Tecnoglass Reports Second Quarter 2024 Results

Rhea-AI Summary

Tecnoglass (NYSE: TGLS) reported its Q2 2024 results with revenues of $219.7 million, a 2.5% year-over-year decrease but still the second-highest in its history. The company saw record single-family residential revenues of $95.7 million, a 10.1% increase. Net income was $35.0 million or $0.75 per diluted share, while adjusted net income was $40.5 million or $0.86 per diluted share. Adjusted EBITDA reached $64.1 million. Tecnoglass experienced strong cash flow from operations at $34.5 million and a low net leverage ratio of 0.06x. The backlog grew 29% to a record $1.02 billion. The company improved its full-year 2024 outlook, projecting revenues between $860 million and $910 million and adjusted EBITDA between $260 million and $285 million, supported by strong single-family residential orders and operational efficiencies.

Positive

• Single-family residential revenues increased by 10.1% year-over-year to $95.7 million.
• Record low net leverage ratio of 0.06x.
• Record backlog of $1.02 billion, a 29% increase year-over-year.
• Cash flow from operations was strong at $34.5 million.
• Improved full-year 2024 revenue outlook to a range of $860 million to $910 million.
• Adjusted EBITDA expected between $260 million and $285 million for 2024.

Negative

• Total revenues decreased by 2.5% year-over-year.
• Net income declined to $35.0 million from $52.6 million year-over-year.
• Gross profit margin decreased from 48.7% to 40.8% year-over-year.
• SG&A expenses increased to $38.4 million from $35.2 million year-over-year.
• Adverse foreign exchange impacts reduced gross margin by 340 basis points.

- Revenue of $219.7 Million -

- Strong Organic Growth in Single-Family Residential Revenue to a Record $95.7 Million -

- Net Income of $35.0 Million, or $0.75 Per Diluted Share -

- Adjusted Net Income¹ of $40.5 Million, or $0.86 Per Diluted Share -

- Adjusted EBITDA¹ of $64.1 Million -

- Strong Cash Flow from Operations of $34.5 Million, Representing 54% of Adjusted EBITDA¹ -

- All Time Record Low Net Leverage Ratio of 0.06x at Quarter End -

- Backlog Growth Continued Record Trajectory, Expanding 29% Year-Over-Year to a Record $1.02 Billion -

- Single Family Residential Orders Continued Record Trajectory for the Second Quarter, Up Over 60% Versus the Prior Year Quarter -

- Provides Improved Full Year 2024 Outlook -

Miami, FL, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the second quarter ended June 30, 2024.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our team demonstrated exceptional performance in the second quarter of 2024, successfully navigating a complex macroeconomic landscape. We maintained strong momentum, capitalizing on the robust demand observed at the end of the first quarter to drive record single-family residential revenues in the second quarter. Our multi-family/commercial business improved sequentially and is expected to continue a positive trend as we move into the second half of the year and into 2025. This outlook is supported by substantial order levels in June, which contributed to another record quarter of backlog. Furthermore, our continued focus on operational efficiencies and prudent working capital management continues to yield benefits, resulting in robust cash flow generation despite the timing of seasonal tax payments made during the quarter. While we face year-over-year margin pressures from a combination of factors, particularly unfavorable foreign exchange impacts, we’re encouraged by the sequential improvement in our profitability and the reasonable stability in FX rates for the last 12 months. We remain confident in our ability to navigate the evolving market landscape and drive additional shareholder value in 2024.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “We’re proud to report another record multi-year backlog of $1.02 billion, providing strong visibility into our multi-family and commercial project pipeline through 2025 and now building into 2026. The robust demand for our best-in-class product offerings, coupled with our ability to continue taking market share in geographies that are outperforming the broader US market, drove record single-family residential revenues this quarter. The expiration of the ‘Florida Impact-Resistant Windows and Doors Sales Tax Exemption’ in June contributed to record orders for the quarter that positions us for strong single-family residential revenues through year-end. We maintain a growth outlook for the full year reinforced by our established customer relationships, record backlog, innovative product portfolio and the benefits of our vertically-integrated operations. We are well-situated to continue on our journey of innovation and value creation.”

Second Quarter 2024 Results

Total revenues for the second quarter of 2024 decreased 2.5% to $219.7 million, the second-highest revenue quarter in the company´s history, compared to a record $225.3 million in the prior year quarter. Single-family residential revenues increased 10.1% year-over-year to record levels, reflecting improving market trends and what we estimate to be a partial pull-forward effect related to the Florida sales tax waiver. Multi-family/commercial revenues grew sequentially in the second quarter of 2024, but decreased compared to the prior year quarter given record activity during the second quarter 2023 and higher interest and mortgage rates during 2024. Changes in foreign currency exchange rates had an adverse impact of $0.7 million on total revenues in the quarter.

Gross profit for the second quarter of 2024 was $89.6 million, representing a 40.8% gross margin, compared to gross profit of $109.7 million, representing a 48.7% gross margin, in the prior year quarter. The year-over-year change in gross margin reflected an unfavorable foreign exchange impact of nearly 340 basis points, reduced operating leverage on lower revenues coupled with higher salary expenses, and to a lesser extent a less favorable mix of revenues. In line with the last two quarters but at a lesser magnitude given the normalization of FX rates that began in the second quarter of 2023, margins were impacted by a Colombian Peso revaluation of approximately 11% year-over-year. The year-over-year impact of unfavorable foreign exchange is expected to dissipate beginning in the third quarter of 2024 given the relative stabilization of the currency exchange rates during the last twelve months. On a sequential basis, gross margin improved by 200 basis points when compared to 38.8% in the first quarter of 2024.

Selling, general and administrative expense (“SG&A”) was $38.4 million for the second quarter of 2024 compared to $35.2 million in the prior year quarter, with the increase primarily attributable to higher personnel expenses given overall salary adjustments that took place at the beginning of the year. As a percent of total revenues, SG&A was 17.5% for the second quarter of 2024 compared to 15.6% in the prior year quarter, primarily due to lower revenues and the aforementioned salary adjustments.

Net income was $35.0 million, or $0.75 per diluted share, in the second quarter of 2024 compared to net income of $52.6 million, or $1.10 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction loss of $5.6 million in the second quarter of 2024 and a $0.9 million gain in the second quarter of 2023. These non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Adjusted net income¹ was $40.5 million, or $0.86 per diluted share, in the second quarter of 2024 compared to adjusted net income of $53.5 million, or $1.12 per diluted share, in the prior year quarter. Adjusted net income¹, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

Adjusted EBITDA¹, as reconciled in the table below, was $64.1 million, or 29.2% of total revenues, in the second quarter of 2024, compared to $85.0 million, or 37.7% of total revenues, in the prior year quarter. The change was primarily attributable to the aforementioned factors impacting gross margin as well as lower year-over-year revenues. Adjusted EBITDA¹ included a $1.4 million contribution from the Company’s joint venture with Saint-Gobain, compared to $0.3 million in the prior year quarter.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the second quarter of 2024 was $34.5 million, primarily driven by a reduction in working capital. Capital expenditures of $20.3 million in the quarter included payments for previously purchased land for future potential capacity expansion, a down payment for the Miami headquarters and the associated flagship showroom, and the amortization of a portion of previously disclosed investments in facilities and operational infrastructure.

During the quarter, the Company returned capital to shareholders through the payment of $5.2 million in cash dividends. Additionally, the Company has approximately $26 million remaining under the current share repurchasing program. During the quarter, the Company also made a $15 million voluntary prepayment to its syndicate term loan facility.

The Company ended the second quarter of 2024 with total liquidity of approximately $300 million, including $127 million of cash and cash equivalents and $170.0 million of availability under its revolving credit facilities. Given the Company’s strong cash generation, net debt leverage was a record low of 0.1x net debt to LTM Adjusted EBITDA¹, compared to 0.2x in the prior year.

Full Year 2024 Outlook

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are providing full year outlook ranges for revenue and Adjusted EBITDA that are in aggregate stronger than our previous outlook scenarios. This reflects our strong results through June and our visibility through the remainder of the year. We expect full year 2024 revenues to grow to a range of $860 million to $910 million, representing approximately 6% growth at the midpoint, and entirely organic. We expect Adjusted EBITDA¹ to be in the range of $260 million to $285 million. The implied Adjusted EBITDA¹ margin of approximately 31% at the midpoint assumes a full year gross margin in the low to mid 40% range, along with healthy free cash flow into year end. This outlook is predicated on a variety of factors including the surge in our single-family residential orders, an expected increase in vinyl sales, an increased mix of revenues from installation and stand-alone product sales, stable FX rates, and the timely execution of our multi-family/commercial backlog through year end. As we look to the remainder of the year, we remain confident in our ability to drive value for our shareholders given the opportunities we see to expand our market share.”

Webcast and Conference Call

Management will host a webcast and conference call on August 8, 2024, at 10:00 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2024 Earnings Conference Call.

If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 10190661.

About Tecnoglass

Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.6 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 95% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.

¹ Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.

Investor Relations:

Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com

Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)

		June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	126,805			$	129,508
Investments			2,699				2,907
Trade accounts receivable, net			178,790				166,498
Due from related parties			1,686				1,387
Inventories			132,497				159,070
Contract assets – current portion			22,961				17,800
Other current assets			51,223				58,590
Total current assets		$	516,661			$	535,760
Long-term assets:
Property, plant and equipment, net		$	323,981			$	324,591
Deferred income taxes			235				169
Contract assets – non-current			8,541				8,797
Intangible assets			3,592				3,475
Goodwill			23,561				23,561
Long-term investments			60,150				60,570
Other long-term assets			5,768				5,794
Total long-term assets			425,828				426,957
Total assets		$	942,489			$	962,717
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt		$	2,197			$	7,002
Trade accounts payable and accrued expenses			99,572				82,784
Due to related parties			6,377				7,498
Dividends payable			5,197				4,265
Contract liability – current portion			77,406				72,543
Other current liabilities			22,196				61,794
Total current liabilities		$	212,945			$	235,886
Long-term liabilities:
Deferred income taxes		$	14,647			$	15,793
Contract liability – non-current			-				14
Long-term debt			140,058				163,004
Total long-term liabilities			154,705				178,811
Total liabilities		$	367,650			$	414,697
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		$				$	-
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,608 and 46,996,708 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively			5				5
Legal Reserves			1,458				1,458
Additional paid-in capital			192,380				192,385
Retained earnings			454,456				400,035
Accumulated other comprehensive loss			(73,460	)			(45,863	)
Total shareholders’ equity			574,839				548,020
Total liabilities and shareholders’ equity		$	942,489			$	962,717

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)

		Three months ended								Six months ended
		June 30,								June 30,
		2024				2023				2024				2023
Operating revenues:
External customers		$	218,928			$	224,788			$	411,017			$	427,094
Related parties			726				492				1,264				825
Total operating revenues			219,654				225,280				412,281				427,919
Cost of sales			(130,077	)			(115,610	)			(248,044	)			(210,494	)
Gross profit			89,577				109,670				164,237				217,425
Operating expenses:
Selling expense			(20,000	)			(20,487	)			(37,583	)			(36,807	)
General and administrative expense			(18,443	)			(14,682	)			(34,498	)			(32,437	)
Total operating expenses			(38,443	)			(35,169	)			(72,081	)			(69,244	)
Operating income			51,134				74,501				92,156				148,181
Non-operating income, net			2,731				1,625				3,811				2,912
Equity method income			1,237				1,119				2,283				2,568
Foreign currency transactions (loss) gains			(5,575	)			889				(5,728	)			(211	)
Interest expense and deferred cost of financing			(2,006	)			(2,321	)			(4,112	)			(4,594	)
Income before taxes			47,521				75,813				88,410				148,856
Income tax provision			(12,493	)			(23,248	)			(23,652	)			(47,919	)
Net income		$	35,028			$	52,565			$	64,758			$	100,937
Income attributable to non-controlling interest			-				(120	)			-				(257	)
Income attributable to parent		$	35,028			$	52,445			$	64,758			$	100,680
Basic income per share		$	0.75			$	1.10			$	1.38			$	2.12
Diluted income per share		$	0.75				1.10			$	1.38			$	2.12
Basic weighted average common shares outstanding			46,996,705				47,647,041				46,996,706				47,674,403
Diluted weighted average common shares outstanding			46,996,705				47,647,041				46,996,706				47,674,403
Other comprehensive income:
Foreign currency translation adjustments			(28,321	)			27,238				(28,291	)			35,049
Change in fair value of derivative contracts			(342	)			1,823				694				(14	)
Total other comprehensive income			(28,663	)			29,061				(27,597	)			35,035
Total comprehensive income		$	6,365			$	81,626			$	37,161			$	135,972
Income attributable to non-controlling interest			-				(120	)			-				(257	)
Total comprehensive income attributable to parent		$	6,365			$	81,506			$	37,161			$	135,715

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

		Six months ended June 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	64,758			$	100,937
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses			275				1,899
Depreciation and amortization			12,788				9,914
Deferred income taxes			1,456				4,130
Equity method income			(2,283	)			(2,568	)
Deferred cost of financing			640				610
Other non-cash adjustments			32				118
Unrealized currency translation (gains) loss			741				(14,609	)
Changes in operating assets and liabilities:
Trade accounts receivable			(5,913	)			(24,778	)
Inventories			14,395				(15,584	)
Prepaid expenses			(1,743	)			(1,660	)
Other assets			8,827				(22,550	)
Trade accounts payable and accrued expenses			12,695				16,167
Taxes payable			(36,961	)			(20,153	)
Labor liabilities			(121	)			345
Other liabilities			42				(57	)
Contract assets and liabilities			(3,192	)			10,843
Related parties			1,509				210
CASH PROVIDED BY OPERATING ACTIVITIES		$	67,945			$	43,214
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received			2,703
Purchase of investments			(317	)			(193	)
Acquisition of property and equipment			(30,188	)			(37,886	)
CASH USED IN INVESTING ACTIVITIES		$	(27,802	)		$	(38,079	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend			(9,407	)			(7,868	)
Minority stock purchase			(2,500	)
Stock buyback			(5	)			(56	)
Proceeds from debt			2,571				98
Repayments of debt			(30,986	)			(6	)
CASH USED IN FINANCING ACTIVITIES		$	(40,327	)		$	(7,832	)
Effect of exchange rate changes on cash and cash equivalents		$	(2,519	)		$	3,711
NET (DCREASE) INCREASE IN CASH			(2,703	)			1,014
CASH - Beginning of period			129,508				103,672
CASH - End of period		$	126,805			$	104,686
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest		$	5,559			$	5,556
Income Tax		$	59,607			$	82,807
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt		$	4,572			$	7,223

