TPI Composites reports Q1 EPS ($1.01), consensus (57c)

Reports Q1 revenue $336.18M, consensus $312.35M. “In the first quarter, TPI achieved 14% year-over-year growth in sales and drove positive cash flows from operating activities despite a challenging geopolitical and operating environment. The various economic challenges presented in the markets where we operate continue to create uncertainty in the industry’s near-term outlook and continue to challenge our operations. We are continuing to focus on maximizing value and ensuring that we have sufficient liquidity. Additionally, we are working with a committee of our Board of Directors and with advisors to conduct a strategic review of our business and evaluate potential strategic alternatives focused on optimizing our capital structure for the current and future environment,” said Bill Siwek, President and CEO of TPI Composites (TPIC). “During the pendency of this review, TPI remains focused on operational excellence and improving productivity and competitiveness. We continue to believe in the strength of our business and that our strategic partnerships position us well to navigate these challenges and capitalize on the opportunities within the renewable energy sector. No timetable has been established for the conclusion of the Board’s strategic review and no decisions related to any further actions or potential strategic alternatives have been made at this time. TPI does not intend to disclose developments relating to this process until it determines that further disclosure is appropriate or necessary.”