Tecnoglass Increases Growth Outlook for Full Year 2022
Date: December 1, 2022
Tecnoglass, Inc. ( NYSE : TGLS ) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products serving the global residential and commercial end markets, today increased its full year 2022 financial outlook ahead of investor meetings. The strong double-digit revenue and Adjusted EBITDA1 growth achieved during the first nine months of the year continued into the fourth quarter with October and November closing as the highest invoicing months in the Company’s history. Based on financial performance through November 2022, the Company is increasing its full year 2022 outlook, with its expectation for revenue to be in the range of $705 million to $715 million and Adjusted EBITDA1 in the range of $255 million to $260 million, representing organic growth of 43% and 72% at the midpoints, respectively, compared to the full year 2021. The financial outlook accounts for the seasonal effect of the manufacturing facility’s scheduled downtime for annual maintenance in December.
Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We continue to be very excited about the Company’s performance and our ability to leverage our structural competitive advantages to continue gaining market share. Demand for our high-performance architectural glass, window and aluminum products remains strong as ever. Our sales teams are successfully capitalizing on strengthening commercial activity and driving share gains through the expansion of our single-family residential business. We continue to expect full year gross margin to be in the mid-to-high 40% range, demonstrating strong operating leverage on our structural advantages, vertically integrated operations and high-return capex initiatives. We look forward to delivering a fifth straight year of record Adjusted EBITDA1, representing year-on-year organic growth of 72% at the midpoint, and exceptional cash flow. Based on our consistent execution and our solid demand pipeline, we are poised to enter 2023 in a premier position within our industry to advance our profitable growth strategy and continue to deliver solid returns.”
