The US-listed glassmaker maintains its $0.60 USD annualized payout.

The declaration holds the company’s quarterly dividend at the same $0.15 USD level it has paid each quarter since the start of 2025.

Tecnoglass manufactures windows and architectural glass for the single-family, multi-family, and commercial markets, and describes itself as the second-largest glass fabricator serving the United States and the largest architectural glass transformation company in Latin America. The company says its vertically integrated, 5.8 million-square-foot complex in Barranquilla supplies close to 1,000 customers across North, Central, and South America, with the United States accounting for 95% of revenue.

While its production base remains in Barranquilla, Tecnoglass redomiciled to the United States and shifted its headquarters to Miami over the past year, a move tied to its overwhelmingly US customer base. The company reported record 2025 revenue of $983.6 million USD.

Tecnoglass glass and windows appear on properties including One Thousand Museum and Paramount in Miami, Salesforce Tower in San Francisco, Via 57 West in New York, Hub50House in Boston, El Dorado International Airport in Bogotá, One Plaza in Medellín, and the Pabellón de Cristal in Barranquilla. Additional information is available on the company’s website.

Photo: Loren Moss

Tecnoglass serves multi-family, single-family and commercial end markets, and is the second largest glass fabricator serving the U.S.  With production facilities located in Barranquilla, Colombia, the company’s 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).

Tecnoglass serves multi-family, single-family and commercial end markets, and 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 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).

At the new rate, the dividend on an annualized basis will be $0.36 per share compared to the previous rate of $0.30 per share. The company’s next quarterly dividend of $0.09 per share will be payable on April 28, 2023 to shareholders of record at the close of business on March 31, 2023.

Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, “This increase in our quarterly dividend reflects the earnings power of our company and confidence in our ability to consistently generate exceptional free cash flow based on the projected growth of our business. We remain focused on executing on our differentiated strategy and returning value to our shareholders.”

The company’s board of directors decided on an annual cash dividend of $0.92 USD per share, which will be paid to the shareholders at the price of $0.46 per share on two separate dates this year, February 16 and August 15. The company also believes that they will be able to continue this semi-annual cash dividend payment in future periods, barring any “uncertain macroeconomic conditions” on the company.

“Driven by the strength of our business and cash flows from operations, the board of directors has increased the annual dividend by approximately 7.0%. We remain focused on accelerating our investments to drive growth, and we believe that our increase in the dividend reflects the board’s confidence in our club business model,” PriceSmart’s Interim Chief Executive Officer Robert Price commented. Robert Price founded PriceSmart with his father Sol Price, after the elder Price sold his chain of warehouse clubs to Costco in 1993.

After CEO Sherry Bahrambeygui resigned as CEO (but continues to serve on the board), board member and founding family member Robert Price stepped in as interim CEO. “I am excited to be re-engaging in the company’s day-to-day affairs again as the Interim Chief Executive Officer. I will not be receiving compensation in my role as Interim CEO, and I am looking forward to working with the other officers and leaders of the company to execute on our three major drivers of growth as we strive to improve the lives and businesses of our members, our employees and our communities through the responsible delivery of the best quality goods and services at the lowest possible price,” said Price.

The company’s annual shareholders meeting also ended up electing ten nominees for the open seats in PriceSmart’s board of directors. Sherry S. Bahrambeygui, Jeffrey R. Fisher, Gordon H. Hanson, Beatriz V. Infante, Leon C. Janks, Patricia Márquez, David N. Price, Robert E. Price, David R. Snyder, and Edgar Zurcher were elected as new board members.

After the annual shareholders meeting, the new board of directors expanded the number of seats from ten to eleven, and elected John D. Thelan to the newly created seat. Thelan recently retired from his position as Senior Vice President, Depots and Traffic of Costco Wholesale Corporation, a position he held since 1992.

