TPI Composites, Inc. Announces Second Quarter 2024 Earnings Results – Remains Well Positioned for a Recovery in the Second Half of 2024
SCOTTSDALE, Ariz., Aug. 08, 2024 (GLOBE NEWSWIRE) — TPI Composites, Inc. (Nasdaq:TPIC), today reported financial results for the second quarter ended June 30, 2024.
“In the second quarter we were able to complete the divestiture of our Automotive business and we closed the Nordex Matamoros plant for Nordex, two loss making businesses that have negatively impacted TPI’s performance. We also continued the ramp of ten lines either in startup or transition. As these lines enter serial production and utilization increases, combined with the divestiture of the Automotive business and shut down of the Nordex Matamoros plant, we are positioned to return the company to profitability and positive free cash flow in the second half of the year,” said Bill Siwek, President and CEO of TPI Composites.