Tecnoglass Inc (TGLS) Posts Record Financial Results for Full Year 2023
Date: February 2029, 2024
Tecnoglass Inc (NYSE:TGLS) released its 8-K filing on February 29, 2024, announcing record financial metrics for the full year ended December 31, 2023. The company, a leading producer of architectural glass and windows for residential and commercial markets, has achieved significant growth through organic means, with a notable 16% increase in full-year revenues to $833.3 million.
The company’s net income surged to $183.5 million, or $3.85 per diluted share, with an adjusted net income of $189.3 million, or $3.98 per diluted share. Adjusted EBITDA also saw a 15% increase to a record $304.1 million, which is 36.5% of revenues. This performance highlights Tecnoglass’s ability to maintain profitability and efficiency in its operations.
Gross profit for the year reached a record $390.9 million, producing a gross margin within the target range of 47% to 49%. This achievement is indicative of the company’s effective cost control measures and high-return automation enhancements. The strong cash flow from operations, amounting to $138.8 million, underscores the company’s solid financial discipline and operational excellence.
Moreover, Tecnoglass reported an all-time low net leverage ratio of 0.1x at year-end, reflecting its robust capital structure and financial stability. The company’s backlog expanded by 20% year-over-year to a record $870.1 million, providing clear visibility into future revenues and underlining the strong demand for its products.
Despite challenges such as the appreciation of the Colombian Peso and a turbulent macroeconomic environment, particularly in the single-family residential end market, Tecnoglass has managed to deliver industry-leading margins and exceptional cash flow.
The company’s strategic expansion into the high-end vinyl window market is on track, with shipments commencing in December 2023, which is expected to contribute more meaningfully to results in the second half of 2024 and beyond.
CEO Jose Manuel Daes expressed pride in the team’s record performance and operational accomplishments, attributing the success to the company’s dedication to excellence, market-leading innovation, and unique vertically integrated business model. COO Christian Daes also highlighted the company’s resilience and competitive advantages that have allowed it to preserve margins and generate additional cash flow.
The company’s board has approved a 22% increase in the quarterly dividend to $0.11 per share and executed $23.5 million in share repurchases during the year, demonstrating confidence in the company’s financial health and commitment to delivering value to shareholders.
Looking ahead, CFO Santiago Giraldo provided a positive outlook for 2024, anticipating another year of double-digit revenue growth. While the company plans to provide more details on its full-year 2024 revenue and adjusted EBITDA outlook at a later date, the current backlog and expansion strategies position Tecnoglass for continued growth and solid cash flow generation.
For a more detailed analysis of Tecnoglass Inc’s financial performance and future prospects, investors and interested parties are encouraged to join the webcast and conference call on March 1, 2024.
Source: Yahoo! Finance
https://finance.yahoo.com/news/tecnoglass-inc-tgls-posts-record-215408489.html
