Tpi Composites - TPIC STOCK NEWS

TPI Composites (TPIC) has released its 2024 sustainability report, showcasing significant progress in environmental and operational initiatives. The wind blade manufacturer achieved notable safety metrics with a Total Recordable Incident Rate of 0.13 and Lost Time Incident Rate of 0.05, both well below industry standards.

Key achievements include the introduction of BladeAssure™, their new quality standard for wind blades, and a 5% waste reduction in production. The company expanded its renewable energy footprint through a Power Purchase Agreement (PPA) in Mexico, powering 100% of regional sites, while maintaining renewable energy sourcing in India and Türkiye facilities.

The report highlights supply chain sustainability, with 94% of critical direct material suppliers aligning with TPI's environmental goals. The company also strengthened employee engagement through Global Values in Motion Awards and successfully met its annual engagement survey score targets.

TPI Composites (Nasdaq: TPIC) has announced reaching a significant milestone with the production of its 100,000th wind blade since 2001. As a leading manufacturer of composite blades for the wind energy market, this achievement highlights the company's long-standing commitment to advancing wind energy technology and manufacturing high-quality, reliable blades.

CEO Bill Siwek emphasized the milestone's significance as a testament to their global team's dedication and customer trust. The company's advanced manufacturing processes and global footprint have positioned TPI as a key player in the worldwide expansion of wind energy, with their blades being utilized in turbines generating clean electricity.

TPI Composites (TPIC) reported Q4 2024 financial results with net sales of $346.5 million, up 17.7% year-over-year. The company posted a net loss of ($49.1) million for Q4 2024, compared to net income of $14.6 million in Q4 2023. Adjusted EBITDA improved to $1.2 million from a loss of ($24.5) million in the same period last year.

For full-year 2024, net sales decreased 7.1% to $1,331.1 million, with a net loss of ($210.1) million. The company made strategic decisions including divesting its Automotive business, shutting down a Mexico facility, and restructuring its workforce in Türkiye. TPI ended 2024 with $197 million in unrestricted cash and extended supply agreements with Vestas and GE Vernova through 2025.

The company is ramping up production in Mexico to support 24/7 operations due to exceeding demand capacity for 2025, and plans to reopen its Iowa plant in mid-2025 to support GE Vernova.

TPI Composites (TPIC) has announced it will release its fourth quarter and full year 2024 financial results after market close on Thursday, February 20, 2025. The company will host a conference call at 5:00 p.m. Eastern Time on the same day.

Investors can access the call by dialing 1-800-579-2543 (US) or 1-785-424-1789 (International) using Conference ID 'TPIC'. A replay will be available until March 6, 2025, accessible by dialing 1-844-512-2921 (US) or 1-412-317-6671 (International) with passcode 11157847. Additionally, a simultaneous webcast will be available on the Investor Relations section of TPI Composites' website.

TPI Composites announced its third quarter 2024 earnings results, highlighting a significant improvement in profitability. The company reported net sales of $380.8 million, a 2.8% increase year-over-year, and a net loss of $38.6 million, down from $43.0 million in Q3 2023. Adjusted EBITDA rose to $8.0 million from $0.2 million last year, driven by plant utilizations at 89% and divesting the Automotive business.

Key operational highlights include the startup of ten new blade lines and a 23% sequential quarterly growth in sales. The company plans to reopen its Iowa plant in mid-2025 and expects strong demand in the U.S. onshore wind market, pushing Mexican plants to near capacity in 2025. However, challenges remain outside the U.S., including inflation in Türkiye and competition from Chinese manufacturers.

For full-year 2024, TPI Composites projects net sales of approximately $1.35 billion, an adjusted EBITDA margin loss of around 2%, and capital expenditures of roughly $30 million.

TPI Composites (TPIC) announced the appointment of Jennifer Lowry to its board of directors, effective November 13, 2024. Lowry will serve on the Board's Audit Committee, bringing extensive finance experience in the electric power industry. She currently serves as an independent director at Clearway Energy and MYR Group, and previously held the position of VP of Risk, Treasury, and Corporate Finance at McCormick & Company until July 2021. Her 25-year energy sector experience includes executive roles at Exelon , Constellation Energy, AES , and Cogentrix Energy Group.

TPI Composites (Nasdaq: TPIC) has announced the date for its third quarter 2024 earnings release. The company will disclose its financial results on Thursday, November 7, 2024, after the market closes. This will be followed by a conference call at 5:00 p.m. Eastern Time on the same day.

Interested parties can access the call by dialing 1-800-343-4849 (US) or 1-203-518-9843 (international), using the Conference ID 'TPIC'. A replay will be available for two weeks, accessible by dialing 1-844-512-2921 (US) or 1-412-317-6671 (international) with passcode 11157090. Additionally, a simultaneous webcast will be available on the Investor Relations section of TPI's website.

TPI Composites (Nasdaq: TPIC) has announced its collaboration with the University of Texas at Dallas to develop a smart 'digital twin' for optimizing the composite curing process in wind blade manufacturing. The project, funded by the Office of Energy Efficiency & Renewable Energy, aims to apply physics-informed machine learning algorithms to simulate and optimize the curing process through multi-zone temperature control.

The digital twin will use inputs such as spatial and temporal process characteristics and material properties to guide the manufacturing process by providing optimal temperature profiles. Real-time sensor data will be used to adjust thermal loads in multiple heating zones based on the optimal cure trajectory identified by the surrogate digital twin.

This collaboration is expected to accelerate the transition of ML-based modeling tools from academia to industrial applications, potentially leading to cost savings and performance improvements in composite manufacturing.

TPI Composites (TPIC) reported Q2 2024 financial results, showing a 17.2% decrease in net sales to $309.8 million. The company posted a net loss of $61.5 million, an improvement from $74.3 million loss in Q2 2023. Adjusted EBITDA was a loss of $24.9 million, better than the $33.3 million loss last year. TPI completed the divestiture of its Automotive business and closed the Nordex Matamoros plant, two loss-making operations. The company is narrowing its 2024 adjusted EBITDA guidance to approximately 1% due to Nordex Matamoros plant closure costs. Despite challenges, TPI remains positioned for recovery in H2 2024, focusing on cost control and productivity improvements.