TPI Composites plunges after surprise Q3 loss, forecast cut

TPI Composites

09/11/2021 13:42

** Shares of composite wind blade maker TPI Composites 
 TPIC.  slip 10% premarket to $28.52 - on course to hit its
lowest in over a year 
    ** TPIC posts loss per share of 83 cents compared to
analysts' estimate of EPS of 2 cents, Refinitiv data shows
    ** Firm reports revenue of $479.6 mln versus estimates of
$481.44 mln, according to data from Refinitiv
    ** Cuts FY2021 revenue forecast to $1.72 bln - $1.74 bln
from prior outlook of $1.75 bln - 1.8 bln; analysts expect $1.77
bln - Refinitiv data  urn:newsml:reuters.com:*:nL4N2OZ2AQ
    ** Co expects its liquidity to be impacted for the remainder
of 2021; announces agreement of up to $600 mln in capital
investment from Oaktree Capital Management  urn:newsml:reuters.com:*:nFWN2RZ2FJ
    ** Lowered FY21 guidance was expected given headwinds from
top customers, but FY22, FY23 appear more challenged than
expected, which prompted TPIC's management to secure financing
through Oaktree - Cowen, cutting PT to $36 from $42
    ** Cowen sees TPIC shares trading range-bound for a quarter
or two, but expects "a gradual improvement in onshore dynamics",
as firm benefits from long-term growth of wind power in the U.S.
and abroad 
    ** Stock down 41% YTD

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))