TPI Composites has reported financial results for the first quarter ended March 31, 2017. Net sales for the three months ended March 31, 2017 increased by US$ 15.5 million or 8.8% to US$ 191.6 million compared to US$ 176.1 million in the same period in 2016. Net sales of wind blades increased by 11.9% to US$ 184.3 million for the three months ended March 31, 2017 as compared to US$ 164.7 million in the same period in 2016.
The increase was primarily driven by a 15% increase in the number of wind blades delivered during the three months ended March 31, 2017 compared to the same period in 2016 primarily from their Mexico and China plants. Net sales from the manufacturing of precision molding and assembly systems during the three months ended March 31, 2017 decreased to US$ 4.6 million from US$ 9.9 million in the same period in 2016. Total billings for the three months ended March 31, 2017 increased by US$ 36.8 million or 21.1% to US$ 211.4 million compared to US$ 174.5 million in the same period in 2016 driven by a 31% increase in wind blades. Gross profit for the three months ended March 31, 2017 was US$ 18.0 million and included aggregate costs of US$ 6.2 million related to the startup of new plants in Mexico and Turkey. Net income for the three months ended March 31, 2017 was US$ 3.5 million, as compared to US$ 1.7 million in the same period in 2016. EBITDA for three months ended March 31, 2017 increased to US$ 12.5 million, compared to US$ 11.0 million during the same period in 2016. The EBITDA margin increased to 6.5% compared to 6.2% in the 2016 period.
