TPIC - Earnings call transcript Q4 2024

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Operator

Good afternoon, and welcome to the TPI Composites' Fourth Quarter and Full Year 2024 Earnings Conference Call. At this time, I'd like to turn the conference over to Jason Wegmann, Investor Relations for TPI Composites. Thank you.

You may begin.

Jason Wegmann

Thank you, operator. welcome TPI to XXXX Fourth like Call. Earnings would everyone Composites' to Quarter I

making during and can cause our forward-looking are be in Commission, discussion will We statements which is risks the risks differ A tpicomposites.com. included uncertainties, website, Securities of to Exchange applicable subject latest this on and which with results be could reports found actual our materially. detailed filings to that call and

to references non-GAAP include will measures. presentation Today's financial

the to presentation and of the refer You in today's historical contained to should slides accompanying measures. information for the measures financial definitional reconciliations comparable information GAAP non-GAAP

With that, over CEO. Bill let Siwek, call to TPI Composites' and turn me President the

William Siwek

and you call. afternoon, joining Good everyone, Jason. Thanks, thank for our

CFO. half Slide In business the restructure the were had In burdened plant, addition to and our the Jason, of the businesses divesting both down that of I'm decisive our turn the results. TPI X. Please here action first automotive we financial shutting Miller, with took year, by to loss-making Matamoros portfolio to Nordex which Ryan

next-generation We to transition second of year. up which significantly and or in XX half the lines our the also utilization improved started performance blades

momentum ended that and year-over-year to from very million, of unrestricted in quarter, Building with on cash was with Free performance flow $XX over to improve. cash. the year at we report also utilization strong third the XX% $XXX pleased our Fourth I'm by quarter the quarter increased continues operational the revenue million of XX%.

demand, and suppliers and our dialogues maintain align to on cost operational ongoing quality midterm to priorities, continue and expectations with targets. We short customers

factories are our our all last for can volume the XXXX. market As we in Mexico U.S. get the asking out on our we call, customers of for mentioned

Mexico So responded production ramping we in support lines by operations. to XX/X up have

will continue began the quarter our volume to added XXXX, however, we realized second forward. impact won't until be additional fourth shifts the business of moving in in of quarter, investing the While the the benefit

of commitment in has to Our us lean a our pursuit XXXX. on adjusted operational excellence driven improvement a relentless $XX XXXX over EBITDA improvement continuous put million in to by realize an culture and trajectory

our We for will optimization with continue explore further customers. footprint opportunities to

an Interest later signed growth our are over with XXX Last this had strategically year. for to U.S. the initially that restart market. focused this have with to create supporting quarter, jobs production as discussions the platform announcing to under recently with at been manufacturing GE OEMs discussion additions this Iowa We regarding in we is Venova rights further secured in a support additional lines to steps located We this announced next and anticipated we facility agreement on expected GE's X-megawatt soon. anticipate facility expected strong. good-paying added. facility facility facility

Indian operation also expansion well both while as experiencing with with announced idle of Last OEMs regarding to encouraging, relationship an other market our are cost an capacity of our our discussions competitiveness the significant remaining the market. that quarter, facility Vestas at at onshore as growth we India Indian global for serve facility, the

sales From for was the our a few for below a were $XXX.X perspective, million reasons. $X.X finance million, and adjusted EBITDA expectations quarter

the inventory inventory correlate costs reduction First, reduction This included a inventory net blade directly blade as sales contracts. wind driven revenue initiatives. impacted lower cost-to-cost the recognition under method capital targeted in quarter for by were impacted blade to for contract by working our lower in revenue assets sales

by lowered overall $XX million favorably free in which we inventory well. the the impacted as quarter quarter, that cash for Note flow

account for legacy change for $X matters and warranty million net cost Next, execution we recorded updated estimate to a in plans.

adjusted Mexico a our facilities XX/X looking ongoing I also long-term I in our and and enable beyond. our the of our additional approximately EBITDA just outlined, in the resources items towards nice we operations earlier, at target. to to invested the million 'XX customers' without margin X%. U.S. fourth in Finally, EBITDA market support our Very in mentioned at $X progress demand certain as When schedule quarter was

Please turn to X. Slide

we lean down be TPI will journey on no As continue efficiencies implementation Blade operational than and costs in driving of impactful and the quality manufacturing industry while delivering initiative to wind focus eliminating waste Assure. the our ultimately through world-class more

