Workflow
Tecnoglass(TGLS)
icon
Search documents
Tecnoglass Attains Carbon Neutrality, Reinforcing Its Commitment to Sustainable Practices
GlobeNewswire News Room· 2024-07-02 11:00
In 2023, Tecnoglass had previously declared its goal to become a carbon-neutral company, supported by significant investments in energy efficiency, through projects such as upgrading generators and implementing cogeneration systems; which despite an increase of production, amounted to total GHG emissions across all scopes of 390.411 tCO2eq/year. These initiatives highlight Tecnoglass' unwavering dedication to reducing its carbon footprint and enhancing operational sustainability. About Tecnoglass Investor R ...
Tecnoglass Attains Carbon Neutrality, Reinforcing Its Commitment to Sustainable Practices
Newsfilter· 2024-07-02 11:00
Miami, FL, July 02, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) ("Tecnoglass" or the "Company"), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, proudly announces that its ongoing advancements in its commitment to sustainability and carbon neutrality are reflected in having achieved carbon neutrality for years 2022 and 2023. This milestone underscores the Company's ongoing commitment to sustainability and its ...
Strength Seen in Tecnoglass (TGLS): Can Its 21.6% Jump Turn into More Strength?
ZACKS· 2024-06-27 12:56
Tecnoglass (TGLS) shares ended the last trading session 21.6% higher at $49.89. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 23.7% loss over the past four weeks. This architectural glass maker is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -27.7%. Revenues are expected to be $219.51 million, down 2.6% from the year-ago quarter. For Te ...
Tecnoglass(TGLS) - 2024 Q1 - Quarterly Results
2024-06-25 20:15
[Form 8-K Current Report](index=1&type=section&id=Form%208-K) This Form 8-K details recent corporate announcements, including a strategic review and related exhibit filings [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) Information furnished under Item 2.02 is explicitly not considered 'filed' for liability purposes under the Securities Exchange Act of 1934 - The information provided under Item 2.02 is explicitly not deemed "filed" for liability purposes under Section 18 of the Securities Exchange Act of 1934[15](index=15&type=chunk) [Item 7.01 Regulation FD Disclosure](index=2&type=section&id=Item%207.01.%20Regulation%20FD%20Disclosure.) Tecnoglass Inc. announced on June 25, 2024, the initiation of a strategic alternatives review via a press release furnished under Regulation FD - On June 25, 2024, Tecnoglass Inc. announced the commencement of a review of strategic alternatives[4](index=4&type=chunk) - The announcement was made via a press release, which is included as Exhibit 99.1[4](index=4&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) This section provides a comprehensive list of exhibits accompanying the Form 8-K, including the press release on strategic alternatives List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press release dated June 25, 2024 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Tecnoglass Board of Directors Announces Review of Strategic Alternatives
GlobeNewswire News Room· 2024-06-25 20:05
Core Viewpoint - Tecnoglass, Inc. is conducting a review of its strategic alternatives with the help of external financial and legal advisors, reaffirming its commitment to act in the best interests of the company [2][3]. Group 1: Company Overview - Tecnoglass is a leading producer of high-end aluminum and vinyl windows and architectural glass, serving both residential and commercial markets [5]. - The company is the second largest glass fabricator in the U.S. and the top architectural glass transformation company in Latin America [5]. - Tecnoglass operates a 5.6 million square foot manufacturing complex in Barranquilla, Colombia, providing access to nearly 1,000 customers across North, Central, and South America, with 96% of total revenues coming from the U.S. [5]. Group 2: Strategic Review Process - There is no set deadline for the completion of the strategic alternatives review, and it is uncertain whether this will lead to any specific transaction or outcome [3]. - The company will not provide further public comments on the review until a specific course of action is approved by the Board of Directors [3]. Group 3: Financial Outlook - Tecnoglass is reaffirming its financial outlook for the full year 2024, as previously provided on May 9, 2024 [4].
