TPI Composites, Inc. Discloses Second Quarter 2017 Earnings Results and the Signing of a New Supply Agreement for Two Lines in China

August 14 2017

TPI Composites, Inc. reported financial results for the second quarter ended June 30, 2017.

Highlights

For the quarter ended June 30, 2017:

•Net sales of $248.2 million
•Total billings of $231.1 million
•Net income of $13.9 million or $0.41 per diluted share
•EBITDA of $27.5 million, with an EBITDA margin of 11.1%
•Adjusted EBITDA of $30.8 million, with an Adjusted EBITDA margin of 12.4%

“We are pleased with our strong operational and financial performance in the second quarter of 2017 in which we exceeded both our total billings and adjusted EBITDA targets,” said Steve Lockard, TPI Composites’ President and Chief Executive Officer. “We are also announcing today that we signed a multiyear supply agreement to supply blades from two manufacturing lines in our factory in Taicang, China. This will help backfill volume in our Taicang plant when we commence production before the end of Q1 of 2018.”

“We expect solid results for the balance of the year and reaffirm our guidance range of $930 million to $950 million for total billings for the year. We currently have approximately $4.4 billion of revenue under long-term contracts covering 48 molds and a strong global pipeline of opportunities to support our growth targets. We remain confident in our ability to expand our production lines globally across numerous partners and continue to target a 25% revenue CAGR through 2019.”

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