April 6 (Renewables Now) - US composite wind blades maker TPI Composites Inc (NASDAQ:TPIC) posted an update on its 2020 financial guidance and undertook capacity reduction plans at some sites in the wake of the global COVID-19 crisis and lockdown measures to limit its spread.
The US firm said on Friday that due to the coronavirus outbreak it expects its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in 2020 to be at the lower end of its guidance of between USD 100 million (EUR 92.4m) and USD 125 million.
TPI’s factory in Chennai, India, will work only with a minimum number of employees through April 15 while the site in Matamoros, Mexico, will operate at lower capacity through April 30. The measure is in force as of April 3. Separately, its production bases in Izmir, Turkey, will function at around 50% of their capacity during the first half of this month.
The measures are temporary and are needed in order to comply with government mandates to curb the pandemic. Depending on the situation, the reductions and suspensions of production may be valid for a longer period than initially planned, TPI noted.
All other factories of TPI, including those in China, are manufacturing at normal levels. Demand continues to be strong, according to the statement.
(USD 1.0 = EUR 0.924)