TPI Composites Q1 net loss $61.8M, revenue down 26%; reaffirms FY2024 guidance

TPI COMPOSITES, INC

2024-Q1 EPS reported -$1.30 revenue$299,062,000

Net sales $299.1M, down 26.0% YoY; net loss from continuing ops $61.8M vs $30.3M loss in Q1 2023.
Adjusted EBITDA loss $23.0M vs positive $8.4M prior year; margin -7.7% versus +2.1%.
Reaffirms FY2024 guidance: net sales $1.3B-$1.4B, adj. EBITDA margin 1%-3%, utilization 75-80% on 34 lines.
Ended Q1 with $117M cash; line startups/transitions on track with 6 of 10 scheduled lines in production.
Wind blade sets produced 488 (down 25% YoY); utilization fell to 67% from 84%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TPI COMPOSITES, INC reported three months ended March 31, 2024 results: revenue $299.1 million, net income -$61.8 million, EPS -$1.31. Guidance reaffirmed.

Period: three months ended March 31, 2024
Revenue: $299.1 million
Net income: -$61.8 million
EPS: -$1.31
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Net sales for the three months ended March 31, 2024, decreased 26.0% to $299.1 million as compared to $404.1 million in the same period in 2023 due to the following: Net Sales of wind blades, tooling and other wind related sales (“Wind”) decreased by $98.7 million, or 25.5%, to $288.9 million for the three months ended March 31, 2024, as compared to $387.6 million in the same period in 2023. The decrease was primarily due to a decrease in the number of wind blades produced due to the number of lines that we are starting up or transitioning, expected volume declines based on market activity levels, and lower average sales prices of wind blades due to changes in the mix of wind blade models produced. This decrease was partially offset by favorable foreign currency fluctuations and an increase in tooling sales in preparation for manufacturing line startups and transitions. Automotive sales decreased $5.3 million, or 51.1%, to $5.0 million for the three months ended March 31, 2024, as comp

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Source: SEC EDGAR

accession 0001171843-24-002492

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