“Additionally, I am excited to welcome John Thelan to the Board of Directors.  John’s extensive warehouse club experience at Costco, his expertise with operations and logistics and his experience with real estate transactions will be very beneficial to the Board and the operation of our clubs,” said Price.

Stockholders did not approve the compensation of the company’s executive officers for fiscal year 2022, but did approve an amendment to the company’s amended and restated 2013 Equity Incentive Award Plan to increase the number of shares of common stock available for the grant of awards by 750,000 shares and ratified the selection of Ernst & Young, LLP as the company’s independent registered public accounting firm for the fiscal year ending August 31, 2023.

Tecnoglass serves multi-family, single-family and commercial end markets, and 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 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).

Increased Return to Shareholders Highlights 2021 Record Free Cashflow Year to Date and Strong Balance Sheet Position

“The Board’s confidence in Tecnoglass’ growth strategy and significant free cash flow generation supports this substantial increase in our quarterly dividend. Our current growth capex phase is largely completed, and our record backlog provides us with ample visibility into the future while strong market conditions have continued into the end of the year. We remain committed to a balanced approach to capital allocation, which includes investments in our operations to drive future growth and returning cash to shareholders,” said Santiago Giraldo, the Chief Financial Officer of Tecnoglass.

Tecnoglass is the second largest glass fabricator serving the US and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the company’s 2.7 million square foot, vertically-integrated manufacturing complex provides efficient access to over 1,000 global customers, with the US accounting for more than 90% of revenues. Tecnoglass’ tailored, high-end products are found many high profile 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), and others.

Total revenues for the third quarter of 2021 increased 26.2% to $130.4 million, compared to $103.3 million in the prior year quarter. US revenues of $123.2 million, which represented 94.5% of total revenues, grew 28.8% compared to $95.7 million in the prior year’s quarter, driven by strong growth in single family residential activity and market share gains. Latin American revenue, a majority of which is represented by long-term contracts priced in Colombian Pesos but indexed to the US Dollar, decreased slightly to $7.2 million, compared to $7.6 million in the prior year quarter. Changes in foreign currency exchange rates had a negligible impact on Colombia and total revenues in the quarter.

Tecnoglass is being awarded the Syndicated Loan Deal of the Year Award at next month’s  Bonds & Loans Latin America & Caribbean Awards at the Ritz Carlton in Miami.

Adjusted EBITDA increased 36.1% to $38.7 million, or 29.7% of total revenues in the third quarter of 2021, compared to $28.5 million, or 27.5% of total revenues in the prior year quarter. The improvement was driven by higher sales, a stronger gross margin and operating leverage on SG&A. Adjusted EBITDA in the third quarter 2021 included $800,000 in contribution from the company’s joint venture with Saint-Gobain, compared to $0.7 million in the prior year quarter.

“We can make glass that protects from the weather, while letting you have a great view. People like that you can now be in harmony with the surroundings.” – José M. Daes. Above: Suburban Miami’s beachfront Regalia condo tower, featuring Tecnoglass materials.

“I could not be more proud of our exceptional third quarter performance that marked our 4th consecutive quarter of year-over-year revenue growth and another period of record quarterly revenues and adjusted EBITDA. In addition, continued momentum in our U.S. single-family residential business combined with careful working capital management collectively helped generate our 7th straight quarter of robust cash flow, allowing us to pay down debt while further investing in automation capabilities and capacity enhancements to address expected growth,” said CEO José Manuel Daes (above, right).

“As a result of our vertically integrated platform and strategic geographic positioning, we continue to enjoy a healthy competitive advantage that has mostly insulated Tecnoglass thus far from widespread supply chain disruptions and inflationary pressures affecting our industry. Our structural advantages have allowed us to achieve additional share gains as new and existing customers value our shorter lead times, continuity of product availability and unrelenting commitment to exceptional service. We expect to continue executing our highly profitable growth strategy and generating cash flow to deliver additional value for our shareholders.”

