Tecnoglass Reports Record Third Quarter 2024 Results
Tecnoglass (TGLS) reported record third quarter 2024 results with revenue reaching $238.3 million, up 13.1% year-over-year. Single-family residential revenue increased 25% to $109.7 million. The company achieved a gross margin of 45.8%, net income of $49.5 million ($1.05 per share), and Adjusted EBITDA of $81.4 million. Record backlog expanded to $1.04 billion. The Board approved a 36% increase in quarterly dividend and expanded share repurchase program to $100 million. The company strengthened its 2024 guidance, projecting full-year revenues of $880-900 million and Adjusted EBITDA of $270-280 million.
Tecnoglass (TGLS) ha riportato risultati record per il terzo trimestre del 2024, con ricavi che hanno raggiunto 238,3 milioni di dollari, in aumento del 13,1% rispetto all'anno precedente. I ricavi delle abitazioni unifamiliari sono aumentati del 25%, toccando 109,7 milioni di dollari. L'azienda ha ottenuto un margine lordo del 45,8%, un utile netto di 49,5 milioni di dollari (1,05 dollari per azione) e un EBITDA rettificato di 81,4 milioni di dollari. Il backlog record è aumentato a 1,04 miliardi di dollari. Il Consiglio ha approvato un aumento del 36% del dividendo trimestrale e ha ampliato il programma di riacquisto di azioni a 100 milioni di dollari. L'azienda ha rinforzato le sue previsioni per il 2024, prevedendo ricavi totali per l'anno compresi tra 880 e 900 milioni di dollari e un EBITDA rettificato tra 270 e 280 milioni di dollari.
Tecnoglass (TGLS) reportó resultados récord para el tercer trimestre de 2024, con ingresos alcanzando 238.3 millones de dólares, un aumento del 13.1% en comparación con el año anterior. Los ingresos de viviendas unifamiliares aumentaron un 25%, alcanzando 109.7 millones de dólares. La compañía logró un margen bruto del 45.8%, un ingreso neto de 49.5 millones de dólares (1.05 dólares por acción) y un EBITDA ajustado de 81.4 millones de dólares. El backlog récord se expandió a 1.04 mil millones de dólares. La Junta aprobó un aumento del 36% en el dividendo trimestral y amplió el programa de recompra de acciones a 100 millones de dólares. La compañía reforzó su guía para 2024, proyectando ingresos anuales de 880-900 millones de dólares y un EBITDA ajustado de 270-280 millones de dólares.
Tecnoglass (TGLS)는 2024년 3분기 역대 실적을 보고하며 매출이 2억 3천8백만 달러에 도달하여 전년 대비 13.1% 증가했습니다. 단독 주택 매출은 25% 증가하여 1억 9백7십만 달러에 달했습니다. 이 회사는 45.8%의 총 수익률, 순이익 4천9백5십만 달러 (주당 1.05달러), 조정 EBITDA 8천1백4십만 달러를 기록했습니다. 역대 최대의 미수금은 10억 4천만 달러로 확대되었습니다. 이사회는 분기 배당금을 36% 인상하고 주식 재매입 프로그램을 1억 달러로 확대하기로 승인했습니다. 이 회사는 2024년 매출을 8억 8천만~9억 달러, 조정 EBITDA를 2억 7천만~2억 8천만 달러로 예상하며 가이드를 강화했습니다.
Tecnoglass (TGLS) a annoncé des résultats record pour le troisième trimestre 2024, avec des revenus atteignant 238,3 millions de dollars, soit une augmentation de 13,1% par rapport à l'année précédente. Les revenus des maisons individuelles ont augmenté de 25%, atteignant 109,7 millions de dollars. L'entreprise a réalisé une marge brute de 45,8%, un bénéfice net de 49,5 millions de dollars (1,05 dollar par action) et un EBITDA ajusté de 81,4 millions de dollars. Le carnet de commandes record s'est élargi à 1,04 milliard de dollars. Le Conseil a approuvé une augmentation de 36% du dividende trimestriel et a élargi le programme de rachat d'actions à 100 millions de dollars. L'entreprise a renforcé ses prévisions pour 2024, avec des revenus annuels projetés de 880 à 900 millions de dollars et un EBITDA ajusté de 270 à 280 millions de dollars.
