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Sep 30, 2024
Tecnoglass Q3 2024 Earnings Report
Tecnoglass reported record revenue driven by organic growth and strong performance in the single-family residential business.
Key Takeaways
Tecnoglass reported record third-quarter results with revenue of $238.3 million, up 13.1% year-over-year. The company's single-family residential revenue increased by 25.0% to a record $109.7 million. Gross margin improved to 45.8%, and adjusted EBITDA reached $81.4 million, representing 34.2% of total revenues. The backlog expanded to a record $1.04 billion.
Record revenue of $238.3 million, a 13.1% increase year-over-year, driven by organic growth.
Single-family residential revenue reached a record $109.7 million, up 25.0% year-over-year.
Gross margin increased to 45.8%, up 290 basis points year-over-year.
Backlog expanded to a record $1.04 billion, marking the 30th consecutive quarter of year-over-year growth.
Tecnoglass
Tecnoglass
Tecnoglass Revenue by Segment
Revenue by Segment
Single-Family Residential Revenue
CapyFin.com Forward Guidance
Tecnoglass updated its full year 2024 outlook, expecting revenues to be in the range of $880 million to $900 million and adjusted EBITDA to be in the range of $270 million to $280 million.
Positive Outlook
- Continued single-family residential growth through geographic expansion.
- Ramp up of deliveries of vinyl windows.
- Timely execution of multi-family/commercial backlog.
- Ongoing benefits of vertically integrated operations.
- Continued strong cash flow generation.