Why TPI Composites Stock Plummeted This Week
TPI Composites (NASDAQ: TPIC) provided investors with an early look at its second-quarter 2023 financial results on Wednesday, and investors are not happy with the dour look at the company's performance. It isn't only the look back that's energizing the sell-off though; TPI Composites also reduced its 2023 guidance, and pessimism from Wall Street is pressuring the stock even further.
As of the end of Thursday's trading session, shares of TPI Composites had fallen 32.9% since the close of trading last Friday.
Poised to come up short of analysts' estimate that it'd book $406.1 million on the top line, TPI Composites announced that it expects to report Q2 2023 revenue of $380 million. Investors are preparing for additional disappointment further down the income statement. TPI Composites is guiding for Q2 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of negative $36 million to negative $41 million. The company reported adjusted EBITDA of $10.3 million in Q2 2022.
Source Fool.com
