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TPI Composites tops 3Q profit forecasts

SCOTTSDALE, Ariz. (AP) _ TPI Composites Inc. (TPIC) on Wednesday reported third-quarter earnings of $20.4 million.

On a per-share basis, the Scottsdale, Arizona-based company said it had profit of 58 cents.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The maker of composite wind blades posted revenue of $243.4 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $251.3 million.

TPI Composites shares have climbed 50 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.08, a rise of 58 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPIC at https://www.zacks.com/ap/TPIC