United States

United States

TPI Composites' sales decline in Q2

UNITED STATES: Blade manufacturer TPI Composites made a net loss of $4.1 million in the second quarter, as its sales declined.

Outside TPI Composite's factory in Newton, Iowa, US
Outside TPI Composite's factory in Newton, Iowa, US

It invoiced 576 three blade sets worldwide in Q2, down 16% from 692 in the same period a year earlier

Higher average sales prices meant the company’s net sales did not suffer so sharp a fall, it stated.

TPI’s sales of $231 million between 1 April and 30 June were down 3.75% year-on-year, while its $13 million in adjusted earnings (Ebitda) was half what it was in the same period a year ago.

The manufacturer explained that an increase in the number of manufacturing lines either in transition or starting up – rather than producing – meant blade production had fallen 17.3% year-on-year and sales had decreased.

Despite the number of blade sets it sold in Q2 dropping 16%, the estimated output to be generated by these sets fell only 4% year-on-year – from 1,620MW to 1,544MW.

In the second quarter, TPI signed agreements with Enercon for two extra manufacturing lines in Turkey, with Vestas for four new lines in Mexico and with GE for two extra lines also in Mexico.

GE also extended its agreement by two years, while Nordex extended its agreement in China through to the end of 2019, TPI added.

The blade manufacturer removed three lines with Siemens Gamesa to make room for GE.

Lawsuit

TPI is being sued by six former workers who claim being exposed by chemicals at the manufacturer’s plant in Iowa, US made them ill.

They also claim they were then fired for it. The manufacturer denies the allegations.

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