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Jun 30, 2023
Tecnoglass Q2 2023 Earnings Report
Reported record results driven by strong growth in both multifamily/commercial and single-family residential businesses.
Key Takeaways
Tecnoglass reported record second-quarter results with total revenues up 33.2% to $225.3 million. The company saw strong organic growth in both multifamily/commercial and single-family residential businesses. Adjusted EBITDA increased 55.8% year-over-year to $85.0 million, representing 37.7% of total revenues.
Total revenues increased by 33.2% to $225.3 million.
Gross margin improved to 48.7%, up 520 basis points year-over-year.
Net income reached $52.6 million, or $1.10 per diluted share.
Backlog grew by 19.4% year-over-year, reaching an all-time high of $797 million.
Forward Guidance
Tecnoglass is increasing its full year 2023 outlook, expecting revenues to grow to a range of $830 million to $855 million and Adjusted EBITDA to a range of $320 million to $335 million.
Positive Outlook
- Full year 2023 revenues are expected to grow to a range of $830 million to $855 million, representing approximately 18% growth at the midpoint.
- Adjusted EBITDA forecast is raised to a range of $320 million to $335 million.
- Implies Adjusted EBITDA growth of approximately 23% at the midpoint.
- Expectation to deliver strong margins for the remainder of the year.
- Expect to deliver stronger free cash flow for the rest of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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