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Sep 30, 2020
Tecnoglass Q3 2020 Earnings Report
Reported a net income of $8.3 million and an adjusted net income of $12.7 million, or $0.28 per diluted share, with adjusted EBITDA increased by 19% year-over-year to a record $28.5 million at a margin of 27.5%.
Key Takeaways
Tecnoglass reported strong Q3 2020 results, with record quarterly gross profit, adjusted EBITDA, and operating cash flow. U.S. revenues grew, driven by single-family housing. The company secured a new $300 million credit facility and provided full-year 2020 Adjusted EBITDA outlook of $95 million to $100 million.
Record year-to-date Adjusted EBITDA of $72.1 million with a 500 basis point improvement in Adjusted EBITDA margin year-over-year.
U.S. revenues increased, led by growth in single-family housing.
New $300 million credit facility expected to reduce weighted average interest rate by more than half.
Full year 2020 Adjusted EBITDA outlook of $95 million to $100 million.
Revenue by Geographic Location
Forward Guidance
The company provided a full year 2020 Adjusted EBITDA outlook of $95 million to $100 million.
Positive Outlook
- Positive trends in business have continued into the fourth quarter.
- Single-family residential is representing a growing share of revenues.
- Expect revenue in the fourth quarter to be comparable to the prior year quarter.
- Expect a higher mix of product revenue versus installation revenue.
- Expect stronger demand in the U.S. to offset the slower recovery in Latin American markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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