{"id":775439,"date":"2023-08-04T05:10:39","date_gmt":"2023-08-04T09:10:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tpi-composites-inc-announces-second-quarter-2023-earnings-results-agrees-with-ge-to-expand-capacity-in-mexico-and-renews-focus-on-quality\/"},"modified":"2023-08-04T05:10:39","modified_gmt":"2023-08-04T09:10:39","slug":"tpi-composites-inc-announces-second-quarter-2023-earnings-results-agrees-with-ge-to-expand-capacity-in-mexico-and-renews-focus-on-quality","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tpi-composites-inc-announces-second-quarter-2023-earnings-results-agrees-with-ge-to-expand-capacity-in-mexico-and-renews-focus-on-quality\/","title":{"rendered":"TPI Composites, Inc. Announces Second Quarter 2023 Earnings Results \u2013 Agrees with GE to Expand Capacity in Mexico and Renews Focus on Quality"},"content":{"rendered":"
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SCOTTSDALE, Ariz., Aug. 03, 2023 (GLOBE NEWSWIRE) — TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the second quarter ended June 30, 2023.<\/p>\n

\u201cI\u2019m pleased to report that TPI and GE have reached an agreement in principle to amend their existing supply agreement in Mexico to add four new lines of capacity to produce blades for GE\u2019s \u201cworkhorse\u201d turbine in Juarez, with an initial term through 2025. TPI and GE expect to finalize this agreement in the third quarter,\u201d said Bill Siwek, President, and CEO of TPI Composites.<\/p>\n

\u201cAs reported in our preliminary estimated earnings results last week, our financial results for the quarter were impacted by a warranty issue primarily related to one blade type in one factory,\u201d added Siwek. \u201cIn light of the warranty charge as well as the quality issues impacting the broader wind industry, we have taken this opportunity to revisit our quality system and implement improvement initiatives to ensure we have more robust processes in place. This includes the recent appointment of Neil Jones as Chief Quality Officer, to help us better address the unprecedented challenges in the wind market, bringing to TPI over 25 years\u2019 quality and engineering experience, most recently as Vestas\u2019 Senior Vice President \u2013 Quality, Health, Safety and Environment.\u201d<\/p>\n

\u201cWe remain diligent managing cash and we generated positive free cash flow for the second quarter, ending the quarter with $170 million of cash.\u00a0\u00a0 While we recognize the near-term headwinds for both TPI and the broader wind industry, we continue to believe in the outlook for TPI and the key role we play in the broader wind energy ecosystem. We are confident that our current liquidity position will enable us to navigate the near-term headwinds and put us on a path to achieve our sales and adjusted EBITDA targets.\u201d<\/p>\n

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\n Second Quarter 2023 Continuing Operations Results <\/u>
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