Tecnoglass Increases Quarterly Cash Dividend by 136% to $0.065 Per Share
Tecnoglass (NASDAQ: TGLS) announced a 136% increase in its quarterly cash dividend, raising it to $0.065 per share, effective January 31, 2022. This adjustment reflects a shift from the previous rate of $0.0275 per share, amounting to an annualized $0.26 compared to $0.11 prior. The company's CFO highlighted strong free cash flow generation, a completed growth capital expenditure phase, and a robust order backlog, all contributing to this decision.
- 136% increase in quarterly cash dividend to $0.065 per share, signaling confidence in financial stability.
- Annualized dividend rate increased to $0.26 per share, enhancing shareholder returns.
- Strong free cash flow generation supporting dividend increase.
- None.
- Increased Return to Shareholders Highlights 2021 Record Free Cashflow Year to Date and Strong Balance Sheet Position -
Barranquilla, Colombia, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NASDAQ: TGLS) ("Tecnoglass" or the "Company"), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, today announced that its Board of Directors has declared a
Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, “The Board’s confidence in Tecnoglass’ growth strategy and significant free cash flow generation supports this substantial increase in our quarterly dividend. Our current growth capex phase is largely completed and our record backlog provides us with ample visibility into the future while strong market conditions have continued into the end of the year. We remain committed to a balanced approach to capital allocation, which includes investments in our operations to drive future growth and returning cash to shareholders.”
About Tecnoglass
Tecnoglass Inc. is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 2.7 million square foot, vertically-integrated and state-of-the-art manufacturing complex provides efficient access to over 1,000 global customers, with the U.S. accounting for more than
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.
Investor Relations:
Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com
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