Assure establish combination manufacturing technologies robotic systems, and advanced prevent sensors methods include occurring inconsistencies unique automation the control verify, Blade to to of Assure have for automate operations aided selective what standard we blades. drive wind and will the to include validate that a manufacturing from utility-scale quality Over and abnormalities us AI believe industry's inspection been working vision the process. and technologies we will document, unique past of to gold enable manufacturing XX turbine to Blade represents or Technologies solutions, the months, blades. internally be technologies. processes during These and

feedback the are beyond We trailing to of and have its manufacturing the our that process. providing to been correct inception prevent norm to real-time since from issues indicators industry move looking occurring during

understanding and also of the requirements, manufacturing methods solutions a products the inspection unique and in of each the products capabilities of the robust validate new validate evaluating capabilities manufacture today. build is produced we used It way. to are methods, and intersection can only and We inspection the by between

features year. We the our have Blade and of are by up Assure and running to all the rolling out of plants the expect end now of initial

also launched innovation the in the best every daily their family member continuous a to contribute to empower of one-stop hub, This improvement and We access Lean work. will dashboards resource with TPI across and to centralized have materials, organization. recently providing Awareness employees practices training

invest the premier will global TPI's we competitive to our continue to a solidify strengthen and Moving provider innovation wind and forward, in position market. in onshore blade as technology edge

delivery, as chain operational and our uncertainty flexibility. we continue crucial timely us and we is supply cost to partners perspective, industry a optimization navigate relationships communication prioritize with enable to chain From strong to ensure supply open

While in challenges we logistics XXXX. smoother much XXXX, operating anticipate in a environment we faced

new Given With our the projected the a planning deliver chain uncertainty and may that X%. decrease closely of our supply will to expect customers. developments monitor continue bring in we we contingency said, year-over-year raw costs nearly our potential tariffs to with material market,

to as the while remain in wind challenges, economic With long-term all demand like rates uncertainty approach of With acknowledging data issues, will along be near-term inflation, interest as respect centers the nagging above as market, prospects in elevated manufacturing such and double interconnection we energy including confident and restrictions to driven the years, expanded demand to regulatory factors broader advanced the from that delays, required and permitting siting demand. obstacles, and tariffs AI of onshore coming increased and wind. expected by meet global coming with well

wind, to namely effectively demand meet that onshore are Renewables, cost right now. able

of Net uncertain. Zero could the the the like While level Competition the ongoing certain for remain. from and EU resilience impact auction to significant playing is market players, challenges TPI, component for manufacturers EU also presents long-term in continue help guidelines growth ultimate however, Chinese still field proposed risks to the a Industrial suppliers pose Türkiye to the like hyperinflation opportunity, by Steps TPI. benefit

energy part manufactured to process Net as primarily expressed strong, late from wind domestically Demand in the resumption largest the YEKA available equipment the Türkiye response due last well markets. at announced forecasted In one of restructuring remain to we the in plan of demand, our encouraged EU. December, OEMs our capacity. lower Türkiye year for Europe's to as interest in to we workforce remained Türkiye tender near-term a committed rationalize for being Notwithstanding, wind in by

there that Given for demand are the capacity be domestic content requirement for optimistic Türkiye. will blades, in we continued

With challenges the financial XXXX operational anticipate XXXX. us, improvement behind of significant we in

billion by $X.X shipments continuing improve to lower range from expected sales U.S. billion, driven cost of of $XX-plus volume, operations is costs, by to reduced for by Matamoros market transition $X.X higher Nordex revenue revenue XXXX EBITDA savings. the partially expect Mexico to adjusted and while losses blade by increase absence We million and the Türkiye from from start-up from offset the facility over a to increased and India,

storm changes in presently coupled U.S. market right uncertainty challenges the increased and Therefore, to environment. near-term our generation. in the the point in the industry's creates Board our the weather the for focus the to right to to shift This, inflection regulations our and/or on the of U.S. options capital evaluate the structure ensuring working wind and with flow impact modifications level existing outlook XXXX, ultimate enter EBITDA tariffs current advisers leverage in or continues with is Directors we to of and relative has to that proposed optimize unknown. of we and As sufficient have the external to cash liquidity the free we our and our are

anticipate We have plans the remains finalized, year. of definitive providing plans details been priority. not throughout our yet further a this While

to over financial I'll to call that, With Ryan review turn our the results.

