Tecnoglass (NYSE: TGLS) reported Q3 EPS of $1.08, $0.08 better than the analyst estimate of $1.00. Revenue for the quarter came in at $238.3 million versus the consensus estimate of $240.19 million.

GUIDANCE:

Tecnoglass sees FY2024 revenue of $880-900 million, versus the consensus of $889.8 million.

Full Year 2024 Outlook

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our strong execution through the first nine months of 2024 and the visibility provided by our record backlog, we are updating our full year 2024 outlook. We now expect full year revenues to be in the range of $880 million to $900 million, representing growth of approximately 7% at the midpoint of the range. Additionally, we are updating our Adjusted EBITDA¹ target to a range of $270 million to $280 million. The implied Adjusted EBITDA¹ margin of 31% at the midpoint assumes a full year gross margin in the low to mid 40% range, along with continued strong cash flow generation. This outlook reflects our expected tailwinds from continued single-family residential growth through geographic expansion, the ramp up of deliveries of our vinyl windows, timely execution of our multi-family/commercial backlog, and the ongoing benefits of our vertically integrated operations. We remain confident in our ability to drive further value creation through market share gains and operational excellence in 2024."

For earnings history and earnings-related data on Tecnoglass (TGLS) click here.