Tecnoglass (TGLS) hat Rekordergebnisse für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 238,3 Millionen Dollar, was einem Anstieg von 13,1% im Vergleich zum Vorjahr entspricht. Der Umsatz aus Einfamilienhäusern stieg um 25% auf 109,7 Millionen Dollar. Das Unternehmen erzielte eine Bruttomarge von 45,8%, einen Nettogewinn von 49,5 Millionen Dollar (1,05 Dollar pro Aktie) und ein bereinigtes EBITDA von 81,4 Millionen Dollar. Der Rekordauftragsbestand erweiterte sich auf 1,04 Milliarden Dollar. Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende um 36% und erweiterte das Aktienrückkaufprogramm auf 100 Millionen Dollar. Das Unternehmen verstärkte seine Prognose für 2024 und erwartet jährliche Umsätze von 880 bis 900 Millionen Dollar sowie ein bereinigtes EBITDA von 270 bis 280 Millionen Dollar.
- Record revenue of $238.3M, up 13.1% YoY
- Single-family residential revenue up 25% to $109.7M
- Gross margin improved 290 basis points to 45.8%
- Record backlog of $1.04B
- 36% increase in quarterly dividend
- Net leverage ratio at record low of 0.01x
- Strong cash flow from operations of $41.5M
- SG&A expenses increased to 17.4% of revenues from 14.0% YoY
- Higher transportation and commission expenses
- Increased personnel expenses due to salary adjustments
Insights
Outstanding Q3 results showcase robust financial performance with
The impressive
- Record Revenue of
- Single-Family Residential Revenue increased to a Record
- Gross Margin of
- Net Income of
- Adjusted Net Income1 of
- Adjusted EBITDA1 of
- Strong Cash Flow from Operations of
- Record Low Net Leverage Ratio of 0.01x at Quarter End -
- Backlog Expands Year-Over-Year for the 30th Consecutive Quarter to a Record
- Board Approves
- Strengthens Full Year 2024 Guidance Range -
Miami, FL, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the third quarter ended September 30, 2024.
José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our third quarter 2024 results once again demonstrate our ability to outperform in challenging market conditions, particularly in our single-family residential business. Our vertically integrated model continues to be a key differentiator, enabling us to control costs and swiftly adapt to market dynamics. Investments in automation and advanced manufacturing are yielding significant returns, enhancing our operational efficiency and capacity to meet growing demand for our innovative products. These factors drove strong gross profit and Adjusted EBITDA growth this quarter. Record backlog in our multi-family/commercial segment, coupled with October's record total invoicing, supports our strengthened 2024 outlook. This all-around solid performance was accentuated by another quarter of strong cash flow. Our ability to consistently outperform our market reinforces our expectation to capitalize on long-term growth opportunities in both residential and commercial markets, backed by our strong balance sheet and cash generation capabilities."
Christian Daes, Chief Operating Officer of Tecnoglass, added, “The third quarter saw another period of record performance, underscoring the strength of our business model in complex market conditions. Demand for our innovative, high-performance products remained strong across key end markets. We're encouraged by robust quoting and bidding activity for commercial projects, supporting our record backlog of
Third Quarter 2024 Results
Total revenues for the third quarter of 2024 increased
Gross profit for the third quarter of 2024 was
Selling, general and administrative expense (“SG&A”) was
Net income was
Adjusted net income1 was
Adjusted EBITDA1, as reconciled in the table below, was
Cash Generation, Capital Allocation and Liquidity
Cash provided by operating activities for the third quarter of 2024 was
During the quarter, the Company returned capital to shareholders through the payment of
The Company ended the third quarter of 2024 with total liquidity of approximately
Board Concludes Review of Strategic Alternatives and Affirms Commitment to Value Creation Strategy
After careful evaluation, the Board has determined that the best path forward is to continue implementing our ongoing business strategy. We believe that maximizing value for all shareholders requires adherence to the Company's proven business model, which has consistently delivered industry-leading returns and enabled above-market growth through organic market share gains. The Company remains focused on leveraging its core strengths, its vertically integrated operations, strategic geographic positioning, and innovative product portfolio which have driven its exceptional track record of growth and profitability.
The Company will continue to pursue multiple avenues for growth, including expanding its vinyl window business, strengthening its presence in key markets through a growing network of showrooms, and capitalizing on the strong demand experienced in both its residential and commercial end markets. With its recently completed facility enhancements, strong balance sheet, and record backlog providing visibility well into 2025, the Company is well-positioned to continue delivering above-market growth while maintaining industry-leading margins and generating robust cash flow.
