TPI Composites Q2 net sales $309.8M (-17.2%), adj EBITDA loss $24.9M; narrows 2024 margin guidance

TPI COMPOSITES, INC

2024-Q2 EPS reported -$3.22 revenue$603,863,000

Net loss from continuing ops $61.5M ($1.30 per share) vs $74.3M loss in prior year.
Wind blade sets produced 473, down 28% YoY; utilization fell to 63% from 85%.
Divested Automotive business and closed Nordex Matamoros plant on June 30.
2024 guidance: net sales $1.3B-$1.4B, adj EBITDA margin ~1% (previously 1%-3%).
CEO expects positive free cash flow and profitability in second half of 2024.

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