Tecnoglass Board of Directors Announces Review of Strategic Alternatives
Newsfilter· 2024-06-25 20:05
Group 1 - Tecnoglass, Inc. is conducting a review of its strategic alternatives with the help of external financial and legal advisors, aiming to act in the best interests of the company [7] - The company reaffirms its financial outlook for the full year 2024, which was initially provided on May 9, 2024 [8] - Tecnoglass is a leading producer of high-end aluminum and vinyl windows and architectural glass, serving various markets including multi-family, single-family, and commercial sectors [11] Group 2 - Tecnoglass is the second largest glass fabricator in the U.S. and the number one architectural glass transformation company in Latin America, with a manufacturing complex located in Barranquilla, Colombia [11] - The company has a vertically integrated manufacturing facility of 5.6 million square feet, providing efficient access to nearly 1,000 customers across North, Central, and South America, with the U.S. accounting for 96% of total revenues [11] - Tecnoglass products are featured in notable properties such as One Thousand Museum in Miami and Salesforce Tower in San Francisco [11]
Tecnoglass Announces Second Quarter 2024 Dividend
GlobeNewswire News Room· 2024-06-11 20:15
Company Overview - Tecnoglass, Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass, serving multi-family, single-family, and commercial end markets [2] - The company is the second largest glass fabricator in the U.S. and the number one architectural glass transformation company in Latin America [2] - Tecnoglass operates a 5.6 million square foot manufacturing complex in Barranquilla, Colombia, providing efficient access to nearly 1,000 customers across North, Central, and South America, with the U.S. accounting for 96% of total revenues [2] Recent Financial Announcement - The Board of Directors has declared a quarterly dividend of $0.11 per share, which annualizes to $0.44 per share for the second quarter of 2024 [1] - The dividend will be paid on July 31, 2024, to shareholders of record as of the close of business on June 28, 2024 [1] Notable Projects - Tecnoglass' high-end products are featured in several prominent properties, including One Thousand Museum (Miami), Salesforce Tower (San Francisco), and Aeropuerto Internacional El Dorado (Bogotá) [2]
Tecnoglass to Attend Upcoming Investor Conferences
GlobeNewswire News Room· 2024-05-30 20:15
Miami, FL, May 30, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) ("Tecnoglass" or the "Company"), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today announced that the Company will attend the following investor conferences: Baird 2024 Global Consumer, Technology & Services Conference, June 4, 2024; and Stifel 2024 Cross Sector Insight Conference, June 5, 2024. About Tecnoglass Tecnoglass Inc. is a leading pr ...
Tecnoglass to Attend the B. Riley Securities 24th Annual Institutional Investor Conference
Newsfilter· 2024-05-21 11:00
Company Overview - Tecnoglass, Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass, serving multi-family, single-family, and commercial end markets [2] - The company is the second largest glass fabricator in the U.S. and the number one architectural glass transformation company in Latin America [2] - Tecnoglass operates a 5.6 million square foot manufacturing complex in Barranquilla, Colombia, providing efficient access to nearly 1,000 customers across North, Central, and South America, with the U.S. accounting for 95% of total revenues [2] Product and Market Presence - The company's high-end products are featured in notable properties such as One Thousand Museum in Miami, Salesforce Tower in San Francisco, and Aeropuerto Internacional El Dorado in Bogotá [2] - Tecnoglass has established a strong market presence in the architectural glass sector, particularly in the U.S. and Latin America [2] Upcoming Events - Tecnoglass will attend the B. Riley Securities 24th Annual Institutional Investor Conference in Beverly Hills, CA on May 23, 2024 [1]
Tecnoglass(TGLS) - 2024 Q1 - Quarterly Report
2024-05-09 20:30
[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2024 financial statements show decreased revenues and net income, with assets increasing to $981.6 million and liabilities slightly down [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $981.6 million by March 31, 2024, while total liabilities decreased to $407.9 million, and shareholders' equity rose to $573.6 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $549,645 | $535,760 | | **Total Assets** | **$981,570** | **$962,717** | | **Total Current Liabilities** | $235,661 | $235,886 | | **Total Liabilities** | **$407,923** | **$414,697** | | **Total Shareholders' Equity** | **$573,647** | **$548,020** [Condensed Consolidated Statements of Operations and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Other%20Comprehensive%20Income) Q1 2024 total operating revenues decreased to $192.6 million, gross profit fell to $74.7 million, and net income was $29.7 million Q1 2024 vs Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Operating Revenues | $192,627 | $202,639 | | Gross Profit | $74,660 | $107,755 | | Operating Income | $41,022 | $73,680 | | Net Income Attributable to Parent | $29,730 | $48,235 | | Diluted Income Per Share | $0.63 | $1.01 