TPI Composites, Inc. (TPIC) Misses Q2 EPS

TPI Composites, Inc. (NASDAQ: TPIC) reported Q2 EPS of ($1.08), which may not compare to the analyst estimate of ($0.05). Revenue for the quarter came in at $458.8 million versus the consensus estimate of $428.89 million.

“We are happy to report that we delivered solid top line and adjusted EBITDA results in the second quarter,” said Bill Siwek, President and CEO of TPI Composites. “We are closely monitoring resurgences of the COVID-19 pandemic, and we remain focused on creating a safe operating environment for our associates including working with local authorities in each of our regions to support our associates’ vaccinations. We are also pleased with the operational performance our team delivered against the continued challenging backdrop. Our team has been nimble working through supply chain hurdles, mainly relating to the resin and carbon fiber markets, as well as ongoing logistics challenges, which has allowed us to keep utilization levels stable in a difficult operating environment.

“We are excited that we reached a new long-term agreement with Nordex and executed a two-year extension of our supply agreement with Proterra. These wins are a testament to the versatility of our dedicated supplier model and the strength of our long-term customer relationships.

“We are also pleased to add Jerry Lavine as President of our Transportation business recently, bringing with him nearly 30 years of experience working with Tier 1 suppliers and major manufacturers in the automotive industry. We continue to expect increased demand for composite components and structures for electric vehicles as composite material systems can be the key material building blocks for purpose built electric vehicles. Moreover, the level of interest in our capabilities remains high and we are actively working with customers and potential customers to develop innovative composite solutions for vehicles across passenger automotive, bus, truck, and delivery vehicle platforms. We are optimistic about the future of this business, and we look forward to benefitting from Jerry’s expertise as we accelerate our growth in the transportation market.

“While we expect the overall wind market to be relatively flat in 2022, we believe the long-term prospects for the wind industry have strengthened both domestically and globally, and we remain confident in our strategy to serve our customers in an efficient and cost-effective manner across our global manufacturing footprint,” concluded Mr. Siwek.

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

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