Tecnoglass Q1 2023 Earnings Report
Key Takeaways
Tecnoglass reported a strong first quarter in 2023, with a 50.6% increase in total revenues to $202.6 million. The company saw significant growth in both multifamily/commercial and single-family residential businesses, and achieved a record gross margin of 53.2%. Net income reached $48.4 million, or $1.01 per diluted share, and adjusted EBITDA increased by 89% to $85.8 million.
Total revenues increased by 50.6% to $202.6 million.
Gross margin reached a record 53.2%, up 830 basis points year-over-year.
Net income was $48.4 million, or $1.01 per diluted share.
Backlog grew 19% year-over-year to $776 million.
Tecnoglass
Tecnoglass
Forward Guidance
Tecnoglass is increasing its full year 2023 outlook, expecting revenues to grow organically to a range of $810 million to $850 million and Adjusted EBITDA to increase to a range of $315 million to $335 million.
Positive Outlook
- Strong start to 2023
- Positive sales momentum into the second quarter
- Record invoicing months in March and April
- Expected revenue growth of approximately 16% at the midpoint of the range
- Expected Adjusted EBITDA growth of approximately 23% at the midpoint