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $33.4 million, investing activities used $10.2 million, and financing activities used $16.7 million Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $33,447 | $43,063 | | Cash Used in Investing Activities | $(10,192) | $(15,688) | | Cash Used in Financing Activities | $(16,686) | $(3,287) | | **Net Increase in Cash** | **$6,373** | **$24,866** | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to $573.6 million by March 31, 2024, driven by net income, partially offset by dividends - Shareholders' equity grew to **$573.6 million** in Q1 2024, mainly due to **$29.7 million** in net income[17](index=17&type=chunk) - The company declared and accounted for a dividend of **$0.11 per share**, totaling **$5.2 million** during the quarter[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation showing product sales decline, US as primary market, debt, hedging, and commitments - The company operates in a single reportable segment: Architectural Glass and Windows[25](index=25&type=chunk) Revenue by Geography (in thousands) | Region | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | United States | $184,003 | $194,839 | | Colombia | $5,239 | $5,740 | | Other | $3,385 | $2,060 | Revenue by Market (in thousands) | Market | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Commercial | $119,473 | $119,044 | | Residential | $73,154 | $83,595 | - As of March 31, 2024, the company had **$438.2 million** of remaining performance obligations, expected to be recognized as revenue over the next three years[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 revenue decrease due to residential sales, gross margin contraction from FX and mix, and strong liquidity - The company's structural competitive advantages include a low-cost manufacturing footprint in Colombia, a vertically integrated business model, and a strategic geographic location[91](index=91&type=chunk) - A core part of the company's strategy is expanding its presence in the United States outside of its primary Florida market and growing its residential window offerings[94](index=94&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q1 2024 revenues decreased 4.9% to $192.6 million, gross profit fell to $74.7 million, and net income dropped to $29.7 million - Revenues decreased by **$10.0 million (4.9%)** YoY, mainly due to a **$10.4 million (12.5%)** drop in single-family residential revenues[97](index=97&type=chunk) - Gross margin fell from **53.2% to 38.8%**, driven by **17.8% appreciation of the Colombian Peso** (impacting margin by an estimated **308 basis points**) and an unfavorable FX impact on inventory costing (**197 basis points**)[98](index=98&type=chunk) - The effective tax rate for Q1 2024 was **27.3%**, down from **33.8%** in Q1 2023, as Colombian subsidiaries with higher tax rates contributed a smaller portion of consolidated income[104](index=104&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Q1 2024 liquidity remains strong with $135.9 million cash and $170.0 million credit, with $33.4 million operating cash flow - As of March 31, 2024, the company had cash and cash equivalents of **$135.9 million** and approximately **$170.0 million** available under various lines of credit[106](index=106&type=chunk) - Capital expenditures in Q1 2024 were **$11.2 million**, invested in automating glass and window assembly, expanding aluminum facilities, and adding new vinyl window lines[109](index=109&type=chunk) - During Q1 2024, the company used **$15.2 million** to repay debt from its Senior Secured Line of Credit and paid **$4.2 million** in dividends[113](index=113&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rates, foreign currency (COP), and commodity prices, with potential impacts on earnings - **Interest Rate Risk:** A **100 basis point** increase in interest rates would reduce annual net earnings by about **$0.3 million**, net of hedging effects[115](index=115&type=chunk) - **Foreign Currency Risk:** Approximately **24%** of costs are in Colombian Pesos (COP); a **5% appreciation of the COP** against the USD would result in a **$1.9 million** decrease in quarterly net earnings[116](index=116&type=chunk) - **Commodity Risk:** The company is exposed to volatile aluminum prices, mitigating this by basing product pricing on the London Metals Exchange quoted price plus a premium, aiming to pass price changes to customers[119](index=119&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[121](index=121&type=chunk) - No changes occurred in the internal control over financial reporting during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, these controls[122](index=122&type=chunk) [Part II. Other Information](index=31&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal matters, which management deems not material to financial condition or operations - The company is involved in legal matters from time to time in the ordinary course of business, but management does not currently consider them to be material[125](index=125&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q1 2024 - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2024[126](index=126&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and XBRL financial statements - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL financial data[127](index=127&type=chunk)