Ryan Miller

million quarter turn net months and the December XXXX, $XXX.X to for $XXX period the Please of of sales to in In Bill. for XXXX, in for Net $XX.X period wind Thanks, increased wind-related same ended $XXX.X million compared same by Slide as or XX.X% tooling were blades, the XXXX. million the increase of an $XXX.X XXXX, other compared XX.X%. X to fourth million sales X. XX, sales to million

at prior supply by Nordic facility and new absence blades, the caused driven a of product and plant. offset materials. prices sales including shift began the reflects longer plants the Mexico. our of our type idled at previously shutdown transition we of one blade blades of in X-week out-of-specification production closure volumes due a also resumption at was sales our by to increase chain to volume primarily of a the were due wind for The our disruption facility This average higher These India partially by Juarez, Matamoros increases in to of as a lower year higher mix the and increase

the million XX, XXXX. $XX.X primarily decrease mix as EBITDA adjusted EBITDA $X.X and XX.X% period was compared the EBITDA in months decreased $X.X for inspection quarter. during services $XX.X in repair ended XXXX. ended XX, Adjusted in million service sales X.X% adjusted due months the margin activity to December same EBITDA an as to loss million as X.X% for to of the XXXX, compared XXXX, the to revenue The same of million of December the margin same Field to in an $XX.X loss was Adjusted in X period X or period was versus the compared XXXX. in million warranty

facility, primarily start-up labor higher volume costs pre-existing by Matamoros of at and The partially the the cost of losses increased in unfavorable second down driven our from in changes our These warranties and locations, transition initiatives. for and by savings costs Türkiye improvements offset were and lower XXXX, at Mexico. absence improvement other Mexico Nordex which was quarter shut was end the estimate

Slide fourth cash to We XXXX equivalents and compared net Moving with cash cash of negative to flow was free unrestricted cash million quarter flow quarter and the of in X. Free million ended $XX.X $XXX in $XXX million debt. $XX.X in cash earnings quarter of improved the was the levels of in balance generation increased cash period asset and our working we focused XXXX. The and net of customer on primarily decreased advances. contract in XXXX the improvements where to inventory fourth due same million capital

our rooftop us cash lines today. believe growth to the continue to under the with business of continue demands to We the flexibility invest provides meet position in and near-term current for

$X.X shipments XXXX projected guidance Türkiye reduced to our the Nordex from operations of billion, projected primarily growth by can reopening sales site, in the U.S. lines. Mexico single-digit and on anticipate by year-over-year partially XX. Iowa continuing anticipated This by a A increased demand at our is lower midpoint -- financial facility the high Slide found our and We the summary our support market the our by for driven from representing range $X.X India guidance. from of driven facilities planned of sales blade of from billion to offset growth be primarily

start-up of relatively We in driven is X activity. expect flat in year-over-year. prices historical by we remain and revenue transition Field shift more to technicians have services of revenue-generating selling back XX%, increase XXXX, levels to lines to to and than expected average a expect

reduced operations Matamoros from and and lean in transition of volume, margin of from primarily improvement be optimization continuing and chain the X%. to savings through absence driven cost start-up achieved was to range losses EBITDA sales Nordics initiatives. the supply X% by This from facility costs, expect XXXX We the higher

no lines XXXX Iowa, in concluded X expenditures production expect planned to Mexico in reduced to XXXX planned X to about new start-up of capital We improve XXXX lines with Türkiye under mid-XXs We by X in at quarter, million in exiting driven in to of India million and of in anticipate of $XX expected XX% production lines this addition lines Key middle first the the activity contract lines transition to utilization $XX transition of level. XXXX the XXXX. line lines X the the year. X reduction dedicated a start-up longer versus and XX expected in changes XXXX, in new include replace in and the for XXXX. the compared

With back to over Bill. that, I'll turn call the

William Siwek

turn to Please XX. Slide Ryan. Thanks,

a While global in including acknowledging regulatory approach required that of demand. meet wind the the portion significant above be global all of U.S. demand demand expected is will to able near-term and right meet Onshore challenges, that industry EU, the uncertainty the and with in coming double now. cost-effectively and years energy to to

future onshore wind chain of and driving will we safety, remains the part cost continue wind for to to us, long-term of quality, and for a in opportunity the critical remain key are focus the player We onshore productivity on industry. a significant a value

open I I'll safely commitment extend conclude quality, streamlining and last progress TPI safely for call our we've new transitioning we want mission to we it manufacturing year while the world. the TPI for continued doing the Before significantly saying or and and XX our improving including to gratitude and And starting as their dedication as once the of shedding all have. ever encouraged electrify and all operations, to to associates my decarbonize again up over lines loss-making Q&A, operations I'm made by

the turn to open it operator now back questions. the for and call I'll

Operator

[Operator move first JPMorgan. with we'll Strouse Instructions] Mark And to

Mark W. Strouse

that to But with just wanted may you happen there's what as if said, I policy, I start Has the impact with curious X Bill. lot about uncertainty of may talk mean, So about you what day can a been can maybe any from permitting, enacted not with so IRA. that, or comment the anything orders with on? you has there been executive far? like

