Why TPI Composites Stock Is Tumbling Today
Shares of TPI Composites (NASDAQ: TPIC) plunged more than 21% by 10:30 a.m. EST on Thursday. The manufacturer of composite wind blades for the renewable energy industry tumbled after reporting disappointing third-quarter results.
TPI recorded $383.8 million of revenue during the third quarter. On the one hand, that was up more than 50% year over year due to a 44% increase in wind blade production at its factories in China, Mexico, and Turkey. But that result fell $16.8 million short of the analysts' consensus estimate. Because of that, and soaring costs, the company reported a net loss of $4.6 million, or $0.13 per share, which was $0.12 per share worse than the consensus estimate.
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Source Fool.com
