Tecnoglass Again Breaks Records With 2024 Financial Results

Tecnoglass, Inc. (NYSE: TGLS), the leading Colombia-based manufacturer of aluminum and vinyl windows and architectural glass, reported its financial results for the fourth quarter and full year ending December 31, 2024.

The company’s full-year revenues increased by 6.8%, reaching $890.2 million USD, attributed to organic growth, geographic expansion, and entry into the vinyl market. Single-family residential revenue grew by 10.9% year-over-year to $372.1 million USD. Net income for 2024 was $161.3 million USD, or $3.43 USD per diluted share, with adjusted net income at $171.6 million USD, or $3.65 USD per diluted share. Adjusted EBITDA stood at $275.8 million USD, representing 31.0% of revenues, while gross profit was $380.0 million USD, accounting for 42.7% of revenues.

In the fourth quarter, revenues rose by 23.1% to $239.6 million USD compared to the same period in the previous year. Multifamily and commercial revenues increased by 24.3%, and single-family residential revenues grew by 21.3%. Gross profit for the quarter was $106.5 million USD, with a gross margin of 44.5%. Net income for the quarter was $47.0 million USD, or $1.00 USD per diluted share, and adjusted net income was $49.3 million USD, or $1.05 USD per diluted share. Adjusted EBITDA for the quarter was $79.2 million USD, or 33.1% of total revenues.

Tecnoglass reported record cash flow from operations, with $61.1 million USD in the fourth quarter and $170.5 million USD for the full year, representing 61.8% of adjusted EBITDA for the year. Tecnoglass reduced its debt by $65 million USD throughout 2024, achieving a net cash position by year-end. The backlog expanded by 27.6% year-over-year to a record $1.1 billion USD. Additionally, the company returned $19.7 million USD to shareholders through dividend payments during the year.

CEO José Manuel Daes stated, “I am thrilled with our performance in 2024, as we delivered another year of record results driven by market share gains in our single-family residential business, continued momentum in multifamily/commercial demand, and the operational advantages of our vertically integrated business model.” He also noted the company’s resilience despite currency headwinds and highlighted its strong capital position.

COO Christian Daes commented on the robust demand across end markets and the company’s record backlog, providing visibility well into 2026. He acknowledged potential risks associated with proposed US tariffs on aluminum imports but expressed confidence in mitigating negative impacts through identified actions and favorable pricing environments.

CFO Santiago Giraldo provided the 2025 outlook, projecting revenues between $940 million USD and $1.02 billion USD, representing approximately 10% growth at the midpoint. The adjusted EBITDA target is set between $300 million USD and $340 million USD, with an implied adjusted EBITDA margin of 32.7% at the midpoint. This outlook assumes stable Colombian peso exchange rates, continued momentum in vinyl-related revenues, and stable activity in short-term commercial projects. Giraldo expressed confidence in delivering another year of profitable growth.

Tecnoglass Inc. is a producer of aluminum and vinyl windows and architectural glass, serving multifamily, single-family, and commercial end markets. Based in Barranquilla, Colombia, the company’s manufacturing complex provides access to nearly 1,000 customers in North, Central, and South America, with the United States accounting for 95% of total revenues. Tecnoglass products are featured in properties such as One Thousand Museum and Salesforce Tower.

Headline Image Credit: Tecnoglass Inc.