES, INC

2022-Q3 EPS reported -$1.58 revenue$1,296,509,000

Net sales $459.3M (-4.2% YoY); net loss improved to $1.5M from $30.7M; diluted EPS -$0.39.
Adjusted EBITDA $16.4M vs $0.2M a year ago; margin 3.6%.
Cash $129.1M; net cash $67M, down from $167.5M at Dec 2021; free cash flow -$29.4M.
Plans to cease production at Yangzhou, China in Dec 2022; expects material restructuring charges in Q4.
Agreed in principle to long-term global framework with Vestas, GE Newton lease extension, and GE Mexico extension.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TPI COMPOSITES, INC reported the third quarter ended September 30, 2022 results: revenue $459.3 million.

Period: the third quarter ended September 30, 2022
Revenue: $459.3 million
Result: reported results

Exact text from the filing

and either in operation, startup or transition during the period. Third Quarter 2022 Financial Results Net sales for the three months ended September 30, 2022, decreased 4.2% to $459.3 million as compared to $479.6 million in the same period in 2021 due to the following: Net sales of wind blades decreased by $25.7 million or 5.7% to $425.0 million for the three months

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Source: SEC EDGAR

accession 0001171843-22-007071

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