TPI Composites has reported its first quarter 2024 financial results, which were in line with expectations. The company highlighted the impact of production line startups and transitions on sales and adjusted EBITDA.
Despite a decrease in net sales and adjusted EBITDA compared to the same period last year, the company remains optimistic about the wind industry's growth potential. They are focusing on aligning factories to support next-generation blade models and anticipate a return to improved financial performance in the second half of 2024. Key highlights from the first quarter include:
- Net sales decreased by 26.0% to $299.1 million, primarily attributed to declines in wind blade sales due to production line transitions and lower average sales prices.
- Net loss from continuing operations attributable to common stockholders was $61.8 million, compared to $30.3 million in the same period last year.
- Adjusted EBITDA was a loss of $23.0 million, compared to $8.4 million in the same period last year, with a decrease in adjusted EBITDA margin to a loss of 7.7%.
The company emphasised progress in line startups and transitions, with six lines already in production out of ten scheduled for 2024. Additionally, they highlighted their strategic position in the market and efforts to improve operations, anticipating a recovery in the wind industry.
