Tecnoglass Q3 2020 Earnings Report
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.
Tecnoglass
Tecnoglass
Tecnoglass 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.