TPI Composites has reported financial results for the quarter ended September 30, 2016. Net sales increased 23.1% to US$ 198.9 million and total billings increased 28.0% to US$ 196.1 million. This was primarily driven by a 30.2% increase in the number of wind blades delivered compared to the same period in 2015.
EBITDA increased to US$ 11.3 million from US$ 6.3 million in the comparable period in 2015, with an EBITDA margin of 5.7% in the 2016 period compared to 3.9% in 2015. Adjusted EBITDA increased to US$ 19.6 million from US$ 7.6 million in the comparable period in 2015, with an adjusted EBITDA margin of 9.9% in the 2016 period compared to 4.7% in 2015. The company now has over US$ 4.2 billion in contract value across 44 molds through 2023, this is up from US$ 3.1 billion across 38 molds through 2021 at the end of the second quarter. For 2016, the company expects total billings between US$ 750 to US$ 760 million and to deliver between 2,147 to 2,162 sets of blades. The estimated megawatts of sets delivered will be between 4,915 to 4,955MW.
