p strong Tecnoglass Reports Second Quarter 2024 Financial Results strongpp Tecnoglass Inc NYSETGLS
Intellectia.AI Updated: 1970-01-01
Tecnoglass Reports Second Quarter 2024 Financial Results
Tecnoglass, Inc. (NYSE:TGLS) has released 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 Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $219.7 million | $225.3 million | -2.5% | Not Provided | Not Provided | Not Provided |
| Earnings Per Share (EPS) | $0.75 | $1.10 | -31.8% | Not Provided | Not Provided | Not Provided |
| Adjusted Net Income | $40.5 million | $53.5 million | -24.3% | Not Provided | Not Provided | Not Provided |
| Adjusted EPS | $0.86 | $1.12 | -23.2% | Not Provided | Not Provided | Not Provided |
| Adjusted EBITDA | $64.1 million | $85.0 million | -24.6% | Not Provided | Not Provided | Not Provided |
Despite a slight decrease in total revenue of 2.5% year-over-year, Tecnoglass reported the second-highest revenue quarter in its history. The company faced margin pressures due to unfavorable foreign exchange impacts and higher salary expenses but showed sequential improvement in profitability.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Single-Family Residential | $95.7 million | Not Provided | +10.1% |
| Multi-Family/Commercial | Not Provided | Not Provided | Sequential Growth |
| Total Revenue | $219.7 million | $225.3 million | -2.5% |
The Single-Family Residential segment achieved record revenue levels, reflecting strong market demand and the benefits of the Florida sales tax waiver. Multi-Family/Commercial saw sequential improvement, despite higher interest and mortgage rates.
Operational Data
| Key Operational Data | Q2 2024 |
|---|---|
| Backlog | $1.02 billion |
| Net Leverage Ratio | 0.06x |
| Cash Flow from Operations | $34.5 million |
Tecnoglass' backlog reached a record $1.02 billion, showing a 29% increase year-over-year, bolstering the visibility of future projects. The company maintained a strong cash flow from operations and reported a historic low net leverage ratio of 0.06x.
Comments from Company Officers
Chief Executive Officer José Manuel Daes highlighted the company's ability to navigate challenging economic conditions and maintain strong momentum, particularly in the single-family residential sector. Chief Operating Officer Christian Daes emphasized sustained high demand and market share gains, contributing to record revenue levels.
Dividends and Share Repurchase Program
During the quarter, Tecnoglass paid $5.2 million in cash dividends and has approximately $26 million remaining under the current share repurchase program.
Forward Guidance
Chief Financial Officer Santiago Giraldo announced an improved full year 2024 outlook with expected revenues ranging from $860 million to $910 million and Adjusted EBITDA ranging from $260 million to $285 million.
Stock Price Movement
Following the earnings release, Tecnoglass' stock price experienced a decline of approximately 2.37%.
Tecnoglass continues to demonstrate resilience and growth potential, supported by a robust order backlog and strategic focus on operational efficiencies.
