TPI Composites Inc Reports Second Quarter Financial Results
Intellectia.AI Updated: 1970-01-01
TPI Composites, Inc. Reports Second Quarter Financial Results
TPI Composites, Inc. (TPI), a global manufacturer of composite wind blades, reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate | Compared to Consensus |
|---|---|---|---|---|---|
| Total Revenue | $310.2M | $471.2M | -34.2% | $312.94M | Below |
| Earnings Per Share (EPS) | $-0.97 | $-2.10 | N/A | $-0.64 | Below |
Interpretation: TPI Composites reported a significant year-over-year (YoY) decrease in total revenue, driven primarily by a 34.2% decline. The company's EPS also fell short of the consensus estimate, reflecting ongoing operational challenges and lower overall sales volume.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Mexico | $133.4M | $217.7M | -38.7% |
| EMEA (Turkey) | $97.4M | $170.7M | -42.9% |
| India | $79.4M | $82.8M | -4.1% |
Interpretation: The Mexico and EMEA segments witnessed substantial declines in revenue, primarily due to reduced production volumes and ongoing operational challenges. India held relatively steady, showing only a minor decrease compared to the prior year.
Officer Comments
No specific comments from company officers were provided in the earnings release.
Dividends and Share Repurchase Program
No information on dividends or share repurchase programs was provided in the report.
Forward Guidance
The company did not provide specific forward guidance.
Stock Price Movement
The company's stock price saw a positive movement of approximately 5.97% following the earnings release, despite the weaker-than-expected financial performance.
This summary is based on TPI Composites' earnings release and related financial data.
