Welcome to our dedicated page for TPI Composites news (Ticker: TPIC), a resource for investors and traders seeking the latest updates and insights on TPI Composites stock.
TPI Composites, Inc. (Nasdaq: TPIC) is the largest independent manufacturer of composite wind blades in the United States. With over five decades of expertise in the industry, TPI specializes in producing high-strength, lightweight, and durable composite structures for the wind energy market. The company operates manufacturing facilities in North America, Europe, and Asia, and maintains engineering development centers in Denmark and Germany, along with global service training centers in the U.S. and Spain.
TPI's core business involves the manufacturing of composite wind blades, primarily supporting global wind turbine manufacturers. Their advanced composite technology allows them to build near aerospace-grade parts at industrial prices, offering competitive and high-quality products. In addition to wind energy, TPI serves the transportation industry, manufacturing composite structures for buses, rail, theme parks, and trucks.
Recently, TPI expanded its partnership with Nordex in Türkiye, enhancing their decade-long collaboration to deliver cost-effective solutions for the European market. They have also deepened their relationship with GE Vernova, further cementing their position in the U.S. wind market.
In an innovative move, TPI has partnered with the University of Maine Advanced Structures and Composites Center and Oak Ridge National Laboratory to utilize one of the world's largest 3D printers for producing wind turbine tooling. This initiative aims to reduce manufacturing costs and improve production efficiency.
TPI has been making significant strides in financial performance as well. The company reported a net income of $11.6 million for Q4 2023, a turnaround from a loss of $41.9 million in the same period in 2022. This financial recovery was bolstered by a gain on extinguishment of debt associated with refinancing their Series A Preferred Stock.
Moreover, TPI has contributed to the Kenworth SuperTruck 2 program, showcasing an all-composite cab that offers significant weight reduction and improved aerodynamics. This project aligns with TPI's commitment to sustainable and innovative solutions in the transportation sector.
Overall, TPI Composites continues to leverage its advanced composite manufacturing technology and expertise to deliver sustainable solutions for the wind and transportation markets, aiming to decarbonize and electrify the world.
TPI Composites, Inc. (Nasdaq: TPIC) announced participation in several upcoming investor conferences. The schedule includes the Morgan Stanley Utilities & Clean Energy Summit on September 23, 2020, and an ESG Webcast on September 29, 2020, at 11:00 a.m. Eastern Time. Additionally, TPI will attend the J.P. Morgan Global Leaders Conference on October 1, 2020. TPI is a leading independent manufacturer of composite wind blades, with a global presence and strong partnerships in the wind and transportation sectors.
TPI Composites, Inc. (Nasdaq: TPIC) announced the addition of Bavan Holloway to its board of directors, effective September 8, 2020. Holloway brings over 30 years of finance and audit experience, previously serving as Vice President of Corporate Audit at Boeing. TPI's Chairman, Steven Lockard, expressed confidence that Holloway's expertise will support the company’s strategy for diversified, profitable global growth. TPI is the only independent manufacturer of composite wind blades and operates globally, with facilities in the U.S., China, Mexico, Turkey, and India.
TPI Composites (Nasdaq: TPIC) announced the appointment of Linda Hudson to its board of directors, effective August 11, 2020. Ms. Hudson will also participate in the Nominating and Corporate Governance Committee and Technology Committee. With over 35 years of experience in global operations, her leadership aims to support TPI's strategy for diversified, profitable growth. Previously CEO of The Cardea Group and BAE Systems, she brings extensive expertise to enhance the company’s operational effectiveness.
TPI Composites reported Q2 2020 financial results with net sales of $373.8 million, a 13% increase year-over-year, despite pandemic challenges. However, the company faced a net loss of $66.1 million or $(1.87) per share, impacted by COVID-19 related costs and lower production capacity. Adjusted EBITDA dropped to $3.3 million from $23.4 million in Q2 2019. Positive developments included extended supply agreements with GE and a new agreement with Nordex, adding approximately $800 million in potential contract value. Liquidity stood at $138.4 million.
TPI Composites, Inc. (Nasdaq: TPIC) has appointed James Hilderhoff as Chief Commercial Officer, effective August 3, 2020. Hilderhoff brings over 35 years of experience from leadership roles in the transportation and power sectors, most recently with Wabtec Corporation. His background includes significant positions at General Electric Company, enhancing TPI's capability in wind and strategic markets. CEO Bill Siwek expressed enthusiasm for Hilderhoff's expertise in international business development, anticipating growth for TPI in the wind energy sector.
TPI Composites, Inc. (Nasdaq: TPIC) announced its participation in two upcoming investor conferences. The 40th Annual Canaccord Growth Conference is scheduled for August 13, 2020, where TPI will present at 1:30 p.m. Eastern Time. Following this, TPI will attend the UBS Renewables and Energy Transition Conference on September 15-16, 2020. TPI is recognized as the only independent manufacturer of composite wind blades in the wind energy sector, with a robust global presence, including manufacturing facilities in the U.S., China, Mexico, Turkey, and India.
TPI Composites, Inc. (Nasdaq: TPIC) announced the release of its second quarter 2020 results scheduled for August 6, 2020, post-market close. A conference call will follow at 5:00 p.m. (Eastern Time) the same day. Investors can participate by calling 1-855-327-6837 for U.S. callers or 1-631-891-4304 for international participants. A replay will be available post-call, and the event can also be accessed via the company's website. TPI is known as a leading independent manufacturer of composite wind blades, with a global footprint and strong relationships in the wind and transportation sectors.
TPI Composites, Inc. (Nasdaq: TPIC) will participate in several upcoming virtual investor conferences. Key dates include the 17th Annual Craig Hallum Conference on May 27, the UBS Global Industrials Conference on June 2, and a fireside chat at the Cowen Summit on June 3 at 1:00 p.m. ET. Additional events are scheduled for June 9 and June 17, followed by the ROTH Virtual London Conference on June 24-25, 2019. TPI, headquartered in Scottsdale, Arizona, is a leading independent manufacturer of composite wind blades for the global wind energy market.
TPI Composites (Nasdaq: TPIC) reported a 19% increase in net sales to $356.6 million for Q1 2020, despite COVID-19 disruptions. The company incurred a net loss of $0.5 million or $0.01 per share, a significant improvement over the $12.1 million loss in Q1 2019. Adjusted EBITDA declined to $1.3 million, impacted by an $11 million reduction due to halted production in China. TPI maintains liquidity of $188 million and aims for stability amidst ongoing pandemic challenges. Despite short-term hurdles, demand for wind energy remains strong, paving the way for future growth.
TPI Composites, Inc. (Nasdaq: TPIC) has announced a shift to a virtual format for its 2020 Annual Meeting of Stockholders due to COVID-19 health concerns. Scheduled for May 20, 2020, at 1:00 p.m. Arizona time, stockholders must participate online as in-person attendance is not permitted. Only those who were stockholders as of March 23, 2020, can attend or vote. Proxy materials will remain unchanged despite the format change, and stockholders are encouraged to vote in advance.
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