TPI Composites has reported financial results for the first quarter ended March 31, 2018. In the first quearter of 2018 the company sold 569 sets of wind turbine blades.
Net sales for the quarter increased by US$ 45.4 million or 21.7% to US$ 254.0 million compared to US$ 208.6 million in the same period in 2017. Total billings increased by US$ 12.3 million or 5.8% to US$ 223.7 million for the three months ended March 31, 2018 compared to US$ 211.4 million in the 2017 period. Net sales of wind blades were US$ 234.2 million for the quarter as compared to US$ 195.7 million in the same period in 2017. The increase was primarily driven by higher average sales prices due to the mix of wind blade models produced during the quarter compared to the same period in 2017. This was partially offset by a 10.5% decrease in the number of wind blades produced during the quarter compared to the same period in 2017.
Total cost of goods sold for the quarter was US$ 225.7 million and included aggregate costs of US$ 14.7 million primarily related to startup costs in our new plants in Turkey and Mexico and for our new customer, Senvion, in Taicang, China.
General and administrative expenses for the three months ended March 31, 2018 totaled US$ 11.2 million as compared to US$ 8.3 million for the same period in 2017. Net income for the quarter was US$ 8.6 million as compared to US$ 5.2 million in the same period in 2017.
EBITDA for the quarter increased to US$ 21.0 million, compared to US$ 14.5 million during the same period in 2017. The EBITDA margin increased to 8.3% compared to 7.0% in the 2017 period. Adjusted EBITDA for the quarter increased to US$ 27.4 million compared to US$ 17.6 million during the same period in 2017. The Adjusted EBITDA margin increased to 10.8% compared to 8.4% during the same period in 2017.
Total cost of goods sold for the quarter was US$ 225.7 million and included aggregate costs of US$ 14.7 million primarily related to startup costs in our new plants in Turkey and Mexico and for our new customer, Senvion, in Taicang, China.
General and administrative expenses for the three months ended March 31, 2018 totaled US$ 11.2 million as compared to US$ 8.3 million for the same period in 2017. Net income for the quarter was US$ 8.6 million as compared to US$ 5.2 million in the same period in 2017.
EBITDA for the quarter increased to US$ 21.0 million, compared to US$ 14.5 million during the same period in 2017. The EBITDA margin increased to 8.3% compared to 7.0% in the 2017 period. Adjusted EBITDA for the quarter increased to US$ 27.4 million compared to US$ 17.6 million during the same period in 2017. The Adjusted EBITDA margin increased to 10.8% compared to 8.4% during the same period in 2017.
