Wind turbine blade manufacturer TPI Composites has withdrawn its financial guidance for 2020 because of the uncertainty created by the Covid-19 pandemic.
TPI said there is uncertainty over the impact on its manufacturing operations because of the evolving nature, magnitude and duration of the pandemic, as well as the variety of measures implemented by governments around the world to address its effects.
The company said customer demand currently remains strong, however, “TPI cannot currently forecast or quantify with reasonable accuracy the full duration and financial magnitude of the impact of the Covid-19 pandemic”.
TPI will provide an update on the impact of Covid-19 on its liquidity, business operations, financial condition and results of operations in its first quarter 2020 earnings release.
The company added that it is “managing its liquidity” to ensure its long-term viability until the pandemic abates.
The withdrawn guidance was issued on 27 February and updated on 3 April for the fiscal year ending 31 December 2020.