The Company remains confident in its ability to create substantial value for shareholders through organic growth initiatives and operational excellence, supported by favorable demographic trends in key markets and a proven ability to gain market share even in challenging environments. The Board remains focused on returning capital to shareholders, backed by the announcement of a
Full Year 2024 Outlook
Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our strong execution through the first nine months of 2024 and the visibility provided by our record backlog, we are updating our full year 2024 outlook. We now expect full year revenues to be in the range of
Webcast and Conference Call
Management will host a webcast and conference call on November 7, 2024, at 10:00 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Upon dialing in, please request to join the Tecnoglass Third Quarter 2024 Earnings Conference Call.
If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 10192850.
About Tecnoglass
Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass 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 5.6 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for
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.
1 Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.
Investor Relations:
Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com
Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
| September 30, 2024 | December 31, 2023 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 122,090 | $ | 129,508 | |||||
| Investments | 2,688 | 2,907 | |||||||
| Trade accounts receivable, net | 208,980 | 166,498 | |||||||
| Due from related parties | 1,769 | 1,387 | |||||||
| Inventories | 142,942 | 159,070 | |||||||
| Contract assets – current portion | 19,330 | 17,800 | |||||||
| Other current assets | 49,036 | 58,590 | |||||||
| Total current assets | $ | 546,835 | $ | 535,760 | |||||
| Long-term assets: | |||||||||
| Property, plant and equipment, net | $ | 341,469 | $ | 324,591 | |||||
| Deferred income taxes | 283 | 169 | |||||||
| Contract assets – non-current | 12,968 | 8,797 | |||||||
| Intangible assets | 3,882 | 3,475 | |||||||
| Goodwill | 23,561 | 23,561 | |||||||
| Long-term investments | 61,544 | 60,570 | |||||||
| Other long-term assets | 5,731 | 5,794 | |||||||
| Total long-term assets | 449,438 | 426,957 | |||||||
| Total assets | $ | 996,273 | $ | 962,717 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Short-term debt and current portion of long-term debt | $ | 1,819 | $ | 7,002 | |||||
| Trade accounts payable and accrued expenses | 99,569 | 82,784 | |||||||
| Due to related parties | 7,354 | 7,498 | |||||||
| Dividends payable | 5,198 | 4,265 | |||||||
| Contract liability – current portion | 94,848 | 72,543 | |||||||
| Other current liabilities | 38,533 | 61,794 | |||||||
| Total current liabilities | $ | 247,321 | $ | 235,886 | |||||
| Long-term liabilities: | |||||||||
| Deferred income taxes | $ | 12,808 | $ | 15,793 | |||||
| Contract liability – non-current | - | 14 | |||||||
| Long-term debt | 122,837 | 163,004 | |||||||
| Total long-term liabilities | 135,645 | 178,811 | |||||||
| Total liabilities | $ | 382,966 | $ | 414,697 | |||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Preferred shares, | $ | - | $ | - | |||||
| Ordinary shares, | 5 | 5 | |||||||
| Legal Reserves | 1,458 | 1,458 | |||||||
| Additional paid-in capital | 192,369 | 192,385 | |||||||
| Retained earnings | 498,821 | 400,035 | |||||||
| Accumulated other comprehensive loss | (79,346 | ) | (45,863 | ) | |||||
| Total shareholders’ equity | 613,307 | 548,020 | |||||||
| Total liabilities and shareholders’ equity | $ | 996,273 | $ | 962,717 | |||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| External customers | $ | 237,439 | $ | 210,268 | $ | 648,456 | $ | 637,362 | ||||||||
| Related parties | 888 | 475 | 2,152 | 1,300 | ||||||||||||
| Total operating revenues | 238,327 | 210,743 | 650,608 | 638,662 | ||||||||||||
| Cost of sales | (129,094 | ) | (120,216 | ) | (377,138 | ) | (330,710 | ) | ||||||||
| Gross profit | 109,233 | 90,527 | 273,470 | 307,952 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling expense | (23,190 | ) | (15,724 | ) | (60,773 | ) | (52,531 | ) | ||||||||
| General and administrative expense | (18,348 | ) | (13,791 | ) | (52,846 | ) | (46,228 | ) | ||||||||
| Total operating expenses | (41,538 | ) | (29,515 | ) | (113,619 | ) | (98,759 | ) | ||||||||
| Operating income | 67,695 | 61,012 | 159,851 | 209,193 | ||||||||||||
