Tecnoglass(TGLS) - 2025 Q3 - Quarterly Results

Financial Performance - Record quarterly revenue of $260.5 million, up 9.3% year-over-year, driven by 7.6% organic growth[1] - Net income of $47.2 million, or $1.01 per diluted share, marking the second most profitable quarter in the company's history[1] - Adjusted EBITDA of $79.1 million, representing 30.4% of total revenues[1] - Total operating revenues for the three months ended September 30, 2025, increased by 9.3% to $260,479,000 compared to $238,327,000 in the same period of 2024[24] - Gross profit for the nine months ended September 30, 2025, rose to $323,180,000, up from $273,470,000 in 2024, reflecting a significant increase of 18.2%[24] - Net income for the nine months ended September 30, 2025, was $133,460,000, representing a 16.8% increase from $114,293,000 in the same period of 2024[24] - The company’s total revenues for the nine months ended September 30, 2025, were $738,313 million, representing a 13.5% increase from $650,608 million in the same period of 2024[30] Guidance and Future Outlook - Full year 2025 revenue guidance updated to a range of $970 million to $990 million, reflecting approximately 10% growth at the midpoint[14] - Backlog expanded 21.4% year-over-year to a record $1.3 billion, providing strong visibility into future revenues[1] Expenses and Costs - SG&A expenses increased to $47.3 million, or 18.2% of total revenues, partly due to $3.1 million in aluminum tariffs[5] - The company incurred non-recurring expenses of $1,383 million for the three months ended September 30, 2025, slightly down from $1,449 million in the same period of 2024[33] - Interest expense and deferred cost of financing for the three months ended September 30, 2025, was $1,686 million, a slight decrease from $1,742 million in the same period of 2024[33] Cash Flow and Liquidity - Total liquidity of approximately $550 million, including $124 million in cash and cash equivalents[12] - Cash provided by operating activities for the nine months ended September 30, 2025, was $104,746,000, slightly down from $109,406,000 in 2024[26] - Free cash flow for the three months ended September 30, 2025, was $21,231 million, up from $17,774 million in the same period of 2024[37] - Cash and cash equivalents at the end of the period were $123,991,000, down from $134,882,000 at the beginning of the period, a decrease of 8.8%[26] Shareholder Returns - Company repurchased $30 million in shares and paid $7 million in dividends during the quarter[10] - Expansion of share repurchase program to $150 million, reflecting confidence in cash flow generation and balance sheet management[11] Assets and Liabilities - Total assets increased to $1,228,077,000 as of September 30, 2025, compared to $1,016,648,000 at the end of 2024, marking a growth of 20.8%[22] - Total liabilities rose to $464,110,000 as of September 30, 2025, up from $385,465,000 at the end of 2024, indicating an increase of 20.5%[22] Inventory and Revenue Sources - Inventories increased to $194,404,000 as of September 30, 2025, from $139,642,000 at the end of 2024, reflecting a rise of 39.2%[22] - The company reported a 12.8% increase in revenues from the United States for the nine months ended September 30, 2025, totaling $701,189,000 compared to $621,897,000 in 2024[28] Earnings Per Share - The company’s basic income per share for the nine months ended September 30, 2025, was $2.84, compared to $2.43 in the same period of 2024, an increase of 16.9%[24] - Basic income per share for the three months ended September 30, 2025, was $1.01, compared to $1.05 in the same period of 2024[33] Foreign Currency and Other Losses - The company reported a foreign currency transaction loss of $1,865 million for the three months ended September 30, 2025, compared to a loss of $870 million in the same period of 2024[33]