TPI Composites, Inc. Releases Second Quarter 2019 Earnings Results

August 12 2019

TPI Composites, Inc. reported financial results for the second quarter ended June 30, 2019.
Highlights

For the quarter ended June 30, 2019:

• Net sales of $330.8 million
• Total billings of $304.5 million
• Net income of $1.8 million or $0.05 per share
• EBITDA of $11.7 million
• Adjusted EBITDA of $19.5 million
“We delivered solid operational and financial performance in the second quarter through our continued focus on execution, operating efficiency and commitment to our customer and supplier relationships,” said Steve Lockard, CEO of TPI Composites. “During the quarter, we successfully mitigated challenges we encountered earlier this year in an efficient and cost-effective manner, and we continue to grow our infrastructure, improve our operations and strengthen our team and capabilities. Specifically, we stabilized the workforce and production in Matamoros, completed negotiations to sell the remaining Senvion blades directly to their customer, while also mutually agreeing with Senvion to terminate our two-line supply agreement, and made significant progress in our consolidation and restructuring efforts. We performed and recovered well in the second quarter from the challenges we encountered in the first quarter, and we remain confident and committed to our overall business model and strategy.”

Second Quarter 2019 Financial Results
Net sales for the quarter increased by $100.2 million or 43.4% to $330.8 million compared to $230.6 million in the same period in 2018. Total billings increased by $67.1 million or 28.3% to $304.5 million for the three months ended June 30, 2019 compared to $237.4 million in the same period in 2018. Net sales of wind blades were $301.8 million for the quarter as compared to $206.4 million in the same period in 2018.

Total cost of goods sold for the quarter was $308.2 million and included $14.7 million related to 13 lines in startup in our plants in Mexico and China and the startup of new wind blade models for a customer in Turkey and $8.2 million related to the seven lines in transition during the quarter. Cost of goods sold as a percentage of net sales remained consistent during the three months ended June 30, 2019 as compared to the same period in 2018. General and administrative expenses for the three months ended June 30, 2019 totaled $9.2 million, down from $11.0 million for the same period in 2018. As a percentage of net sales, general and administrative expenses were 2.8% for the three months ended June 30, 2019, down from 4.8% in the same period in 2018.

Net income for the quarter was $1.8 million as compared to a net loss of $4.1 million in the same period in 2018. EBITDA for the quarter increased to $11.7 million, compared to $10.1 million during the same period in 2018. Capital expenditures were $19.0 million for the quarter compared to $30.6 million during the same period in 2018.

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