Tecnoglass Q1 2021 Earnings Report
Key Takeaways
Tecnoglass reported a strong first quarter in 2021, with a 27% increase in total revenues to $110.9 million. The company saw significant growth in single-family residential revenues and an increase in commercial revenues. Record gross margin of 40.7% was achieved, and adjusted EBITDA reached $33.5 million, representing 30.2% of sales.
Total revenues increased by 27.0% year-over-year to $110.9 million, with a 27.9% growth in the U.S.
Gross margin reached a record 40.7%, up 590 basis points.
Adjusted EBITDA increased by 64.8% year-over-year to $33.5 million, representing 30.2% of sales.
Backlog expanded to a record $552 million, up 1.1% year-over-year.
Tecnoglass
Tecnoglass
Tecnoglass Revenue by Geographic Location
Forward Guidance
Tecnoglass raised its full year 2021 outlook, expecting adjusted EBITDA to grow to a range of $115 million to $125 million on total revenues of $420 million to $435 million.
Positive Outlook
- Full year 2021 total revenues expected to grow to a range of $420 million to $435 million.
- Full year adjusted EBITDA expected to grow to a range of $115 million to $125 million.
- Growth driven by strengthening U.S. demand.
- Vertically integrated business model provides competitive advantages.
- Preparing to accommodate significant demand beyond current outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income