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Tecnoglass Reports Strong Third Quarter 2023 Results and Projects Double-Digit Top Line Growth in 2024

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Tecnoglass, Inc. reported strong financial results for Q3 2023, with revenue growth of 4.4% to $210.7 million, a record $87.8 million in the single-family residential end market, and a quarterly cash flow from operations at an all-time high of $51.3 million. The company also achieved net income of $46.1 million, adjusted net income of $46.6 million, and adjusted EBITDA of $71.3 million. Tecnoglass experienced continued strong backlog growth, expanding 20% year-over-year to a record $836 million. They executed 40% of their repurchase program totaling $20 million of stock to date and more than doubled their addressable market with a strategic entrance into the high-end vinyl segment. The company completed strategic investments to expand operational capacity by 40% to approximately $1 billion of revenues and relocated their global headquarters to Miami, FL.
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- Revenue Growth of 4.4% to $210.7 Million, Entirely Organic, Including a Record $87.8 Million in the Single-Family Residential End Market -

- Quarterly Cash Flow from Operations at an All-Time High of $51.3 Million -

- Net Income of $46.1 Million, or $0.97 Per Diluted Share -

- Adjusted Net Income1 of $46.6 Million, or $0.98 Per Diluted Share -

- Gross Margin of 43.0% Included a Non-Cash 660 Basis Point Impact from Unfavorable FX Compared to Prior Year Quarter -

- Adjusted EBITDA1 of $71.3 Million, with 340 Basis Points of SG&A Improvement Blunting the Gross Margin Impact Compared to Prior Year Quarter -

- Continued Strong Backlog Growth, Expanding 20% Year-Over-Year to a Record $836 Million -

- Executed 40% of Repurchase Program Totaling $20 Million of Stock to Date -

- More Than Doubled Addressable Market with Strategic Entrance Into High End Vinyl Segment-

- Completed Strategic Investments to Expand Operational Capacity by 40% to ~$1 Billion of Revenues -

- Relocated Global Headquarters to Miami, FL, Aligning with Over 95% of Revenues Sourced from Key U.S. Markets and Ongoing Market Penetration Strategy -

Miami, FL, Nov. 06, 2023 (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 third quarter ended September 30, 2023.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our record third quarter revenues and cash flow reflect strong performance in both our multi-family/commercial and single-family residential businesses as we continue to innovate and gain market share in key geographies. In this dynamic macroeconomic environment, our margins were impacted by a primarily non-cash effect related to the sharp and fast appreciation of the Colombian Peso, which on an average has partially reversed course since quarter end. Our Adjusted EBITDA1 margin remained in excess of 30%, attributable to our strategic facility investments and disciplined cost controls. In addition, the shorter cash cycle in our growing single-family residential business, along with our prudent working capital management, allowed us to generate record cash flow from operations during the quarter. Our strong capital position has given us the ability to build additional value in our Company through our recently completed facility investments and ongoing share repurchase program, in-line with our commitment to create additional shareholder value. As we look to the remainder of the year and into 2024, we remain confident in our ability to leverage our unique vertically integrated business model and execute against our multi-pronged growth strategy.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “We had a number of highly beneficial operating and strategic updates during the quarter. Steady demand for our best-in-class, innovative products contributed to record single-family residential revenues, which continues to outperform despite a challenging environment. We experienced positive momentum in our multi-family/commercial business with backlog expanding to another record of $836 million, giving us confidence in the trajectory of this business with a solid project pipeline into 2025. With our recent entrance into vinyl windows, which represents an estimated 60% of the $26 billion architectural window market, we have already made a significant portion of the anticipated capex investments to add an incremental $300 million in annual revenues in the coming years. Our recent global headquarter relocation to Miami, FL directly aligns with over 95% of our revenues sourced from U.S. markets and has been well received by customers, employees, and other stakeholders. All of the success we are achieving in combination with the strategic steps we are taking underscore our commitment to growing our customer relationships and streamlining our operations to generate meaningful value in Tecnoglass.”

Third Quarter 2023 Results

Total revenues for the third quarter of 2023 increased 4.4% to $210.7 million compared to $201.8 million in the prior year quarter, driven by an increase in the Company’s multi-family/commercial business, growth in single-family residential business and market share gains. Single-family residential revenues increased 2% year-over-year, helped by market share gains and the continued positive demographic trends in the Company’s main markets. Multi-family/commercial revenues increased 6% year-over-year, attributable to an increase in projects which were previously put on hold in early planning stages during the pandemic, or moved into designing and permitting stages in the last 18 months given the positive demographic shifts in the Company’s main markets. Changes in foreign currency exchange rates had an adverse impact of $0.5 million on total revenues in the quarter.

Gross profit for the third quarter of 2023 was $90.5 million, representing a 43.0% gross margin, compared to gross profit of $105.3 million, representing a 52.2% gross margin in the prior year quarter. The year-over-year change in gross margin mainly reflected a non-cash 660 basis point unfavorable foreign exchange impact, related to the markup of inventory in the Company´s functional currency, due to the significant and rapid appreciation of the Colombian Peso, which strengthened approximately 20% from the beginning of the second quarter to the end of the third quarter of 2023. The majority of impacted inventory has been worked down and foreign exchange rates, on an average have partially reversed course since the end of the quarter, providing for less accounting variability in results through year end. Excluding the impact of foreign exchange, gross margin for the third quarter of 2023 was much more in line with the second quarter of 2023 and with the expectation for full year 2023 results.

Selling, general and administrative expense (“SG&A”) was $29.5 million for the third quarter of 2023 compared to $35.2 million in the prior year quarter, with the decrease attributable to lower shipping and commission expenses and a non-recurring settlement charge in the third quarter of 2022, partially offset by increased corporate costs to support a larger operation. As a percent of total revenues, SG&A was 14.0% for the third quarter of 2023 compared to 17.4% in the prior year quarter, primarily due to lower SG&A expense and better operating leverage.

Net income was $46.1 million, or $0.97 per diluted share, in the third quarter of 2023 compared to net income of $46.9 million, or $0.98 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $1.1 million in the third quarter of 2023 and a $0.5 million loss in the third quarter of 2022. 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 $46.6 million, or $0.98 per diluted share, in the third quarter of 2023 compared to adjusted net income of $48.0 million, or $1.01 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 $71.3 million, or 33.8% of total revenues, in the third quarter of 2023, compared to $78.5 million, or 38.9% of total revenues, in the prior year quarter. The change was primarily attributable to aforementioned non-cash foreign exchange impact on gross margin, partially offset by improved SG&A leverage. Adjusted EBITDA1 included a $0.4 million contribution from the Company’s joint venture with Saint-Gobain, compared to $0.9 million in the prior year quarter.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the third quarter of 2023 was $51.3 million, primarily driven by a reduction in working capital. Capital expenditures of $24.3 million in the quarter included payments for previously purchased land for future potential capacity expansion, along with a significant portion of previously disclosed investments in facilities and operational infrastructure to enter the vinyl window market. Given the Company´s increase in installed capacity, a meaningful decrease in capital expenditures is expected for 2024.

During the quarter, the Company returned capital to shareholders through $8.9 million in share repurchases and $4.3 million in cash dividends. The Company repurchased an additional $11.2 million of stock after the quarter end and as of November 6, 2023, had approximately $30 million remaining under the current repurchase program.

The Company ended the third quarter of 2023 with total liquidity of approximately $289.0 million, including $119.0 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 remained near a record low level of 0.2x net debt to LTM Adjusted EBITDA1, compared to 0.4x in the prior year quarter.

