TPI Composites, Inc. (NASDAQ: TPIC) reported Q1 EPS of ($0.05), $0.13 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $404.7 million versus the consensus estimate of $410.69 million.

For the quarter ended March 31, 2021:

• Net sales of $404.7 million
• Net loss of $1.8 million or $0.05 per diluted share
• EBITDA of $5.4 million
• Adjusted EBITDA of $13.1 million

“We delivered strong top line and adjusted EBITDA results in the first quarter despite normal seasonality we experience at the beginning of the year,” said Bill Siwek, President and CEO of TPI Composites. “Our vigilance addressing the ongoing COVID-19 spikes around the world has allowed a safe operating environment for our associates which, in turn, has paid off from an operational and financial perspective as evidenced by our first quarter results. Our team also did an exceptional job this quarter of navigating through some supply chain challenges primarily related to the resin market and ongoing logistics challenges. Our supply chain strategy remains intact as we diversify geographically to reduce risk and provide security of key materials.

“The long-term prospects for the wind industry have strengthened both domestically and globally over the past couple months. In the United States, recently announced policy support from Washington D.C. continues to act as a major potential tailwind for the wind industry and the renewable sector. Globally, the carbon emissions reduction commitments continue to increase with stronger pledges from the European Union, the United Kingdom, Canada, Japan, South Korea, and Brazil.

“On the transportation front, we now have deep collaboration with six OEMs for cab and body structures and with nine OEMs related to electric vehicle component parts.

“Lastly, we published our 2020 sustainability report in March. Going forward, we will be focused on putting into action our long-term Environmental, Social and Governance (ESG) goals outlined in the report including a goal of carbon neutrality by 2030 with 100% of our energy being procured from renewable sources.

“Given the broader wind and electric vehicle industry tailwinds, our position in the market and our relationship with our customers, we are excited for the future here at TPI Composites,” concluded Mr. Siwek.

GUIDANCE:

TPI Composites, Inc. sees FY2021 revenue of $1.75-1.85 billion, versus the consensus of $1.8 billion.

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