Tecnoglass (NASDAQ: TGLS) reported Q4 EPS of $0.22, $0.02 better than the analyst estimate of $0.20. Revenue for the quarter came in at $102.4 million versus the consensus estimate of $100.34 million.

• Single-Family Residential Revenues Grew 51% Year-Over-Year in Fourth Quarter 2020
• Reports Net Income of $24.2 Million and Adjusted Net Income1 of $36.8 million, or $0.79 Per Diluted Share for Full Year 2020 -
• Achieves 560 Basis Point Increase in Gross Margin to a Full Year Record of 37.1%
• Increases Adjusted EBITDA1 by 6% Year-Over-Year to a Record $97.8 Million at a Margin of 26.1% for Full Year 2020
• Produces Cash Flow From Operations of $71.4 million, Representing Over 70% of Adjusted EBITDA1 in Full Year 2020
• Introduces Full Year 2021 Growth Outlook for Adjusted EBITDA1 of $100 million to $110 million on Total Revenues of $400 million to $415 million

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “2020 was a milestone year for Tecnoglass. Our exceptional results reflect the resilience and dedication of our team as we capitalized on strong residential macro tailwinds and recovering commercial end market conditions to post our second straight quarter of growth in the U.S. Additionally, we delivered on our goal to produce strong returns on our previously implemented automation and capacity investments, contributing to record full year gross profit and Adjusted EBITDA levels, both on a dollar basis and as a percentage of sales. Just as important, our success is translating into a step-change in cash generation, with our operating cash flow representing over 70% of Adjusted EBITDA in 2020. We were thrilled to exit the year with a much stronger and leaner company, underpinned by a significantly improved capital position to further extend our leadership in the architectural glass industry. We will continue to leverage Tecnoglass’ structural competitive advantages to maintain industry leading margins while capturing additional market share in the U.S. We are well situated to achieve another year of stellar financial performance and returns for our shareholders in 2021.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Fourth quarter results were encouraging and marked a return to growth in total revenues to close out an extraordinary year. Single-family residential revenues expanded more than 50% year-over-year in the quarter, and represented nearly 20% of our revenues for the full year 2020. Overall quoting and bidding activity continued to strengthen since mid-year 2020, resulting in defensible backlog position of $545 million. Our strong performance in 2020 was augmented by winning new customers, entering new markets and maintaining our commitment to innovation through the introduction of new best-in-class products, particularly in residential. As we move into 2021, we remain focused on expanding our addressable market in single-family housing in the U.S. Accomplishments to date reflect our dedication to excellence and we are excited to drive further improvement across our business in the coming quarters.”

GUIDANCE:

Tecnoglass sees FY2021 revenue of $400-415 million, versus the consensus of $405.42 million.

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