| Non-operating income, net | 1,365 | 605 | 5,176 | 3,517 | ||||||||||||
| Equity method income | 1,394 | 1,108 | 3,677 | 3,676 | ||||||||||||
| Foreign currency transactions gains (loss) | 870 | 1,142 | (4,858 | ) | 931 | |||||||||||
| Interest expense and deferred cost of financing | (1,811 | ) | (2,325 | ) | (5,923 | ) | (6,919 | ) | ||||||||
| Income before taxes | 69,513 | 61,542 | 157,923 | 210,398 | ||||||||||||
| Income tax provision | (19,978 | ) | (15,447 | ) | (43,630 | ) | (63,366 | ) | ||||||||
| Net income | $ | 49,535 | $ | 46,095 | $ | 114,293 | $ | 147,032 | ||||||||
| Income attributable to non-controlling interest | - | (232 | ) | - | (489 | ) | ||||||||||
| Income attributable to parent | $ | 49,535 | $ | 45,863 | $ | 114,293 | $ | 146,543 | ||||||||
| Basic income per share | $ | 1.05 | $ | 0.96 | $ | 2.43 | $ | 3.08 | ||||||||
| Diluted income per share | $ | 1.05 | 0.96 | $ | 2.43 | $ | 3.08 | |||||||||
| Basic weighted average common shares outstanding | 46,996,554 | 47,599,339 | 46,996,655 | 47,649,037 | ||||||||||||
| Diluted weighted average common shares outstanding | 46,996,554 | 47,599,339 | 46,996,655 | 47,649,037 | ||||||||||||
| Other comprehensive income: | ||||||||||||||||
| Foreign currency translation adjustments | (2,657 | ) | 8,227 | (30,948 | ) | 43,276 | ||||||||||
| Change in fair value of derivative contracts | (3,229 | ) | 601 | (2,535 | ) | 587 | ||||||||||
| Other comprehensive income | (5,886 | ) | 8,828 | (33,483 | ) | 43,863 | ||||||||||
| Comprehensive income | $ | 43,649 | $ | 54,923 | $ | 80,810 | $ | 190,895 | ||||||||
| Comprehensive income attributable to non-controlling interest | - | (232 | ) | - | (489 | ) | ||||||||||
| Comprehensive income attributable to parent | $ | 43,649 | $ | 54,691 | $ | 80,810 | $ | 190,406 | ||||||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 114,293 | $ | 147,032 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Allowance for credit losses | 714 | 2,537 | ||||||
| Depreciation and amortization | 19,730 | 15,841 | ||||||
| Deferred income taxes | (992) | 7,565 | ||||||
| Equity method income | (3,677) | (3,676 | ) | |||||
| Deferred cost of financing | 938 | 929 | ||||||
| Other non-cash adjustments | 113 | 157 | ||||||
| Unrealized currency translation loss (gains) | 3,045 | (23,280 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts receivable | (38,789) | (10,351 | ) | |||||
| Inventories | 2,680 | (15,271 | ) | |||||
| Prepaid expenses | (2,930) | (2,028 | ) | |||||
| Other assets | 5,050 | (25,535 | ) | |||||
| Trade accounts payable and accrued expenses | 10,063 | 8,371 | ||||||
| Taxes payable | (22,179) | (21,670 | ) | |||||
| Labor liabilities | 2,949 | 2,425 | ||||||
| Other liabilities | 11 | 245 | ||||||
| Contract assets and liabilities | 15,921 | 13,066 | ||||||
| Related parties | 2,466 | (1,871 | ) | |||||
| CASH PROVIDED BY OPERATING ACTIVITIES | $ | 109,406 | $ | 94,486 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Dividends received | 2,703 | - | ||||||
| Purchase of investments | (316) | (303 | ) | |||||
| Acquisition of property and equipment | (53,873) | (62,194 | ) | |||||
| CASH USED IN INVESTING ACTIVITIES | $ | (51,486) | $ | (62,497 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Cash dividend | (14,575) | (12,158 | ) | |||||
| Non-controlling interest purchase | (2,500) | - | ||||||
| Stock buyback | (16) | (8,882 | ) | |||||
| Proceeds from debt | 2,657 | 109 | ||||||
| Repayments of debt | (48,966) | - | ||||||
| CASH USED IN FINANCING ACTIVITIES | $ | (63,400 | ) | $ | (20,931 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | $ | (1,936 | ) | $ | 4,243 | |||
| NET (DECREASE) INCREASE IN CASH | (7,418 | ) | 15,301 | |||||
| CASH - Beginning of period | 129,508 | 103,672 | ||||||
| CASH - End of period | $ | 122,090 | $ | 118,973 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 8,049 | $ | 8,543 | ||||
| Income Tax | $ | 77,953 | $ | 94,914 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
| Assets acquired under credit or debt | $ | 5,571 | $ | 11,626 | ||||
Revenues by Region
(Amounts in thousands)
(Unaudited)
| Three months ended | ||||||
| September 30, | ||||||
| 2024 | 2023 | % Change | ||||
| Revenues by Region | ||||||
| United States | 228,198 | 200,347 | 13.9 | % | ||
| Colombia | 5,474 | 7,218 | -24.2 | % | ||
| Other Countries | 4,654 | 3,178 | 46.4 | % | ||
| Total Revenues by Region | 238,327 | 210,743 | 13.1 | % | ||
Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)
The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States.