Net income was $20.9 million, or $0.44 per diluted share in the third quarter of 2021 compared to net income of $8.3 million, or $0.18 per diluted share in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $200,000 in the third quarter of 2021 and a $3.1 million loss in the third quarter of 2020. 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 income was $21.6 million, or $0.45 per diluted share, in the third quarter of 2021 compared to adjusted net income of $12.7 million, or $0.28 per diluted share in the prior year quarter. Tecnoglass declared a quarterly cash dividend of $0.0275 per share for the third quarter of 2021, which was paid on October 29, 2021.

Gross profit for the third quarter of 2021 grew 28.7% to $51.6 million, representing a 39.6% gross margin, compared to gross profit of $40.1 million, representing a 38.8% gross margin in the prior year quarter. The 80 basis point improvement in gross margin mainly reflected greater operating efficiencies and a higher mix of revenue from manufacturing versus installation activity as Tecnoglass increased its mix of single family residential products. Selling, general and administrative expenses (SG&A) were $21.5 million compared to $19.9 million in the prior year quarter, primarily attributable to higher variable expenses related to ground and marine transportation as well as commission expenses. As a percent of total revenues, SG&A improved to 16.5% compared to 19.3% in the prior year quarter, primarily due to higher sales and better operating leverage on personnel, professional fees, and other fixed expenses.

Christian Daes (above, left), Chief Operating Officer of Tecnoglass, commented on the results: “Our proven track record of innovation, strategic footprint expansion, and returns-oriented investments in our operations have distinguished Tecnoglass as a dominant player in the architectural glass market with industry-leading margins. During the third quarter, we were pleased to begin invoicing best-in-class products from our new Multimax product line targeting production homebuilders as well as legacy and new dealers, which further augments our positioning in the U.S. single-family residential market.”

Given its strong cashflow generation, the company voluntarily prepaid $30 million under its Syndicated Term Loan facility during the quarter.

“Additionally, we are encouraged to report a record backlog at quarter end which reflects an increasing number of commercial projects in our pipeline through 2022. As we move forward, we are very pleased with our project pipeline and are excited by the strong momentum in our single-family residential business where we continue to see an immense opportunity for growth and additional share gains. Our strong geographical positioning, innovative product portfolio, and unique vertically integrated model give us confidence in the trajectory of our business.”

Tecnoglass CFO Santiago Giraldo (Photo: Loren Moss)

Tecnoglass ended the third quarter of 2021 with total liquidity of approximately $150 million, including cash and cash equivalents of $86.5 million and availability under its committed revolving credit facilities of $65 million. Cash provided by operating activities of $32.6 million improved by $6.4 million compared to the prior year quarter, attributable to higher profitability as well as more efficient inventory and working capital management. Given the company’s continued growth in adjusted EBITDA and strong cash generation, debt leverage continues to trend lower and now stands at 0.9 times LTM net debt to adjusted EBITDA, compared to 1.9 times in the prior year quarter. Given its strong cashflow generation, the company voluntarily prepaid $30 million under its Syndicated Term Loan facility during the quarter.

Santiago Giraldo, Chief Financial Officer of Tecnoglass, explained: “Based on our strong third quarter performance and expectations for a favorable growth environment across our end markets through year-end, we are increasing our full year 2021 growth outlook for revenues and adjusted EBITDA. We now expect 2021 revenues to grow to a range of $485 million to $495 million. We now anticipate full year adjusted EBITDA to increase to a range of $140 million to $145 million, implying year-over-year growth of approximately 46% at the midpoint. We continue to expect that robust demand for our products and services in the US will be the primary driver of these anticipated record full year 2021 results.”

Tecnoglass serves the multi-family, single-family and commercial construction markets, and is the second largest glass fabricator serving the U.S. and the largest architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the company’s 2.7 million square foot oceanside, vertically integrated manufacturing complex provides efficient access to over 1,000 global customers, with the US accounting for more than 90% of revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including the El Dorado Airport in Bogotá, Colombia, the United Nations Plaza in New York, the Icon Bay tower in Miami, and Salesforce Tower in San Francisco.