Full Year 2023 Outlook

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We see our business performing exceptionally well in a challenging market with share gains driving double-digit organic growth, strong Adjusted EBITDA margins and substantial cash flow year-to-date. With the positive trajectory of our business backed by a strong backlog in multi-family/commercial projects and significant white space for our residential expansion, we are moderating our full year revenue outlook based on updated visibility on the timing of project deliveries through year end. We expect 2023 revenues to grow organically to a range of $835 million to $848 million, representing approximately 17% growth at the midpoint. Combined with the impact of the unfavorable non-cash foreign currency effect on inventories during the third quarter, which is now mostly behind us, and the expectation for a higher mix of installation revenues during the rest of the year, we are modifying our expectations for Adjusted EBITDA1 to be in the range of $300 million to $308 million, representing growth of approximately 14% at the midpoint. The implied Adjusted EBITDA1 margin of approximately 36% at the midpoint assumes a full year gross margin in the range of 47% to 49%, driving strong free cash flow into year end. Our backlog of multi-family/commercial projects has accelerated and our single-family residential expansion strategy continues to gain traction, which gives us confidence that 2024 will be another year of double-digit growth at attractive margins with significant cash flow generation.”

Webcast and Conference Call

Management will host a webcast and conference call on November 6, 2023 at 10:00 a.m. Eastern time (10:00 a.m. Bogota, Colombia 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 1-877-269-7751 (domestic) or 1-201-389-0908 (international). Upon dialing in, please request to join the Tecnoglass Third Quarter 2023 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: 13741883.

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)

  September 30,  December 31, 
  2023   2022  
ASSETS        
Current assets:        
Cash and cash equivalents $118,973   $103,671  
Investments  2,479    2,049  
Trade accounts receivable, net  174,148    158,397  
Due from related parties  1,493    1,447  
Inventories  165,846    124,997  
Contract assets – current portion  16,539    12,610  
Other current assets  57,668    28,963  
Total current assets $537,146   $432,134  
Long-term assets:        
Property, plant and equipment, net $299,120   $202,865  
Deferred income taxes  111    558  
Contract assets – non-current  9,075    8,875  
Long-term trade accounts receivable  -    1,225  
Intangible assets  3,249    2,706  
Goodwill  23,561    23,561  
Long-term investments  61,516    57,839  
Other long-term assets  5,278    4,545  
Total long-term assets  401,910    302,174  
Total assets $939,056   $734,308  
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Current liabilities:        
Short-term debt and current portion of long-term debt $3,127   $504  
Trade accounts payable and accrued expenses  108,259    90,186  
Due to related parties  4,108    5,323  
Dividends payable  4,317    3,622  
Contract liability – current portion  68,654    49,601  
Other current liabilities  50,537    60,566  
Total current liabilities $239,002   $209,802  
Long-term liabilities:        
Deferred income taxes $13,876   $5,190  
Contract liability – non-current  13    11  
Long-term debt  166,699    168,980  
Total long-term liabilities  180,588    174,181  
Total liabilities $419,590   $383,983  
SHAREHOLDERS’ EQUITY        
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively $   $  
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,445,991 and 47,674,773 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively  5    5  
Legal Reserves  1,458    1,458  
Additional paid-in capital  210,408    219,290  
Retained earnings  367,925    234,254  
Accumulated other comprehensive loss  (62,323)   (106,187) 
Shareholders’ equity attributable to controlling interest  517,473    348,820  
Shareholders’ equity attributable to non-controlling interest  1,993    1,505  
Total shareholders’ equity  519,466    350,325  
Total liabilities and shareholders’ equity $939,056   $734,308  


