TPI Composites, Inc. (TPIC) Misses Q2 EPS by 9c, Revenues Beat; Offers FY18 EPS Guidance Below Consensus

TPI Composites, Inc. (NASDAQ: TPIC) reported Q2 EPS of ($0.12), $0.09 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $230.6 million versus the consensus estimate of $241.25 million.

• Net sales of $230.6 million
• Total billings of $237.4 million
• Net loss of $4.1 million or $0.12 per diluted share
• EBITDA of $10.1 million, with an EBITDA margin of 4.4%
• Adjusted EBITDA of $13.5 million, with an Adjusted EBITDA margin of 5.8%

GUIDANCE:

TPI Composites, Inc. sees FY2018 EPS of $0.10-$0.14, versus the consensus of $0.43. TPI Composites, Inc. sees FY2018 revenue of $1-1.05 billion, versus the consensus of $1.03 billion.

• 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 $65 million and $70 million
• Fully diluted earnings per share of between $0.10 and $0.14
• Sets invoiced of between 2,450 and 2,480
• Average sales price per blade of between $125,000 and $130,000
• Estimated megawatts of sets invoiced to be between 6,800 and 6,900
• Dedicated manufacturing lines under long-term agreements at year end to be between 51 and 55
• Manufacturing lines installed at year end to be 43
• Manufacturing lines in startup during the year to be 17
• Manufacturing lines in transition during the year to be 17
• Startup and transition cost of between $66 million and $68 million
• Capital expenditures to be between $85 million and $90 million (approx. 85% growth related)
• Effective tax rate to be between 47% and 49%
• Depreciation and amortization of between $30 million and $32 million
• Interest expense of between $14 million and $14.5 million
• Share-based compensation expense of between $9 million and $10 million

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

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