TPI Composites, Inc. (NASDAQ: TPIC) reported Q2 EPS of ($1.87), $1.65 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $373.8 million versus the consensus estimate of $303.58 million.

For the quarter ended June 30, 2020:

• Net sales of $373.8 million
• Net loss of $66.1 million or $(1.87) per share
• EBITDA loss of $2.6 million
• Adjusted EBITDA of $3.3 million

“We delivered good financial results in the second quarter growing net sales 13% amidst a challenging operating environment impacted by COVID-19,” said Bill Siwek, President and CEO of TPI Composites.

“As of today, all of our manufacturing facilities have returned to pre-COVID-19 capacity levels. We believe this positions us well for a strong second half of the year given the strong demand we are seeing from our customers.

“We announced today we extended two supply agreements with GE: one in Iowa through 2021 with an option to extend through 2022 and one in Juarez, Mexico through 2022. We will also be adding another production line in Mexico to provide for GE’s wind turbine technologies in North America. Additionally, we announced today that we signed a multi-year agreement with Nordex for two manufacturing lines in our Chennai, India manufacturing facility, where we plan to start production in the first quarter next year. These new manufacturing lines and extensions of contracts added approximately $800 million of potential contract value.

“We continue to invest in our team by adding talented professionals with diverse backgrounds. We announced today that we hired Jim Hilderhoff as our Chief Commercial Officer responsible for all commercial activities at TPI. Jim brings over 30 years of experience of commercial leadership experience at Wabtec and GE.

“We remain nimble from a capital structure standpoint. We completed an amendment to our debt facility which gives us additional flexibility as we navigate through the dynamic macro environment. Our liquidity at the end of the quarter was $138.4 million, composed of $96.7 million of cash and cash equivalents and approximately $41.7 million of total availability under various debt facilities.

“While we believe we have executed well while navigating the COVID-19 pandemic with all of our plants currently operating at or above planned capacity, several of our manufacturing facilities, in particular Mexico and India, are operating in regions with high levels of reported COVID-19 positive cases. As such, we may be required to reinstate temporary production suspensions or volume reductions at these manufacturing facilities or at our other manufacturing facilities to the extent there is a significant resurgence of COVID-19 cases in the regions where we operate or there is an outbreak of COVID-19 cases in any of our manufacturing facilities. Due to the fluid nature of COVID-19 and the potential impact on our business we will not be providing 2020 guidance at this time.

“In closing, the hard work and tireless efforts of our associates allowed us to deal with COVID-19 over the last few months have enabled us to reach pre-COVID capacity levels. I want to thank each associate for their dedication in these trying times. We remain encouraged by the growth opportunities and runway in both the wind and transportation markets and look forward to creating value for our shareholders for years to come,” concluded Mr. Siwek.

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