- Published: 09 May 2019 09 May 2019
TPI Composites’ net sales for the first quarter increased by $45.8 million or 18.0% to $299.8 million compared to $254.0 million in the same period in 2018. Total billings increased by $55.8 million or 24.9% to $279.5 million for the three months ended March 31, 2019 compared to $223.7 million in the same period in 2018. Net sales of wind blades were $277.0 million for the quarter as compared to $234.2 million in the same period in 2018. The increase was primarily driven by a 15% increase in the number of wind blades produced and a higher average sales price due to the mix of wind blade models produced year over year.
These increases were partially offset by adjustments recorded in 2019 based upon changes in estimates of future revenue, cost of sales and operating income as well as reductions of revenue based upon the insolvency of Senvion and foreign currency fluctuations.
Total cost of goods sold for the quarter was $301.2 million and included $16.1 million related to 13 lines in startup in their plants in Mexico, Iowa and China, the startup of new wind blade models for a customer in Turkey and $2.1 million related to the five lines in transition during the quarter. This compares to total cost of goods sold of $225.7 million for the same period in 2018
The corporate overhead costs included within general and administrative expenses for the three months ended March 31, 2019 totaled $8.0 million, down from $11.2 million for the same period in 2018.
The net loss for the quarter was $12.1 million as compared to net income of $8.6 million in the same period in 2018.
EBITDA for the quarter decreased to a loss of $4.1 million, compared to positive EBITDA of $21.0 million during the same period in 2018. Adjusted EBITDA for the quarter decreased to $2.9 million compared to $27.4 million during the same period in 2018. Adjusted EBITDA margin decreased to 1.0% compared to 10.8% during the same period in 2018.