facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis

Tecnoglass Hit $314.5 Million USD in Revenue and $5.7 Million in Net Income in 2017

Posted On March 16, 2018
By : Jared Wade
Comment: Off
Tag: aluminum, barranquilla, bolsa de valores de colombia, bvc, bvc:TGLSC, christian daes, christian daes abuchaibe, Citibank Colombia, colombia, colombia stock exchange, columbia stock exchange, Dividend, E.S. Windows, energia solar, fitch ratings, Giovanni Monti and Partners Consulting and Glazing Contractors, glass, Glazing, gmp, Joaquin Fernandez, jose daes, josé m. daes, jose manuel daes, llc, long-term foreign currency issuer default rating, long-term local currency issuer default rating, miami, nasdaq, nasdaq:tgls, nyse:tgls, ocensa, plate glass, Quarterly Dividend, Santiago Giraldo, technoglass, tecnoglass, tgls, tglsc, yuyo daes

Barranquilla-based window-maker Tecnoglass (NASDAQ:TGLS) reported record-high revenue of $314.5 million USD in 2017, an increase of 3.1% compared to the $305 million USD in the prior year.

Despite the windfall, net income came in at just $5.7 million USD on adjusted EDBITDA of $62.0 Million USD. This was down from $23.2 million USD and $72 million USD, respectively, in 2016.

Some of this can be attributed to capital expenditures as well as approximately $3 million of invoicing that, due to Hurricane Irma, will be realized in 2018. The company’s backlog also expanded to $499 million USD in 2017, an increase of 26% compared to 2016.

In addition, revenue in Colombia “remained pressured,” said CEO José Manuel Daes, due to persistent macroeconomic challenges in the country. But he added that “we are beginning to turn the corner,” with fourth quarter results up 36.8% compared to the third quarter, and expected projects in 2018 that will allow the firm to “capitalize on significant pent-up demand in Colombia” and “ strong interest in our new products” in the nation.

Tecnoglass still managed to hit its $10 million USD sales target last year and expects to reach a range of $20 million USD to $25 million USD for 2018.

Looking more broadly, the company expects revenue growth to be even stronger in 2018, particularly in the first half of the year due “based on anticipated timing of invoicing in 2018 compared to 2017,” stated Tecnoglass.

In all, it has projected revenues of between $345 million USD to $365 million USD this year. This will lead to an estimated 22% jump in adjusted EBITDA to between $71 million USD to $81 million USD, according to internal projections.

“During 2017, we also took a number of steps to enhance our competitive advantages and improve our ability to generate attractive returns on higher expected revenues,” said Christian Daes, chief operating officer of Tecnoglass. “We implemented lean initiatives, eliminated waste and reduced fixed costs, which have already resulted in stronger operational performance in the second half 2017 compared to the first half 2017.”

The COO also highlighted the realized energy savings following a solar energy project and high hopes for a new range of “high-end products which will allow us to further diversify our revenue stream going forward.”

Photo: Tecnoglass manafactures windows, glass, and other homebuilding products from its plant in Barranquilla, Colombia. (Credit: Tecnoglass)

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • Email
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Jared Wade is editor in chief of Finance Colombia. He is a Bogotá-based journalist with 15 years of experience covering topics including business, financial services, Latin America, and sports. Email him at jared.wade(at) financecolombia.com or follow him on Twitter at @Jared_Wade.
  • google-share
Previous Story

Sofia Vergara Launches New Perfume with Fragrance of Adored Colombian Lulo Fruit

Next Story

CFO Santiago Giraldo Discusses Tecnoglass’ Strategy for Continued Growth

Related Posts

0

US President Joe Biden Speaks with Colombia President-Elect Gustavo Petro

Posted On June 22, 2022
, By Loren Moss
Today, Colombian voters elected Gustavo Petro as the next president of Colombia, along with his running mate Francia ‘Márquez Mina as vice president
0

Gustavo Petro Elected Colombia’s Next President

Posted On June 19, 2022
, By Loren Moss
0

Finance Colombia Video News Recap: What Will Happen In Tomorrow’s Presidential Elections?

Posted On June 18, 2022
, By Loren Moss




Search

RECENT

POPULAR

COMMENTS

US President Joe Biden Speaks with Colombia President-Elect Gustavo Petro

Posted On June 22, 2022

Guest Editorial: Colombia’s Establishment Wins Again, But at What Price?

Posted On June 20, 2022
Today, Colombian voters elected Gustavo Petro as the next president of Colombia, along with his running mate Francia ‘Márquez Mina as vice president

Gustavo Petro Elected Colombia’s Next President

Posted On June 19, 2022

Finance Colombia Video News Recap: What Will Happen In Tomorrow's Presidential Elections?

Posted On June 18, 2022
Viva Buenos Aires

Viva Launches New Routes Connecting Colombia & Argentina

Posted On June 16, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020
Reason Foundation's Daniel Raisbeck

The Reason Foundation's Daniel Raisbeck On What Peru's Election Can Tell Us About Economic Liberty In Colombia & Latin America

Posted On June 13, 2021

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

[…] Colombia, CARICOM Countries...

Posted On June 15, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

US President Joe Biden Speaks with Colombia President-Elect Gustavo Petro

Posted On June 22, 2022

Guest Editorial: Colombia’s Establishment Wins Again, But at What Price?

Posted On June 20, 2022
Today, Colombian voters elected Gustavo Petro as the next president of Colombia, along with his running mate Francia ‘Márquez Mina as vice president

Gustavo Petro Elected Colombia’s Next President

Posted On June 19, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us