William Siwek

say impact we Yes. Mark, would the I today. direct haven't felt

we've -- to not -- we're from about the volume before, we from has standpoint. a can produce for That customer As talked whatever U.S. changed are this market we much doing as our year.

probably private whether of federal have in land, our from FAA But We seen cetera, on perspective, discussions the cetera, have heard, as permits impact at again, you Army be press Engineers, Corps permitting et we a or not about that cetera. from have point. XXX et et direct this

Mark W. Strouse

modeling just then if And couple Okay. questions, can. a of I

but rates could to basis. going So on XX/X couple a if the wanted It a immaterial with was there lines in what utilization might to quarterly from in you in Mexico. And lot of on obviously, fairly with start-up that sounds a just quantify then be impact transition see XXXX going expense, XQ. a

of for we should thinking how the guided how about cadence? be that curious Just should but you've year, thinking to we XX% -- be kind a about quarterly on

Ryan Miller

we're investments start making in with I'll Mark, XX/X.

So XX/X operations. it's we in down X converting forward, the as Mexico, we're -- factories move

question. couple a volumes. was Can with It of the that I QX. year $X more up in us your that increased the we'll you will couple half in of behind towards in then get that quarter, that -- QX. most another of I million that's as first then QX we end second dollars pay itself apologize, It of than end in being staring the $X being the question? that and will probably of million, was and second million some million invest And more Mark, of in we invested repeat a back

Mark W. Strouse

Yes.

there. Ryan, it in try Sorry, jam to

a rates throughout to think basis? year how utilization on quarterly the Just about

Ryan Miller

weakest holidays. it's back get up quarter going to the kind things we as the is of so Yes, after traditionally, our ramp be first quarter

expecting we're year, the For mid-XXs.

those our third a and lines range, the third because first as be I will X have quarters up the second our will are quarter. the and they and starting would X be transition in of second. The traditionally bit in in XXs be -- low first the best XX-ish percent quarter existing maybe plants we be will are start-up we probably will that around and somewhere lines than be quarter quarter little that will better expect

Fourth XX/X usually the second little and third other it up off. successful tail and quarter. probably that with depending pays of a bit the probably the quarter then Iowa are will the on end of a But think quarter start the with the up will low first touch some in as converting opportunity rapidly and in XXs be it our will to to holidays to above for step the go second in us. to lines And the X mid- down then does kind just weakest that, how in we quarter, towards are for XXs how that upper migrating

Operator

[Operator go Stanley. Morgan with next Instructions] We'll to Percoco Andrew

Andrew Percoco

that with or the out start I facilities of start on I about demand commentary customers wanted at for hearing the guess strong the that onset at repowering soft of demand And to just of be your the you strength. out like talked Really trying cross in wind North call, the we're feels to highlighting question outside of remains demand Mexico. big out onshore area It of I'm your America. in one of some might relatively repowering.

if demand just utilization And fair steady that by repowering it America XXXX, that that is be? the for and to driven how remains in second this are customers is is lumpy you given So then, your with repowering, you're opportunity? mostly that guess, XXXX repowering I North mostly is seeing to how conclude that, conversing true, beyond to the can ensure

William Siwek

latest doesn't before. orders I mean half, our there's volume would And last first year but probably the working their heard not portion we're in of that fulfilling from year the production order off or that a was that's I soft the repowering, to Yes. we're Andrew. But going I guess I backlog. think say

demand our is, again, perspective our 'XX for I our what from for we're and look know yet all a like from said, out We plants. in So don't firm 'XX as Mexico customers volumes beyond.

little about strong. But That a year. more from we'll the bit the perspective, demand a as remains first learn we of through that half the get 'XX

blades We seen at a off XXXX the is any haven't is is just deliveries drop-off But meaningful seen from of again, we any that there guess perspective. point. -- repowered building. down that, haven't that size -- this share given of let anything drop And I my indications or for we're

