US blade manufacturer TPI Composites posted a net profit of over $42m in the third quarter of 2020, compared with a loss of almost $5m in the same period last year.
The company reported increased output, compared with the same period last year, driven by demand in the US and emerging markets.
It produced 1038 blade sets – comprising three blades each – in the period, up from 858 last year.
In MW terms it produced 3576MW in Q3, compared with 2491MW in 2019, while utilisation was 93%, up from 88%.
Net sales in the period were $474.1m, up from $383.8m in 2019.
TPI Composites president and chief executive Bill Siwek said: “We achieved strong revenue and adjusted EBITDA growth in the third quarter attributable to increased production and high utilisation.
“We also have benefited from a strong demand environment from our customer base and improved operational execution.
“Strong current demand prospects in the US and other emerging markets, driven by the economics of wind as well as the acceleration of energy transition and decarbonisation initiatives, give us confidence in our global wind strategy as we continue to serve our customers in an efficient and cost-effective manner across our global manufacturing footprint.”
He added that the company is still closely monitoring the Covid-19 pandemic and preparing for potential resurgences in all of its geographies.
“We have seen a recent upturn in the number of positive cases in several of the regions where we operate,” he said.
“However, as of today, we continue to operate all of our plants near or above capacity as we continue to make up for lost production during the first half of the year, and therefore we are pleased to provide 2020 guidance,” he said.
The company expects net sales for the next quarter to be $435m to $455m, with the full year sales to be in the $1.64bn to $1.66bn range.