Tecnoglass Achieves Record Q3 2024 Financial Performance

Tecnoglass ( (TGLS) ) has released its Q3 earnings. Here is a breakdown of the information Tecnoglass presented to its investors.

Tecnoglass Inc. is a prominent manufacturer of high-end aluminum and vinyl windows and architectural glass, primarily serving the residential and commercial markets across the Americas. Based in Barranquilla, Colombia, the company is recognized as a leader in its field, particularly in the U.S. and Latin America.

In the third quarter of 2024, Tecnoglass reported record revenue of $238.3 million, representing a 13.1% increase from the previous year, driven entirely by organic growth. The company also achieved a record backlog of $1.04 billion, reflecting robust demand in its key markets.

Key financial highlights include a 25% increase in single-family residential revenue, a gross margin improvement to 45.8%, and a net income of $49.5 million. The company’s adjusted EBITDA grew by 14.2% year-over-year to $81.4 million, and it maintained a record low net leverage ratio of 0.01x. Additionally, Tecnoglass announced a 36% increase in its quarterly dividend and expanded its share repurchase program to $100 million.

Looking forward, Tecnoglass management remains optimistic about the company’s growth prospects, supported by a strong balance sheet and cash generation capabilities. The company plans to leverage its vertically integrated operations and strategic positioning to capture further market share and drive geographic diversification.

Tecnoglass has also updated its full-year 2024 outlook, projecting revenues between $880 million and $900 million and an adjusted EBITDA range of $270 million to $280 million. These targets reflect the company’s confidence in its ability to capitalize on ongoing demand and maintain industry-leading margins.