Despite the COVID-19 pandemic, Tecnoglass total revenues for the fourth quarter of 2020 increased 1.0% to $102.4 million, compared to $101.4 million in the prior year Q4. US revenues of $87.8 million, representing 86% of total revenues, grew 4.8% compared to $83.8 million in the prior year quarter, primarily driven by strong growth in residential activity. The contribution of US revenue growth to total revenues was partly offset by lower revenue from Colombia, primarily attributable to delayed activity at many customer jobsites due to COVID-19 related factors. Changes in foreign currency exchange rates had an adverse impact of $0.7 million on Colombia and total revenues in the quarter.

Gross profit for the fourth quarter of 2020 grew 25.8% to $36.9 million, representing a 36.1% gross margin, compared to gross profit of $29.3 million, representing a 28.9% gross margin in the prior year quarter. The 710-basis point improvement in gross margin mainly reflected greater operating efficiencies from prior automation initiatives and a higher mix of revenue from manufacturing versus installation activity. Selling, general and administrative expense was $19.4 million compared to $18.6 million in the prior year quarter, primarily attributable to higher variable expenses related to shipping, as well as COVID-19 related expenses. As a percent of total revenues, SG&A was 18.9% compared to 18.3% in the prior year quarter.

Net income was $18.5 million, or $0.39 per diluted share, in the fourth quarter of 2020 compared to net income of $10.9 million, or $0.23 loss per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $13.6 million in the fourth quarter 2020 and a $8.9 million gain in the fourth quarter 2019. As previously disclosed, these gains and losses are related to the accounting re-measurement of US Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Tecnoglass will attend the Raymond James 42nd Annual Institutional Investors Conference, being held virtually on Wednesday, March 3, 2021.

Adjusted net income was $10.3 million, or $0.22 per diluted share, in the fourth quarter of 2020 compared to an adjusted net income of $7.5 million, or $0.16 per diluted share, in the prior year quarter. Adjusted net income, 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 EBITDA, as reconciled in the table below, increased 19.3% to $25.7 million, or 25.1% of total revenues in the fourth quarter of 2020, compared to $21.5 million, or 21.2% of revenues, in the prior year quarter. The improvement was driven by a stronger gross margin. Adjusted EBITDA in the fourth quarter 2020 included $1.6 million in contribution from Tecnoglass’ joint venture with Saint-Gobain, compared to $1.1 million in the prior year quarter.

“2020 was a milestone year for Tecnoglass. Our exceptional results reflect the resilience and dedication of our team as we capitalized on strong residential macro tailwinds and recovering commercial end market conditions to post our second straight quarter of growth in the US Additionally, we delivered on our goal to produce strong returns on our previously implemented automation and capacity investments, contributing to record full year gross profit and Adjusted EBITDA levels, both on a dollar basis and as a percentage of sales. Just as important, our success is translating into a step-change in cash generation, with our operating cash flow representing over 70% of Adjusted EBITDA in 2020. We were thrilled to exit the year with a much stronger and leaner company, underpinned by a significantly improved capital position to further extend our leadership in the architectural glass industry. We will continue to leverage Tecnoglass’ structural competitive advantages to maintain industry leading margins while capturing additional market share in the US We are well situated to achieve another year of stellar financial performance and returns for our shareholders in 2021,” said CEO José Manuel Daes (above right).

Tecnoglass declared a quarterly cash dividend of $0.0275 per share for the fourth quarter of 2020, which was paid on January 29, 2021 to shareholders of record as of the close of business on December 31, 2020.

Total revenues for the full year 2020 were $374.9 million compared to $430.9 million in the prior year with the decrease mainly related to one month less of invoicing in the second half of March and first half of April because of the previously communicated suspension of plant operations, as well as a slower recovery in Latin American markets since the onset of the COVID-19 pandemic. Excluding the impact of unfavorable foreign currency exchange, total revenues were lower by 12.3% compared to the prior year.

