TPI Composites Inc ( (TPIC) ) has released its Q4 earnings. Here is a breakdown of the information TPI Composites Inc presented to its investors.
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TPI Composites, Inc. is a global leader in developing innovative and sustainable composite solutions primarily for the wind energy sector, with operations extending across the U.S., Mexico, Türkiye, and India. The company recently reported its financial results for the fourth quarter and full year of 2024, highlighting its strategic efforts to enhance profitability by streamlining operations and restructuring its business portfolio.
The company’s net sales for the fourth quarter of 2024 saw a 17.7% increase compared to the same period last year, reaching $346.5 million. This growth was driven by higher sales volumes and prices of wind blades, despite a challenging global wind industry environment. However, TPI Composites reported a net loss of $49.1 million from continuing operations, attributed to restructuring costs, higher interest expenses, and increased labor costs in Mexico and Türkiye.
Key financial metrics for the full year revealed a 7.1% decline in net sales, primarily due to reduced production volumes and the closure of certain facilities. Despite these setbacks, the company achieved an improved adjusted EBITDA, reducing losses from $44.9 million in 2023 to $38.7 million in 2024, driven by cost savings and operational efficiencies. TPI Composites also highlighted its efforts to bolster liquidity, closing the year with $197 million in unrestricted cash.
Looking forward, TPI Composites anticipates improved profitability in 2025, supported by extended supply agreements and strategic operational adjustments. The company aims to achieve net sales between $1.4 billion and $1.5 billion, with an adjusted EBITDA margin of 2% to 4%, indicating a positive outlook for the upcoming year.
