Miami-based window and glass manufacturer Tecnoglass, Inc. (NYSE: TGLS) reported total revenues of $210.7 million USD and a net income of $46.1 million USD in its first quarterly earnings statement since moving its headquarters from Barranquilla to the United States.
Photo: A Tecnoglass employee working within the company’s factory in Barranquilla, Colombia (Photo credit: Liliana Padierna)
The quarterly total revenue represents a 4.4% jump compared to the $201.8 million USD reported in the third quarter of 2022, growth that the firm says was driven by an increase in its multi-family/commercial business, growth in single-family residential business, and market share gains.
“Our record third quarter revenues and cash flow reflect strong performance in both our multi-family/commercial and single-family residential businesses as we continue to innovate and gain market share in key geographies,” said José Manuel Daes, CEO of Tecnoglass.
The executive also cited impact to the company’s margin from a “sharp and fast appreciation of the Colombian peso,” but noted that the adjusted EBITDA margin “remained in excess of 30%, attributable to our strategic facility investments and disciplined cost controls.”
Daes said the company’s capital position was key in fueling Tecnoglass’ facility investments and share repurchase program, while pointing toward more growth in the coming year. “As we look to the remainder of the year and into 2024, we remain confident in our ability to leverage our unique vertically integrated business model and execute against our multi-pronged growth strategy.”
Chief Financial Officer Santiago Giraldo expanded further on what the results may mean for the rest of 2023, projecting total-year revenues of between $835 million USD to $848 million USD.
“We see our business performing exceptionally well in a challenging market with share gains driving double-digit organic growth, strong Adjusted EBITDA margins, and substantial cash flow year-to-date,” he said in the statement.
He added that, “our backlog of multi-family/commercial projects has accelerated and our single-family residential expansion strategy continues to gain traction, which gives us confidence that 2024 will be another year of double-digit growth at attractive margins with significant cash flow generation.”
See the full third quarter results here.