Single-family residential architectural glass represents a fairly new focus for Tecnoglass

Gross profit increased 2.5% year-over-year to a full year record of $139.3 million, representing a 37.1% gross margin, compared to $135.8 million, representing a 31.5% gross margin in the prior year. Operating income was $66.1 million compared to $58.8 million in the prior year. Net income was $24.2 million, or a $0.52 per diluted share, compared to net income of $24.3 million, or $0.55 per diluted share in the prior year. Adjusted net income was $36.8 million, or $0.79 per diluted share, compared to $30.8 million, or $0.69 per diluted share in the prior year. Adjusted EBITDA for the full year 2020 improved to a record $97.8 million, or 26.1% of sales, compared to $92.4 million, or 21.4% of sales, in the prior year.

Christian Daes, Chief Operating Officer of Tecnoglass (above, left), added, “Fourth quarter results were encouraging and marked a return to growth in total revenues to close out an extraordinary year. Single-family residential revenues expanded more than 50% year-over-year in the quarter and represented nearly 20% of our revenues for the full year 2020. Overall quoting and bidding activity continued to strengthen since mid-year 2020, resulting in defensible backlog position of $545 million. Our strong performance in 2020 was augmented by winning new customers, entering new markets, and maintaining our commitment to innovation through the introduction of new best-in-class products, particularly in residential. As we move into 2021, we remain focused on expanding our addressable market in single-family housing in the US Accomplishments to date reflect our dedication to excellence and we are excited to drive further improvement across our business in the coming quarters.”

Tecnoglass ended 2020 with cash and cash equivalents of $66.9 million compared to $47.9 million in the prior year. Cash provided by operating activities of $71.4 million improved by $45.8 million compared to the prior year, attributable to higher profitability as well as more efficient inventory and working capital management. During 2020 Tecnoglass incurred $19.8 million of capital expenditures, compared to $25.0 million in the prior year, with the decrease due to Tecnoglass’ $20 million investment into high-return projects to expand and automate key operations at several glass and aluminum facilities, which was largely completed in the fourth quarter of 2019.

On November 2, 2020, Tecnoglass announced a new $300 million Senior Secured Credit Facility, consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility, with a maturity date in 2025. The new facility has an initial interest rate spread of 3.00%, which will decrease to a spread of 2.50% in April 2021 based on Tecnoglass’ leverage as of the end of the year.

Tecnoglass CFO Santiago Giraldo – Photo credit: Liliana Padierna)

Subsequent to the end of 2020, Tecnoglass redeemed in full its $210 million unsecured senior notes, which bear interest at a rate of 8.2%, following the step down in redemption price at the end of January 2021. The $8.6 million call option was fully paid in January alongside with the redemption of the notes. Following the redemption of the senior notes, annualized savings on cash interest expense are expected to approximate $11 million annually. On a pro forma basis giving effect to the pay down of the unsecured senior notes, Tecnoglass had total liquidity of approximately $126.9 million, including cash of $66.9 million and availability under its revolving credit facilities of $60 million.

“Our positive momentum continued into the first quarter, with single-family residential representing a growing share of our revenues. Based on our current invoicing schedule and underlying market demand, we are introducing our full year 2021 outlook for revenue to grow to a range of $400 million to $415 million. In addition, we anticipate full year Adjusted EBITDA to grow to a range of $100 million to $110 million, implying growth of approximately 7% at the midpoint, driven by higher revenues, partly offset by higher unit costs for raw materials and a more normalized revenue mix. We expect the stronger demand in the US to continue to offset the slower recovery in Latin American markets. Furthermore, we anticipate our track record of strong cash flow generation to continue in the full year 2021,” said Tecnoglass CFO Santiago Giraldo.

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

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
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Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
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Revenues by Region
(Amounts in thousands)
(Unaudited)

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.

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: