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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)
Tecnoglass(TGLS) - 2024 Q1 - Earnings Call Transcript
2024-05-09 20:16
Financial Data and Key Metrics Changes - The company reported revenues of $192.6 million for Q1 2024, a decrease of 4.9% year-over-year, primarily due to lower single-family residential revenues and maintenance downtime [11][41] - Adjusted EBITDA for Q1 2024 was $51 million, with an adjusted EBITDA margin of 26.5% [17] - The net debt-to-adjusted EBITDA ratio improved to a record low of 0.1x as of March 31, 2024, indicating strong financial health [12][20] Business Line Data and Key Metrics Changes - Single-family residential revenues were $73 million in Q1 2024, down from $84 million in the prior year, attributed to higher interest rates affecting demand [15] - Multifamily commercial revenues remained strong, supported by a record backlog of $960 million, reflecting healthy demand in key markets [35][37] - The company is experiencing a positive response to its vinyl product line, with expectations to ramp up deliveries in the latter half of 2024 [6][16] Market Data and Key Metrics Changes - The backlog has consistently grown, reaching $916 million, which is 1.8 times the last twelve months' multifamily and commercial revenues [14][37] - Orders for single-family residential products increased over 12% year-over-year in March and April, indicating a potential recovery in this segment [15][35] - The company is expanding its geographic presence in Florida and other southern states, benefiting from favorable demographic trends [38][40] Company Strategy and Development Direction - The company is focused on geographic diversification and strengthening customer relationships to capture additional market value [5] - The strategic entry into the vinyl market is expected to significantly expand the addressable market and drive organic growth [6][16] - The company aims to maintain a strong book-to-bill ratio, which stood at 1.2x as of Q1 2024, ensuring visibility into future revenues [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about underlying business drivers despite macroeconomic challenges, with a robust project pipeline supporting healthy activity [5][11] - The company provided three scenarios for 2024 revenue growth, with a base case of 5% growth, resulting in approximately $875 million in revenues [21][22] - Management acknowledged the impact of interest rates on consumer purchasing decisions but remains confident in the strength of key geographies and new product initiatives [22][35] Other Important Information - The company generated strong cash flow from operations of $33 million in Q1 2024, with free cash flow of $24 million [12][19] - The company returned $4.2 million to shareholders through dividends during the quarter and has approximately $26 million available for share repurchases [44] Q&A Session Summary Question: What is the expected split between commercial and residential revenue? - The company expects commercial to account for about 57% of total revenue, with residential at 43% [50] Question: What are the expectations for sales, gross margin, and EBITDA for Q2? - The company is modeling sales around $2.10 to $2.25, with expectations for improved gross margins due to operating leverage [54] Question: Can you provide details on the vinyl windows initiative? - The company is ramping up its vinyl product line and expects significant improvements in the second half of the year as the complete line is developed [61][62] Question: What is the mix between new construction and repair & remodeling in residential? - The mix is roughly two-thirds repair and remodeling and one-third new home construction, with expectations for a shift towards a more balanced mix as interest rates stabilize [63][64] Question: How is the backlog expected to grow? - The backlog is expected to continue growing due to strong quoting and bidding activity, particularly in Florida [80]
Tecnoglass(TGLS) - 2023 Q4 - Earnings Call Presentation
2024-03-01 15:21
Financial Performance - FY23 revenues reached $833.3 million [25], a 16.3% year-over-year increase [34] - Adjusted EBITDA for FY23 was $304.1 million [25], representing a 14.5% year-over-year growth and a 36.5% margin [34] - Operating cash flow for FY23 was $138.8 million [26], driven by higher profitability and enhanced working capital management [34] - Adjusted net income for FY23 was $189.3 million, or $3.98 per diluted share, up 19.4% year-over-year [34] Backlog and Growth - Record backlog of $870.1 million [6, 23, 28], up approximately 20% year-over-year [7, 23, 34], with a book-to-bill ratio of 1.2x [32, 34] - U S backlog accounts for 94% of the total backlog, amounting to $814 million [23, 28] - Multi-family and commercial activity increased by 21.4% year-over-year to $497.9 million [34] - Single-family residential market grew by 9.5% year-over-year to $335.4 million [34] Market and Strategy - Over 85% of Tecnoglass' total revenues are considered Green Revenues [20] - Single-family residential revenues accounted for 42% of U S revenues in both Q4 2023 and full year 2023 [37, 56] - The company has entered the vinyl windows market, which more than doubles the addressable market, with a potential to add approximately $300 million in annual revenues [57, 59]