TPI Composites has reported financial results for the fourth quarter and full year ended December 31, 2017.
TPI Composites’ net sales for the quarter increased by US$ 61.6 million or 33.2% to US$ 247.1 million compared to US$ 185.6 million in the same period in 2016. Net sales of wind blades were US$ 236.2 million for the quarter as compared to US$ 164.8 million in the same period in 2016. The increase was primarily driven by a 38% increase in the number of wind blades delivered during the quarter as compared to the same period in 2016, primarily from their Turkey, Mexico and China plants. Total billings for the quarter increased by US$ 45.1 million or 22.8% to US$ 242.7 million compared to US$ 197.6 million in the same period in 2016.
Net income for the quarter was US$ 5.9 million as compared to a net loss of US$ 2.3 million in the same period in 2016. This increase was primarily due to the improved operating results.
EBITDA for the quarter increased to US$ 20.9 million, compared to US$ 12.5 million during the same period in 2016. The EBITDA margin increased to 8.4% compared to 6.7% in the 2016 period. Adjusted EBITDA for the quarter increased to US$ 25.1 million compared to US$ 14.3 million during the same period in 2016. The Adjusted EBITDA margin increased to 10.2% compared to 7.7% during the same period in 2016.
For the full year 2017 the company reports:
- Net sales of US$ 930.3 million
- Total billings of US$ 941.6 million
- Net income of US$ 43.7 million
- EBITDA of US$ 89.9 million, with an EBITDA margin of 9.7%
- Adjusted EBITDA of US$ 101.5 million, with an Adjusted EBITDA margin of 10.9%
For 2018, the company is providing the following:
- Total billings and net sales between US$ 1.0 billion and US$ 1.05 billion
- Adjusted EBITDA of between US$ 75 million and US$ 80 million
- Sets delivered of between 2,500 and 2,550
- Average sales price per blade of between US$ 125,000 and US$ 130,000
- Estimated megawatts of sets delivered to be between 6,950 and 7,100
- Dedicated manufacturing lines under long-term agreements at year end to be between 51 and 55
- Manufacturing lines installed at year end to be 47
- Manufacturing lines in transition during the year to be 14
Manufacturing lines in startup during the year to be 12
Startup and transition cost of between US$ 58 million and US$ 62 million