| Three months ended | |||||||
| September 30, | |||||||
| 2024 | 2023 | % Change | |||||
| Total Revenues with Foreign Currency Held Neutral | 238,388 | 210,743 | 13.1 | % | |||
| Impact of changes in foreign currency | (61 | ) | - | ||||
| Total Revenues, As Reported | 238,327 | 210,743 | 13.1 | % | |||
Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.
Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data) / (Unaudited)
Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.
Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.
A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:
| Three months ended | Nine months ended | ||||||||||||
| Sep 30, | Sep 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net (loss) income | 49,535 | 46,095 | 114,293 | 147,032 | |||||||||
| Less: Income (loss) attributable to non-controlling interest | - | (232 | ) | - | (489 | ) | |||||||
| (Loss) Income attributable to parent | 49,535 | 45,863 | 114,293 | 146,543 | |||||||||
| Foreign currency transactions losses (gains) | (870 | ) | (1,142 | ) | 4,858 | (931 | ) | ||||||
| Provision for bad debt | 439 | 638 | 714 | 2,537 | |||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 1,449 | 1,800 | 3,088 | 5,599 | |||||||||
| Joint Venture VA (Saint Gobain) adjustments | 924 | (234 | ) | 3,146 | 158 | ||||||||
| Tax impact of adjustments at statutory rate | (621 | ) | (340 | ) | (3,778 | ) | (2,356 | ) | |||||
| Adjusted net (loss) income | 50,856 | 46,585 | 122,321 | 151,550 | |||||||||
| Basic income (loss) per share | 1.05 | 0.96 | 2.43 | 3.08 | |||||||||
| Diluted income (loss) per share | 1.05 | 0.96 | 2.43 | 3.08 | |||||||||
| Diluted Adjusted net income (loss) per share | 1.08 | 0.98 | 2.60 | 3.18 | |||||||||
| Diluted Weighted Average Common Shares Outstanding in thousands | 46,997 | 47,599 | 46,997 | 47,649 | |||||||||
| Basic weighted average common shares outstanding in thousands | 46,997 | 47,599 | 46,997 | 47,649 | |||||||||
| Diluted weighted average common shares outstanding in thousands | 46,997 | 47,599 | 46,997 | 47,649 | |||||||||
| Three months ended | Nine months ended | ||||||||||||
| Sep 30, | Sep 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net (loss) income | 49,535 | 46,095 | 114,293 | 147,032 | |||||||||
| Less: Income (loss) attributable to non-controlling interest | - | (232 | ) | - | (489 | ) | |||||||
| (Loss) Income attributable to parent | 49,535 | 45,863 | 114,293 | 146,543 | |||||||||
| Interest expense and deferred cost of financing | 1,742 | 2,325 | 5,854 | 6,919 | |||||||||
| Income tax (benefit) provision | 19,978 | 15,447 | 43,630 | 63,366 | |||||||||
| Depreciation & amortization | 6,951 | 5,927 | 19,730 | 15,841 | |||||||||
| Foreign currency transactions losses (gains) | (870 | ) | (1,142 | ) | 4,858 | (931 | ) | ||||||
| Provision for bad debt | 439 | 638 | 714 | 2,537 | |||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 1,519 | 1,800 | 3,158 | 5,599 | |||||||||
| Joint Venture VA (Saint Gobain) EBITDA adjustments | 2,145 | 436 | 4,367 | 2,264 | |||||||||
| Adjusted EBITDA | 81,438 | 71,294 | 196,603 | 242,138 | |||||||||
FAQ
What was Tecnoglass (TGLS) revenue in Q3 2024?
What is Tecnoglass (TGLS) backlog as of Q3 2024?
What is Tecnoglass (TGLS) full-year 2024 revenue guidance?
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