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

  Three months ended  Nine months ended 
  September 30,  September 30, 
  2023   2022   2023   2022  
Operating revenues:                
External customers $210,268   $201,240   $637,362   $503,919  
Related parties  475    540    1,300    1,533  
Total operating revenues  210,743    201,780    638,662    505,452  
Cost of sales  (120,216)   (96,484)   (330,710)   (266,191) 
Gross profit   90,527      105,296      307,952      239,261  
Operating expenses:                
Selling expense  (15,724)   (20,250)   (52,531)   (50,234) 
General and administrative expense  (13,791)   (14,914)   (46,228)   (39,442) 
Total operating expenses  (29,515)   (35,164)   (98,759)   (89,676) 
Operating income   61,012     70,132    209,193     149,585   
Non-operating income, net  605    634    3,517    1,137  
Equity method income  1,108    1,821    3,676    5,070  
Foreign currency transactions (loss) gains  1,142    (450)   931    (856) 
Interest expense and deferred cost of financing  (2,325)   (2,249)   (6,919)   (5,432) 
Income before taxes  61,542    69,888    210,398    149,504  
Income tax provision  (15,447)   (22,966)   (63,366)   (48,216) 
Net income $ 46,095    $ 46,922    $ 147,032    $101,288  
Income attributable to non-controlling interest  (232)   (196)   (489)   (515) 
Income attributable to parent $45,863   $ 46,726    $ 146,543    $100,773  
Comprehensive income:                
Net income $46,095   $46,922   $147,032   $101,288  
Foreign currency translation adjustments  8,228    (22,054)   43,277    (32,039) 
Change in fair value of derivative contracts  601    4,865    587    9,197  
Total comprehensive income $ 54,924    $ 29,733    $ 190,896    $78,446  
Comprehensive loss attributable to non-controlling interest  (232)   (196)   (489)   (515) 
Total comprehensive income attributable to parent $ 54,692    $ 29,537    $ 190,407    $77,931  
Basic income per share $0.97   $0.98   $3.09   $2.12  
Diluted income per share $0.97    0.98   $3.09   $2.12  
Basic weighted average common shares outstanding  47,599,339    47,674,773    47,649,037    47,674,773  
Diluted weighted average common shares outstanding  47,599,339    47,674,773    47,649,037    47,674,773  


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

  Nine months ended September 30, 
  2023   2022  
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income $147,032   $101,288  
Adjustments to reconcile net income to net cash provided by operating activities:        
Allowance for credit losses  2,537    541  
Depreciation and amortization  15,841    15,089  
Deferred income taxes  7,565    140  
Equity method income  (3,676)   (5,070) 
Deferred cost of financing  929    1,059  
Other non-cash adjustments  157    (22) 
Unrealized currency translation (loss) gains  (23,280)   9,482  
Changes in operating assets and liabilities:        
Trade accounts receivable  (10,351)   (29,486) 
Inventories  (15,271)   (53,911) 
Prepaid expenses  (2,028)   (1,126) 
Other assets  (25,535)   (1,646) 
Trade accounts payable and accrued expenses  8,371    14,637  
Taxes payable  (21,670)   23,962  
Labor liabilities  2,425    1,629  
Other liabilities  245    (1,851) 
Contract assets and liabilities  13,066    14,974  
Related parties  (1,871)   2,409  
CASH PROVIDED BY OPERATING ACTIVITIES $94,486   $92,098  
         
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of investments  (303)   (1,285) 
Acquisition of property and equipment  (62,194)   (46,817) 
CASH USED IN INVESTING ACTIVITIES $(62,497)  $(48,102) 
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Cash dividend  (12,158)   (9,294) 
Stock buyback  (8,882)   -  
Proceeds from debt  109    59  
Repayments of debt  -    (32,002) 
CASH USED IN FINANCING ACTIVITIES $(20,931)  $(41,237) 
         
Effect of exchange rate changes on cash and cash equivalents $4,243   $(3,336) 
         
NET INCREASE IN CASH  15,301    (577) 
CASH - Beginning of period  103,672    85,011  
CASH - End of period $118,973   $84,434  
         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Cash paid during the period for:        
Interest $8,543   $4,136  
Income Tax $94,914   $25,377  
         
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Assets acquired under credit or debt $11,626   $4,555  


Revenues by Region

(Amounts in thousands)
(Unaudited)

 Three months ended Twelve months ended
 September 30, September 30,
2023 2022 % Change  2023 2022 % Change
Revenues by Region            
United States200,347 193,504 3.5% 816,311 604,371 35.1%
Colombia7,218 4,817 49.9% 21,263 18,968 12.1%
Other Countries3,177 3,459 (8.1%) 12,206 13,933 (12.4%)
Total Revenues by Region 210,743 201,780 4.4% 849,780 637,271 33.3%


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

The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company's business, 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. 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 Twelve months ended
 September 30, September 30,
2023 2022 % Change  2023  2022 % Change
            
Total Revenues with Foreign Currency Held Neutral210,206 201,780 4.2% 852,368  637,271 33.8%
Impact of changes in foreign currency537 - -  (2,588) - - 
Total Revenues, As Reported210,743 201,780 4.4% 849,780  637,271 33.3%


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 not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes 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.

