US blade manufacturer TPI Composites has postponed plans to update investors on its financial outlook for 2020.
The company blamed “significant changes in our industry and increased uncertainty around the number and timing of wind blade model startups and transitions with certain of our customers” for the postponement of the meeting.
The meeting was scheduled for 15 November in New York and will be rescheduled as soon as TPI’s 2020 plans are finalised, the company said.
TPI Composites’s share price tumbled to $16.12 at the close of trading on 7 November from the previous day’s close of $21.63 following the announcement.
The company posted a loss of over $4.5m in the third quarter of 2019, compared with a profit of more than $9.5m in the same period last year.
Start-up and transition costs at plants in China, Mexico and Turkey were the main reasons for the figures, it said.
However, the loss came despite sales rising to almost $384m in Q3, up from just under $255m in 2018.
The increase was primarily driven by a 44% increase in the number of blades produced at its China, Mexico and Turkey facilities
TPI Composites chief executive Steve Lockard (pictured) said: “We remain encouraged by the longer-term outlook for the wind industry and the important role TPI plays in the wind supply chain as a trusted, outsourced manufacturer of wind blades.
“We are confident and committed to our business model and strategy, and we continue to focus on execution as we navigate this dynamic wind market environment.
“The fundamentals of our business remain strong as we continue to partner with our customers to support their global production needs.
“So despite the near-term volatility that startups in new geographies and increased transitions have had on our results of operations for 2019 and are expected to have on our projected results of operations for 2020, our team remains focused on driving out costs, improving operational efficiency and utilisation at our facilities, and remaining focused on the long-term.”
For the nine months to the end of September, TPI Composites made a loss of almost $14.9m, compared with a profit of over $14.1m in 2018.