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Sep 30, 2023
Tecnoglass Q3 2023 Earnings Report
Reported strong results driven by growth in both multi-family/commercial and single-family residential businesses, with record cash flow from operations.
Key Takeaways
Tecnoglass reported a 4.4% increase in revenue to $210.7 million in Q3 2023. Net income was $46.1 million, or $0.97 per diluted share, and adjusted EBITDA was $71.3 million. The company experienced strong backlog growth, expanding 20% year-over-year to a record $836 million.
Revenue increased by 4.4% to $210.7 million, entirely organic.
Single-Family Residential revenues reached a record $87.8 million.
Cash flow from operations reached an all-time high of $51.3 million.
Backlog grew by 20% year-over-year to a record $836 million.
Tecnoglass
Tecnoglass
Tecnoglass Revenue by Segment
Revenue by Segment
Single-Family Residential Revenue
CapyFin.com Forward Guidance
The company expects 2023 revenues to grow organically to a range of $835 million to $848 million, representing approximately 17% growth at the midpoint. Adjusted EBITDA is expected to be in the range of $300 million to $308 million, representing growth of approximately 14% at the midpoint.
Positive Outlook
- Double-digit organic revenue growth.
- Strong Adjusted EBITDA margins.
- Substantial cash flow year-to-date.
- Strong backlog in multi-family/commercial projects.
- Significant white space for residential expansion.
Challenges Ahead
- Unfavorable non-cash foreign currency effect on inventories during the third quarter.
- Expectation for a higher mix of installation revenues during the rest of the year.
- Moderating full year revenue outlook based on updated visibility on the timing of project deliveries through year end.
- Challenging market conditions.
- Impact of foreign exchange on gross margin.