TPI Composites, Inc. (TPIC) Tops Q1 EPS by 22c, Beats on Revenues; Offers FY18 EPS Mid-Point Outlook Above Consensus

TPI Composites, Inc. (NASDAQ: TPIC) reported Q1 EPS of $0.24, $0.22 better than the analyst estimate of $0.02. Revenue for the quarter came in at $254 million versus the consensus estimate of $229.97 million.

Highlights

For the quarter ended March 31, 2018:

• Net sales of $254.0 million
• Total billings of $223.7 million
• Net income of $8.6 million or $0.24 per diluted share
• EBITDA of $21.0 million, with an EBITDA margin of 8.3%
• Adjusted EBITDA of $27.4 million, with an Adjusted EBITDA margin of 10.8%

2018 Outlook For 2018, the Company is providing the following guidance:

• Net sales of between $1.0 billion and $1.05 billion
• Total billings of between $1.0 billion and $1.05 billion
• Adjusted EBITDA of between $75 million and $80 million
• Fully diluted earnings per share of between $0.38 and $0.42
• Sets delivered of between 2,500 and 2,525
• Average sales price per blade of between $125,000 and $130,000
• Estimated megawatts of sets delivered to be between 6,950 and 7,100
• Dedicated manufacturing lines under long-term agreements at year end to be between 51 and 55
• Manufacturing lines installed at year end to be 47
• Manufacturing lines in startup during the year to be 12
• Manufacturing lines in transition during the year to be 14
• Startup and transition cost of between $58 million and $61 million
• Capital expenditures to be between $85 million and $90 million (approx. 85% growth related)
• Effective tax rate to be between 40% and 42%
• Depreciation and amortization of between $30 million and $35 million
• Interest expense of between $11.5 million and $12.5 million
• Share-based compensation expense of between $10 million and $11 million

GUIDANCE:

TPI Composites, Inc. sees FY2018 EPS of $0.38-$0.42, versus the consensus of $0.39. TPI Composites, Inc. sees FY2018 revenue of $1-1.05 billion, versus the consensus of $1.03 billion.

For earnings history and earnings-related data on TPI Composites, Inc. (TPIC) click here.

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