Tecnoglass Sets Record Date for Previously-Announced 36% Increase to Fourth Quarter 2024 Dividend

Rhea-AI Summary

Tecnoglass (NYSE: TGLS) announced a significant 36% increase in its quarterly dividend, raising it to $0.15 per share from $0.11 per share. The new annualized dividend rate will be $0.60 per share, up from the previous $0.44 per share. Shareholders of record as of December 31, 2024, will receive the increased dividend payment on January 31, 2025. The company's CFO emphasized that this increase reflects strong cash flow generation capabilities and business trajectory while maintaining financial flexibility for growth initiatives.

Positive

• 36% increase in quarterly dividend from $0.11 to $0.15 per share
• Annualized dividend increase from $0.44 to $0.60 per share
• Strong cash flow generation indicated by dividend increase

Negative

• None.

Insights

Financial Analyst

The 36% dividend increase from $0.11 to $0.15 per share signals strong financial health and management's confidence in Tecnoglass's future cash flows. At current share prices, this raises the forward dividend yield to approximately 1.55%. The boost to $0.60 annual dividends represents a meaningful commitment to shareholder returns while maintaining a conservative payout ratio that leaves ample room for growth investments. This move aligns with TGLS's track record of robust operational performance in the architectural glass and window markets. The timing of the increase, coming as we approach 2025, suggests management anticipates continued strong performance despite broader market uncertainties.

Miami, FL, Dec. 11, 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 announced that its Board of Directors has approved a 36% increase in the quarterly dividend on its ordinary shares, to $0.15 per share from $0.11 per share. At the new rate, the dividend on an annualized basis will be $0.60 per share compared to the previous rate of $0.44 per share. Shareholders of record as of the close of business on December 31, 2024 will be paid a dividend of $0.15 on January 31, 2025.

Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, “The decision to raise our quarterly dividend reflects the Board’s continued confidence in our strong cash flow generation capabilities and the trajectory of our business. We remain focused on prudent balance sheet management and delivering superior shareholder returns while maintaining the financial flexibility to execute on our strategic growth initiatives.”

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.

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

FAQ

What is the new quarterly dividend amount for Tecnoglass (TGLS) in 2024?

Tecnoglass's new quarterly dividend is $0.15 per share, increased from $0.11 per share.

When is the record date for Tecnoglass's (TGLS) increased dividend?

The record date for Tecnoglass's increased dividend is December 31, 2024.

When will Tecnoglass (TGLS) pay its increased dividend?

Tecnoglass will pay the increased dividend on January 31, 2025.

What is the new annualized dividend rate for Tecnoglass (TGLS)?

The new annualized dividend rate for Tecnoglass is $0.60 per share, up from $0.44 per share.

How much did Tecnoglass (TGLS) increase its dividend in Q4 2024?

Tecnoglass increased its dividend by 36% in Q4 2024.