Tecnoglass Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Tecnoglass Inc. Reports Second Quarter 2024 Financial Results
Miami, FL, August 8, 2024 — Tecnoglass, Inc. (NYSE: TGLS), a leading producer of high-end aluminum and vinyl windows and architectural glass, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Q1 2024 | QoQ Change (%) | Consensus Estimate | Variance (%) |
|---|---|---|---|---|---|---|---|
| Total Revenue | $219.7M | $225.3M | -2.5% | $219.3M | +0.2% | $219.29M | +0.19% |
| GAAP EPS | $0.75 | $1.10 | -31.8% | $0.72 | +4.2% | $0.83 | -9.6% |
| Adjusted EPS | $0.86 | $1.12 | -23.2% | $0.82 | +4.9% | N/A | N/A |
| Adjusted EBITDA | $64.1M | $85.0M | -24.6% | $63.1M | +1.6% | N/A | N/A |
Interpretation : Tecnoglass reported a slight increase in revenue on a quarter-over-quarter basis, but a modest dip when compared to the previous year's quarter. Gross margins and EPS underperformed compared to the same period last year, attributed mainly to unfavorable foreign exchange impacts, higher operating expenses, and costs related to increased personnel expenditures. Despite these challenges, the company achieved a positive variance relative to consensus revenue estimates and demonstrated strong operational cash flow.
Segment Revenue Performance
| Segment | Q2 2024 Revenue ($M) | Q2 2023 Revenue ($M) | YoY Change (%) | Previous Guidance |
|---|---|---|---|---|
| Single-Family Residential | $95.7M | $86.9M | +10.1% | Not Provided |
| Multi-Family/Commercial | Not Separately Disclosed | Not Separately Disclosed | N/A | Not Provided |
Interpretation : The single-family residential segment achieved record revenue, driven by increased demand and market trends, along with a notable impact of the Florida sales tax waiver. However, multi-family/commercial revenues experienced a year-over-year decline due to high interest and mortgage rates.
Operational Data
| Operational Metric | Q2 2024 | Q2 2023 | YoY Change (%) |
|---|---|---|---|
| Backlog | $1.02B | $0.79B | +29% |
| Cash Flow from Operations | $34.5M | Not Disclosed | N/A |
| Net Leverage Ratio | 0.06x | 0.1x | -40% |
Executive Commentary
CEO José Manuel Daes emphasized that Tecnoglass capitalized on the robust demand to drive record revenues in the single-family segment. COO Christian Daes highlighted the impressive backlog growth and confidence in sustaining this trajectory into 2025 and beyond. Both executives acknowledged challenges in foreign exchange rates but expressed optimism about the upcoming quarters.
Dividends and Share Repurchase Program
- Dividends : The company paid $5.2M in cash dividends during the quarter.
- Share Repurchase Program : Approximately $26M remains under the current buyback authorization.
Forward Guidance
Tecnoglass provided an improved full-year 2024 outlook: - Revenue : Expected in the range of $860M to $910M, indicating approximately 6% growth at the midpoint. - Adjusted EBITDA : Projected in the range of $260M to $285M, indicating a margin of around 31% at the midpoint.
Stock Price Movement
Following the earnings release, Tecnoglass' stock experienced a decrease of approximately 2.37%.
Conclusion
Tecnoglass demonstrated resilience and strategic growth amid macroeconomic complexities, leveraging robust demand in key segments to forecast an optimistic outlook for the full year 2024. Despite some pressure on margins and earnings, the company's proactive measures in operational efficiencies and market expansion continue to support its long-term growth trajectory.
For further details, visit the Tecnoglass Investor Relations page.
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