TPI Composites, Inc. reported a net sales decline of 7.1% for the fiscal year ending December 31, 2024, totaling $1.33 billion compared to $1.43 billion in 2023. The company experienced a net loss from continuing operations of $210.1 million, a significant increase from the $152.0 million loss reported in the previous year. This downturn in financial performance was attributed to a 16% decrease in the number of wind blades produced, primarily due to production transitions and reduced demand from key customers, particularly in the EMEA and India segments.
The company undertook a strategic shift by divesting its automotive subsidiary in June 2024, allowing it to concentrate solely on the wind energy sector. This decision followed a restructuring plan initiated in December 2022, which included ceasing operations at its Yangzhou, China facility due to adverse market conditions and increased logistics costs. The restructuring efforts resulted in approximately $9.6 million in severance and termination benefits recorded in the fourth quarter of 2024.
Operationally, TPI Composites reported a total of 2,175 wind blade sets produced in 2024, down from 2,584 in 2023. The average sales price per wind blade increased by 10% to $192, reflecting a shift in the mix of models produced. The company maintained a workforce of over 11,700 employees across its global operations, with significant headcounts in Mexico and Türkiye. However, the company faced challenges in its EMEA segment, where production volume decreased by 24% due to reduced customer demand and increased operational costs.
Looking ahead, TPI Composites anticipates a moderate increase in sales for 2025 as several manufacturing lines are expected to achieve serial production. However, this outlook is tempered by potential tariffs on imports from Mexico, which could impact the competitiveness of its products in the U.S. market. The company remains focused on optimizing its manufacturing footprint and enhancing its relationships with leading wind turbine manufacturers, aiming to capitalize on the long-term growth trends in the renewable energy sector.
About TPI COMPOSITES, INC
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