TPI Composites’ net income up 19.8% boosted in part by Mexican operations
Arizona-based TPI Composites, Inc., an independent manufacturer of composite wind blades with a global footprint, reported a 19.8% increase in net income to US$ 13.9 million for the second quarter of 2017. The improvement is due in part by a 31.1% boost in net sales of wind blades to US$ 239.8 million compared to US$ 182.9 million in the same period in 2016.
The increase was primarily driven by a 36% hike in the number of wind blades delivered during the three months ended June 30, 2017 compared to the same period in 2016, primarily from Chinese and Mexican plants.
TPI operates three manufacturing plants in Juarez, Chihuahua. The company also plans to open a fourth facility in Matamoros, Tamaulipas, which is expected to start production in the first half of 2018.
EBITDA for three months ended June 30, 2017 increased to US$ 27.5 million, compared to US$ 20.8 million during the same period in 2016. The EBITDA margin increased to 11.1% compared to 10.7% in the 2016 period.
Adjusted EBITDA for three months ended June 30, 2017 increased to US$ 30.8 million compared to US$ 20.8 million during the same period a year ago. The Adjusted EBITDA margin increased to 12.4%, compared to 10.7% during the same period a year ago.