Andrew Percoco

And context. for helpful a That's a Okay. point maybe tariff on follow-up the second. just

of a conversations delivery on how with in is by tariffs gone curious risk have the like? XX-day here those What Mexico. with with it bearing delivery, negotiation a built more the window customers. who's obviously arrangements delay they the of But the contract? look You Are in Or into the tariffs? the associated have customer sharing are terms

William Siwek

of standard Incoterms are Most our or POs by contracts. driven the Yes. in it our

blade the in So which we means as it out as are of we some complete roll factory, doors the and it the becomes cases, of soon the customers. responsibility ex-works, our

would they be duties. responsible any export So import or for duties

that's that our responsible are with with our tariffs for if out customers the border our Mexico case today taxes, contracts, or customers of so And is you will.

discussions what's are, the to So customers know happen. don't having going with our we're we

turbine into cost look well about a overall tariffs standpoint. at if We've looked accelerating we footprint it's planning of as look the to to far Obviously, or And on you it's continue what just itself those at usual. a business at come not. And compared contingency as in the long-term remember, as of delivery XX%. we as entire options as balance if right plant, do may the background now, But play. from blade

impact cost. just again, tariff, you if it's to put about not a the on but overall impact, -- a Mackenzie downplaying if X% was Wood So XX% the it X% out countries. if even XX% and on based a estimate a for X% the those Canada turbine of XX% and both for tariffs study both what's that effect from said entire went into to Mexico their I'm sourced

point. look alternatives come into big they there, at and options will they not play, this when is again, and into again, with whether we question So still play at will if we our But have customers. or come a

Operator

next Eric with go to Stine Craig-Hallum. We'll

Eric Stine

and Mexico's conversations So to the mentioned also in for, this potential believe, had on you I given that partners. meet capabilities manufacturing you're 'XX, that call full call, with additional your on last States demand looking United in here

next for So curious uncertainty potential steps do beyond we maybe some curious that balance look there? the are XXXX? just And what how with the should investment that of the you then and

William Siwek

Yes.

in as X there. year there's got on expect middle things We've and the we that facility production we Iowa about that the X we've speak in to lines. the the start are there ramping So in talked of of process

go do a customer when demand do question more to to I with lines. to until your and X the Eric, beyond go the X a we decision to is policy lines? bit before we our wait more there's than point, So there? there will And we And make think, expand certainty respect little

some as depend timing The for that. on volume. a when with was was other will volume will meant will always far opportunity beyond policy have think really from and discussions as facility, timing we -- I 'XX we probably are That -- as perspective. XXXX far never as in That that actual a on the ultimate one Again, certainty. and certainty

So to et facility. cetera, standpoint, are related again, the be able policy tariffs, IRA that from we'll bit certainty we for little to finalize whether then a more the plans it's once have a second what

Eric Stine

be Is early what Just view trying Is a lower. might without momentum too that expected might I outlook, is and judge and have fact that an of a we'll I there bit see 'XX Got that's it to I it. start-ups wait soon to part mean it to that for enough? the a I bit counter is just know like? I to what quite the of heavy and design about little uncertainty a Maybe XXXX XXXX was looking 'XX, transitions, on year, of narrative the that for thinking but guess into on Well, XXXX, versus your a by be guess that. of entering look guess year?

William Siwek

think available or know, if sorry, I'm than as have you Yes. so will, as Iowa. new lines the capacity capacity of in India. I Turkey capacity -- other I capacity, have some we'll filling would we X in And existing as you then well available Eric, in capacity, have we --

and after certainty, -- we remains lines is get see level some of So guess you or quite demand if the soft, being I we and you policy we frankly. if remains the would the then have in some say demand U.S. 'XX some see any and won't could rebounds if transition demand if -- uncertainty certainty for my startup started or transitioned

kind a activity, soft long transitions. then answer. remains and So very a of solidifies, of demand probably answer see few kind could there would demand will suggest if depends be But and of you if policy I some because uncertainty

Operator

We'll move with to Jeff Osborne TD Cowen. next

Jeffrey Osborne

Bill, of ones. a quick couple

QX give a you On to to onetime relative X% in X% ex items? you you Like if between I EBITDA high-level is the QX? heard just drag what a the could margin reported what's said the us saw what -- numerous there right, you guide relative, way is I walk the X% you think in

