TPI Composites, Inc.’s Net Sales up 50% and Adjusted EBITDA up 57% in Third Quarter 2019

November 11 2019

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 million

Net 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.

Lucintel Corporate Customers

Market Entry, M & A, Opportunity Screening,...

Private Equity Customers

Buy Side Services (target screening, due diligence, ..)

Market Research Reports

Aerospace & Defense [51]
Chemical [231]
Composites & Advanced Materials [161]
Construction & Industrial [69]
Consumer and Retail [122]
Economic Analysis [78]
Energy & Utility [73]
Finance & Services [10]
Healthcare [57]
Media & Entertainment [16]
Metals & Mining [17]
Technology & Telecommunication [119]
Transportation [119]

Customer Quotes

"With more than 20 years experience in the industry, this is the first time we have come across such an extensive market analysis for our industry." Ven Cote, CEO, ZCL

"The insights we gained from Lucintel work helped with our business plan…a wonderful professional job…" Mike Jackson, Stahlin

"The report from Lucintel is useful not only for business planners, but also for the technology officers wanting to create a roadmap …" Dr. Giulio Ranzo, Booz Allen

"The information is so comprehensive, it has allowed us to identify & focus our business development efforts. It saved months of leg-work." Bill Barz, L&L Products

"We bought Lucintel report because it is the best report about our industry…a complete and appropriate analysis." Cesare Andrenacci, Ferretti

Quick Query

Lucintel Insights in News

Follow us on