Workflow
Tecnoglass Reports Record Fourth Quarter and Full Year 2024 Results
TecnoglassTecnoglass(US:TGLS) GlobeNewswire News Room·2025-02-27 12:00

Core Insights - Tecnoglass, Inc. reported a record revenue of $890.2 million for the full year 2024, reflecting a 6.8% increase driven by organic growth and geographical expansion [11][12] - The company achieved a net income of $161.3 million, or $3.43 per diluted share, with an adjusted net income of $171.6 million, or $3.65 per diluted share [12][9] - The company has introduced a 2025 outlook projecting a 10% revenue growth and a 16% adjusted EBITDA growth at the midpoint of guidance [2][16] Financial Performance - Full year single-family residential revenue grew to a record $372.1 million, up 10.9% year-over-year [11] - Full year adjusted EBITDA was $275.8 million, representing 31.0% of revenues [12] - Gross profit for the full year was $380 million, with a gross margin of 42.7% [12] Quarterly Results - Total revenues for the fourth quarter of 2024 increased 23.1% to a record $239.6 million compared to $194.6 million in the prior year quarter [5] - Net income for the fourth quarter was $47.0 million, or $1.00 per diluted share, compared to $36.3 million, or $0.77 per diluted share, in the prior year quarter [8] - Adjusted EBITDA for the fourth quarter was $79.2 million, or 33.1% of total revenues, compared to $62.0 million, or 31.8% of total revenues, in the prior year quarter [10] Operational Highlights - The company achieved an all-time high cash flow from operations of $170.5 million for the full year, representing 61.8% of adjusted EBITDA [13] - The backlog expanded 27.6% year-over-year to a record $1.1 billion, providing visibility into future revenues [11][3] - The company maintained a net cash position at year-end and paid down $65 million in debt throughout 2024 [15][12] Market Outlook - The company anticipates continued momentum in its vinyl-related revenues and stable activity in short-term commercial projects [16] - The 2025 outlook assumes stable Colombian peso exchange rates and plans to offset potential headwinds from higher installation revenues and salary increases through pricing actions and operational efficiencies [16] - The company is mindful of potential industry-wide risks associated with proposed U.S. tariffs on aluminum imports but has identified actions to mitigate negative impacts [3]