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TPI Composites , Inc. Announces Second Quarter 2021 Earnings Results - Delivers Double Digit Top Line Growth in a Challenging Operating Environment August 05 , 2021 04:01 PM SCOTTSDALE , Ariz . , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- TPI Composites , Inc. ( Nasdaq : TPIC ) , the only independent manufacturer of composite wind blades with a global footprint , today reported financial results for the second quarter ended June 30 , 2021 . Highlights For the quarter ended June 30 , 2021 : • Net sales of $ 458.8 million • Net loss of $ 39.8 million or ( $ 1.08 ) per diluted share ⚫ EBITDA of $ 4.3 million • Adjusted EBITDA of $ 17.4 million KPIs Sets¹ Estimated megawatts² Utilization³ Dedicated manufacturing lines4 Manufacturing lines installed 5 1. Number of wind blade sets ( which consist of three wind blades ) produced worldwide during the period . 2Q'21 2Q'20 843 788 3,303 2,655 82 % 70 % 50 51 2. Estimated megawatts of energy capacity to be generated by wind blade sets produced during the period . 3. Utilization represents the percentage of wind blades produced during the period compared to the total potential wind blade capacity of manufacturing lines installed during the period . 4. Number of wind blade manufacturing lines that are dedicated to our customers under long - term supply agreements at the end of the period . 5. Number of wind blade manufacturing lines installed and either in operation , startup or transition during the period . 52 52 54 " We are happy to report that we delivered solid top line and adjusted EBITDA results in the second quarter , " said Bill Siwek , President and CEO of TPI Composites . " We are closely monitoring resurgences of the COVID - 19 pandemic , and we remain focused on creating a safe operating environment for our associates including working with local authorities in each of our regions to support our associates ' vaccinations . We are also pleased with the operational performance our team delivered against the continued challenging backdrop . Our team has been nimble working through supply chain hurdles , mainly relating to the resin and carbon fiber markets , as well as ongoing logistics challenges , which has allowed us to keep utilization levels stable in a difficult operating environment . " We are excited that we reached a new long - term agreement with Nordex and executed a two - year extension of our supply agreement with Proterra . These wins are a testament to the versatility of our dedicated supplier model and the strength of our long - term customer relationships . " We are also pleased to add Jerry Lavine as President of our Transportation business recently , bringing with him nearly 30 years of experience working with Tier 1 suppliers and major manufacturers in the automotive industry . We continue to expect increased demand for composite components and structures for electric vehicles as composite material systems can be the key material building blocks for purpose built electric vehicles . Moreover , the level of interest in our capabilities remains high and we are actively working with customers and potential customers to develop innovative composite solutions for vehicles across passenger automotive , bus , truck , and delivery vehicle platforms . We are optimistic about the future of this business , and we look forward to benefitting from Jerry's expertise as we accelerate our growth in the transportation market . " While we expect the overall wind market to be relatively flat in 2022 , we believe the long - term prospects for the wind industry have strengthened both domestically and globally , and we remain confident in our strategy to serve our customers in an efficient and cost - effective manner across our global manufacturing footprint , " concluded Mr. Siwek . Second Quarter 2021 Financial Results Net sales for the three months ended June 30 , 2021 , increased by $ 85.0 million or 22.7 % to $ 458.8 million as compared to $ 373.8 million in the same period in 2020 . Net sales of wind blades increased by $ 70.6 million or 20.3 % to $ 418.7 million for the three months ended June 30 , 2021 , as compared to $ 348.1 million in the same period in 2020. The increase was primarily driven by an 7 % increase in the number of wind blades produced during the three months ended June 30 , 2021 , as compared to the same period in 2020 , as a result of increased production at our Mexico , India , Turkey and Iowa facilities . The increase was also due to a higher average sales price due to the mix of wind blade models produced during the three months ended June 30 , 2021 , as compared to the same period in 2020 , and foreign currency fluctuations . Additionally , when comparing our 2021 second quarter net sales against the comparable prior year period , our net sales were negatively impacted by the removal of five contracted manufacturing lines that expired in China at the end of 2020 , which was partially offset by the adverse impact that the