TPI Composites reports Q1 EPS (88c), consensus (38c)

Reports Q1 revenue $404.07M, consensus $378.44M. "Despite a challenging global wind market and economic climate, we delivered solid sales and earnings performance, which were in line with our internal plans," said Bill Siwek, President and CEO of TPI Composites. "To further bolster our balance sheet, we issued $132.5 million of 5.25% green convertible senior notes in the first quarter. We were opportunistic in accessing capital at attractive rates to ensure we have ample cash to continue to navigate challenging market dynamics and global economic uncertainty and to fuel growth once the market begins accelerating again. The need for energy independence and security along with supportive policy in both the U.S. and Europe are expected to drive that growth. Opportunities for profitable growth come and go quickly, and we want to have the financial flexibility to respond to our customers’ needs in a nimble manner."