Ryan Miller

is, we in year. -- about impact point prepared be for Matamoros costs one, EBITDA to behind then probably mentioned this good kind less they the on we'll half losses couple Probably for that. us. year. the and things is transition probably year to other start-up will or can have the we just than flow that in million where so Nordex That's from the start we Yes, expect of to ended XX-ish plus about -- kind other the this year. $XX the And with the what as we parts, think this I'd last think are be as up were And Bill of year. we moving remarks up, on of of a of volumes our year range thing or for the

cost initiatives. a We lot have of savings

and us. headwind We as expect a in it have we so relates volumes next what the factories on factories down benefit a But underutilized to Those us. is, Turkey drag we year, to little will are our look bit, that they really out to your question to a be the India. warranty at for be

a in underutilization have. the Iowa, good addition that production Turkey and with have we to We and the is of growth in but in that, the do really Mexico in inflation start-up the continued drag lot is

at So drag with underutilization that's really where and is inflation. those the the of factories

Jeffrey Osborne

out CapEx helpful. then the X the rapid the fire U.S. built facility just or And in no? guide assume second is That's ones. Does

Ryan Miller

not. does No. It

Jeffrey Osborne

remind that? and me, Or that build you be after out elect with if what proceeded first and to not would Does you would Iowa that? then do

William Siwek

depends. facility, probably Well, about yes, $XX in talking range. the that is million But the if CapEx other the you're

Jeffrey Osborne

prepared you Got Bill, was was drag to of EBITDA change remarks, you nature it. Can a numbers you sort your in I then a of heard legacy that? What And mentioned right, articulate what on reported the for what was? if warranty. that and the remediation

William Siwek

estimates actual cost warranty course just of working and through inflation and and based the normal are warranty just program. on of we kind changes in It's that execution

from it's just So few it's -- a back. stuff years

Jeffrey Osborne

Okay.

just linked. no Assure the program as X So relates those to noticeable like it that make or performance that or change field anything quality want things aren't I call, sure program, on you in announced new the there's Blade control the to

William Siwek

No, not are definitely they linked.

years, Our quality been last performance very, has year, the over actually been very X solid.

Operator

Justin to next Clare move We'll ROTH with Capital Partners.

Justin Clare

wanted the to start results. So QX just out on

utilization XX%, but was So quarter negative X%. gross the margins quite actually strong were the in at

if a bit see a were you something there I anticipated into warranty product quarter, just could in we do that then drove mentioned factors margin have charges as the see inventory that support QX you there wanted as well cost-to-cost the to use any inventory, in And you margin reversal notable would reduction results? other higher as expansion. method I and So that the mix, move potentially the in

Ryan Miller

in investments we we with had, the process think of there without and about, a operations you we in I work I there's warranty there. a What moving in million the took. that the made some -- -- charge $X in a X% without XX/X without net -- start margin that there's the Bill was see Justin, footnote, in reduction the you'll parts about got talked would inventories

So the was that amount.

margins all X% if in or out, you so the back So things quarter. we're around it's for those

So look that working our that's to a for tell would as far Mexico lot, at initiatives forward I as we're you where through we're we that reduction 'XX. we as also lot the cost in operations. a of have year. There's

our able of all up. and be Mexico those had as that ramped -- sites we maturing. those follow We to transitions lot we're along now get a You'll start-ups

that go be that improvement as we large we so forward. And area a see will move as forward on an you'll

Justin Clare

in in Okay. Got the Turkey XXXX it. drag And a as then here. also underutilization mentioned you

you've Just restructuring in need to EBITDA do potential facility do you can any actions improvement might that XXXX Turkey you Or actions? from that wondering that there? for or take further that policy taken, generate see positive changes support following the in you

Ryan Miller

Yes, combined. while in have those for there, year X Turkey EBITDA positive plants we for the challenged will we're

There feel away those keep that we the So to a likely actions in cash we we factories do year. will lines, plan middle like taken we've positive do go the we of X forward. are in position the move prudent as earlier, that as mentioned

July headcount the And middle the in That reduction at time time. will summer so further that the that of June, drive around frame. a will happen

Operator

the questions I Bill [Operator Instructions] With Siwek or closing turn over Mr. to other any no will for program remarks. holding, additional back

William Siwek

until today time Thank continued and and your Thank for you TPI of you. interest quarter. again your support next

Operator

your Thank Ladies you sir. does gentlemen, you, and conclude for today's that participation. Thank program.

this You at time. may disconnect

TPI Composites (TPIC) 20 Feb 252024 Q4 Earnings call transcript