TPI Composites reports Q3 EPS ($1.71), consensus (58c)

Reports Q3 revenue $372.9M, consensus $381.99M.”I was pleased with the results of our focus on cash flow and liquidity in the quarter as we finished with $161M of unrestricted casM charge related to the bankruptcy of an automotive customer as well as an incremental $13.5M charge for the warranty campaign we announced in the second quarter. To finish the quarter with $161M of cash is a testament to our team’s relentless emphasis on execution in a challenging market and economic climate,” said Bill Siwek, President, and CEO of TPI Composites. “The entire TPI team has worked tirelessly on our quality improvement initiatives, and we have made excellent progress during the quarter to mature our quality system under the leadership of Neil Jones, the Chief Quality Officer of TPI Composites. We understand that operators of wind turbines have high expectations for the longevity and performance of our wind blades and we plan to deliver to those expectations.” “While the wind industry continues to face a challenging near-term macro environment, our focus is on quality and preserving our balance sheet. We are confident that with our liquidity position we have ample runway to get through this rough patch in the industry while being positioned to meet the projected growth anticipated by our customers. TPI plays a significant role in the wind value chain in the United States and across the globe and we are ready and look forward to increasing our role when the wind market turns for the better.”