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TPI Composites, Inc. Releases Second Quarter 2022 Earnings Results August 08 2022

2022 Lucintel Composites Market Insights, August 08, 2022

TPI Composites, Inc. reported financial results for the second quarter ended June 30, 2022.
Net sales for the three months ended June 30, 2022, decreased by $6.4 million or 1.4% to $452.4 million as compared to $458.8 million in the same period in 2021. Total cost of goods sold for the three months ended June 30, 2022, was $451.1 million and included $2.5 million of costs related to lines in startup and $7.5 million of costs related to lines in transition during the period. This compares to total cost of goods sold for the three months ended June 30, 2021, of $450.5 million and included $4.5 million of costs related to lines in startup and $5.6 million of costs related to lines in transition during the period. Total cost of goods sold as a percentage of net sales increased by 1.5% during the three months ended June 30, 2022, as compared to the same period in 2021.
Net loss before preferred stock dividends and accretion improved from a loss of $39.8 million for the three months ended June 30, 2021 to a loss of $5.5 million for the three months ended June 30, 2022. Including $14.6 million of preferred stock dividends and accretion, net loss attributable to common stockholders for the quarter was $20.1 million, compared to a net loss of $39.8 million in the same period in 2021.
Adjusted EBITDA for the three months ended June 30, 2022 was $10.3 million as compared to $17.4 million during the same period in 2021.
Capital expenditures were $2.5 million for the three months ended June 30, 2022, as compared to $8.3 million during the same period in 2021.