Why TPI Composites Stock Crashed Today
Shares of windmill blade maker TPI Composites (NASDAQ: TPIC) tumbled 12.5% through 11:15 a.m. ET Thursday after the company reported a much bigger-than-expected quarterly loss despite beating expectations for sales.
Heading into the first quarter of 2023, analysts had forecast that TPI would lose $0.38 per share on sales of $378.4 million. TPI exceeded the sales expectation, with revenue coming in at $404.1 million, but missed badly on earnings, losing $0.88 per share.
TPI grew its sales nearly 18% in Q1, as compared to Q1 2022. The company's core business selling wind blades fared even better, growing 20.5%. However, TPI's questionable foray into building composite bus bodies for the automotive industry appears to be flagging. Sales there slid more than 20% year over year.
Source Fool.com
