TPI Composites, Inc. (TPIC) Misses Q4 EPS by 3c, Revenues Beat; Offers FY20 Revenue Guidance

TPI Composites, Inc. (NASDAQ: TPIC) reported Q4 EPS of ($0.02), $0.03 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $422.1 million versus the consensus estimate of $414.73 million.

For the quarter ended December 31, 2019:

• Net sales of $422.1 million
• Total billings of $417.7 million
• Net loss of $0.9 million or $0.02 per share
• EBITDA of $20.1 million
• Adjusted EBITDA of $31.8 million

“TPI achieved solid topline and Adjusted EBITDA growth in the fourth quarter despite a challenging operating environment in 2019,” said Steve Lockard, CEO of TPI Composites. “We continued to drive profitability by reducing our cycle times through improved speed and efficiency, while also delivering strong cash flow from operations for the full year 2019. To that end, we’ve maintained a healthy balance sheet which has helped support our growth. We continue to invest alongside our customers to support their global production needs and to better adapt to the evolving wind landscape. We have also made great progress working towards our diversification goals through our accelerated efforts around products and processes.

“We remain confident in the long-term outlook for the wind industry. The economics of wind remain attractive, and we believe we are well positioned in the wind energy supply chain to capitalize on its continued momentum as a trusted, independent manufacturer of composite wind blades.

“Our team continues to focus on improving operational efficiency, driving out costs, and delivering value to our shareholders. TPI had a strong finish to 2019 and we remain encouraged by our prospects going forward,” concluded Mr. Lockard.

GUIDANCE:

TPI Composites, Inc. sees FY2020 revenue of $1.55-1.65 billion, versus the consensus of $1.56 billion.

The foregoing guidance takes into account the estimated impact of the COVID-19 virus on our operations in 2020, which we expect will adversely affect our Q1 2020 net sales by approximately $45 million and Adjusted EBITDA by approximately $15 million, however, we do not believe the COVID-19 virus will have a material impact on our results of operations for the full year because we expect to recover most if not all of the expected decline in net sales and Adjusted EBITDA in Q1 2020 over the remaining three quarters of 2020.

For earnings history and earnings-related data on TPI Composites, Inc. (TPIC) click here.

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