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  Nine months ended
   Sept 30, Sept 30,
   2023  2022  2023  2022 
          
Net (loss) income  46,095  46,922  147,032  101,288 
Less: Income (loss) attributable to non-controlling interest  (232) (196) (489) (515)
(Loss) Income attributable to parent  45,863  46,726  146,543  100,773 
Foreign currency transactions losses (gains)  (1,142) 450  (931) 856 
Provision for bad debt  638  (7) 2,537  543 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core ítems)  1,800  545  5,599  4,804 
Joint Venture VA (Saint Gobain) adjustments  (234) 771  158  1,743 
Tax impact of adjustments at statutory rate  (340) (528) (2,356) (2,384)
Adjusted net (loss) income  46,585  47,957  151,550  106,335 
          
Basic income (loss) per share  0.97  0.98  3.09  2.12 
Diluted income (loss) per share  0.97  0.98  3.09  2.12 
          
Diluted Adjusted net income (loss) per share  0.98  1.01  3.18  2.23 
          
Diluted Weighted Average Common Shares Outstanding in thousands  47,599  47,675  47,649  47,675 
Basic weighted average common shares outstanding in thousands  47,599  47,675  47,649  47,675 
Diluted weighted average common shares outstanding in thousands  47,599  47,675  47,649  47,675 
          
          
   Three months ended Nine months ended
   Sept 30, Sept 30,
   2023  2022  2023  2022 
          
Net (loss) income  46,095  46,922  147,032  101,288 
Less: Income (loss) attributable to non-controlling interest  (232) (196) (489) (515)
(Loss) Income attributable to parent  45,863  46,726  146,543  100,773 
Interest expense and deferred cost of financing  2,325  2,249  6,919  5,432 
Income tax (benefit) provision  15,447  22,966  63,366  48,216 
Depreciation & amortization  5,927  4,627  15,841  15,089 
Foreign currency transactions losses (gains)  (1,142) 450  (931) 856 
Provision for bad debt  638  (7) 2,537  543 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core ítems)  1,800  545  5,599  4,804 
Joint Venture VA (Saint Gobain) EBITDA adjustments  436  948  2,264  2,709 
Adjusted EBITDA  71,294  78,504  242,138  178,422 


FAQ

What were Tecnoglass' revenue growth and cash flow from operations for Q3 2023?

Tecnoglass achieved revenue growth of 4.4% to $210.7 million and a quarterly cash flow from operations at an all-time high of $51.3 million for Q3 2023.

What was Tecnoglass' net income for Q3 2023?

Tecnoglass reported net income of $46.1 million for Q3 2023.

What was Tecnoglass' adjusted net income and adjusted EBITDA for Q3 2023?

Tecnoglass achieved adjusted net income of $46.6 million and adjusted EBITDA of $71.3 million for Q3 2023.

What was Tecnoglass' backlog growth for Q3 2023?

Tecnoglass experienced continued strong backlog growth, expanding 20% year-over-year to a record $836 million for Q3 2023.

What strategic steps did Tecnoglass take during Q3 2023?

Tecnoglass more than doubled their addressable market with a strategic entrance into the high-end vinyl segment. They also completed strategic investments to expand operational capacity by 40% to approximately $1 billion of revenues and relocated their global headquarters to Miami, FL.

Tecnoglass Inc.

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23.80M
49.36%
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4.99%
Building Materials
Flat Glass
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United States of America
MIAMI