TPI Composites, Inc. (TPIC), the only independent manufacturer of composite wind blades with a global footprint, reported financial results for the third quarter ended September 30, 2019.For the quarter ended September 30, 2019:• Net sales of $383.8 million• Total billings of $385.6 million• Net loss of $4.6 million or $0.13 per share• EBITDA of $26.3 million• Adjusted EBITDA of $27.6 millionNet sales for the three months ended September 30, 2019 increased by $128.9 million or 50.5% to $383.8 million compared to $255.0 million in the same period in 2018. Total cost of goods sold for the three months ended September 30, 2019 was $357.9 million and included $13.1 million related to ten lines in startup in our plants in China and Mexico and the startup of new wind blade models for a customer in Turkey and $9.0 million of transition costs related to eight lines in transition during the quarter. General and administrative expenses for the three months ended September 30, 2019 totaled $10.6 million, or 2.8% of net sales, compared to $9.8 million, or 3.8% of net sales, for the same period in 2018. The net loss for the three months ended September 30, 2019 was $4.6 million as compared to net income of $9.5 million in the same period in 2018. EBITDA for the quarter increased to $26.3 million, compared to $7.4 million during the same period in 2018. Adjusted EBITDA for the quarter increased to $27.6 million compared to $17.6 million during the same period in 2018. Capital expenditures were $21.4 million for the quarter compared to $8.3 million during the same period in 2018.TPI ended the quarter with $92.1 million of cash and cash equivalents and net debt was $51.3 million as compared to net debt of $53.2 million at December 31, 2018, and the company had free cash flow during the quarter of $42.9 million.
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