TPI Composites’ (TPI) net sales for the quarter increased 22.3% to US$ 243.4 million compared to the same period in 2016. Net sales of wind turbines blades increased by 20.3% to US$ 233.5 million for the third quarter of 2017 as compared to the third quarter of 2016.
The increase was primarily driven by a 21% increase in the number of wind blades delivered during the third quarter compared to the same period in 2016 primarily from their China, Mexico and Turkey plants, partially offset by a decline in the average sales prices. Gross profit for the quarter totalled US$ 32.9 million, an increase of US$ 10.7 million over the same period of 2016 and their gross profit margin increased to 13.5%. Startup and transition costs in the third quarter were US$ 12.4 million as compared to US$ 5.1 million during the same period a year ago. The increase in Q3 2017 relates to their new plants in Mexico and Turkey and the startup of new wind blade models for certain of their customers in Turkey and Dafeng, China. Net income for the three months ended September 30, 2017 was US$ 20.4 million as compared to US$ 2.8 million in the same period in 2016. The increase was primarily due to the reasons set forth above. EBITDA for three months ended September 30, 2017 increased to US$ 29.1 million, compared to US$ 11.3 million during the same period in 2016. The EBITDA margin increased to 12.0% compared to 5.7% in the 2016 period.