Revenues by Region
(Amounts in thousands)
(Unaudited)

		Three months ended
		June 30,
		2024				2023				% Change
Revenues by Region
United States			209,697				214,725				-2.3	%
Colombia			5,831				5,962				-2.2	%
Other Countries			4,126				4,593				(10.2	)%
Total Revenues by Region			219,654				225,280				-2.5	%

Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)

The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

		Three months ended
		June 30,
		2024				2023				% Change
Total Revenues with Foreign Currency Held Neutral			218,988				225,280				-2.8	%
Impact of changes in foreign currency			666				-
Total Revenues, As Reported			219,654				225,280				-2.5	%

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data) / (Unaudited)

Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

		Three months ended								Six months ended
		June 30,								June 30,
		2024				2023				2024				2023
Net (loss) income			35,028				52,565				64,758				100,937
Less: Income (loss) attributable to non-controlling interest			-				(120	)			-				(257	)
(Loss) Income attributable to parent			35,028				52,445				64,758				100,680
Foreign currency transactions losses (gains)			5,575				(889	)			5,728				211
Provision for bad debt			150				985				275				1,899
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)			968				1,436				1,639				3,797
Joint Venture VA (Saint Gobain) adjustments			1,409				(43	)			2,192				392
Tax impact of adjustments at statutory rate			(2,593	)			(476	)			(3,147	)			(2,016	)
Adjusted net (loss) income			40,537				53,458				71,445				104,963
Basic income (loss) per share			0.75				1.10				1.38				2.12
Diluted income (loss) per share			0.75				1.10				1.38				2.12
Diluted Adjusted net income (loss) per share			0.86				1.12				1.52				2.20
Diluted Weighted Average Common Shares Outstanding in thousands			46,997				47,675				46,997				47,675
Basic weighted average common shares outstanding in thousands			46,997				47,675				46,997				47,675
Diluted weighted average common shares outstanding in thousands			46,997				47,675				46,997				47,675

		Three months ended								Six months ended
		June 30,								June 30,
		2024				2023				2024				2023
Net (loss) income			35,028				52,565				64,758				100,937
Less: Income (loss) attributable to non-controlling interest			-				(120	)			-				(257	)
(Loss) Income attributable to parent			35,028				52,445				64,758				100,680
Interest expense and deferred cost of financing			2,006				2,321				4,112				4,594
Income tax (benefit) provision			12,493				23,248				23,652				47,919
Depreciation & amortization			6,463				5,147				12,779				9,914
Foreign currency transactions losses (gains)			5,575				(889	)			5,728				211
Provision for bad debt			150				985				275				1,899
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)			968				1,436				1,639				3,797
Joint Venture VA (Saint Gobain) EBITDA adjustments			1,409				313				2,192				1,828
Adjusted EBITDA			64,092				85,006				115,135				170,842

FAQ

What were Tecnoglass's Q2 2024 earnings?

Tecnoglass reported Q2 2024 net income of $35.0 million, or $0.75 per diluted share.

How did Tecnoglass's revenue perform in Q2 2024?

Tecnoglass's Q2 2024 revenue was $219.7 million, a 2.5% decrease from the prior year.

What is Tecnoglass's full-year 2024 revenue outlook?

Tecnoglass expects full-year 2024 revenues to be between $860 million and $910 million.

What is Tecnoglass's backlog as of Q2 2024?

Tecnoglass's backlog grew 29% year-over-year to a record $1.02 billion in Q2 2024.

How did Tecnoglass's single-family residential revenue perform in Q2 2024?

Single-family residential revenue for Tecnoglass reached a record $95.7 million in Q2 2024, a 10.1% increase year-over-year.

What factors impacted Tecnoglass's gross profit margin in Q2 2024?

Tecnoglass's gross profit margin in Q2 2024 was impacted by unfavorable foreign exchange rates and higher salary expenses, decreasing from 48.7% to 40.8% year-over-year.

What was Tecnoglass's adjusted EBITDA for Q2 2024?

Tecnoglass's adjusted EBITDA for Q2 2024 was $64.1 million.