Tecnoglass Inc. reported record third quarter 2024 results, with total revenues increasing 13.1% year-over-year to $238.3 million, marking the highest revenue quarter in company history. Single-family residential revenues grew 25.0% year-over-year to a record $109.7 million, while multi-family/commercial revenues increased 4.6% year-over-year.
The company achieved a gross margin of 45.8%, up 290 basis points year-over-year, driven by stronger pricing, stable raw material costs, and a favorable product mix. Adjusted EBITDA reached $81.4 million, representing 34.2% of total revenues, an increase of 14.2% year-over-year. Net income was $49.5 million, or $1.05 per diluted share, with adjusted net income at $50.9 million, or $1.08 per diluted share.
Tecnoglass generated $41.5 million in operating cash flow, contributing to a record low net debt leverage ratio of 0.01x at quarter-end. The company's backlog expanded for the 30th consecutive quarter to a record $1.04 billion, providing strong revenue visibility.
The Board of Directors approved a 36% increase in the quarterly dividend to $0.15 per share and expanded the share repurchase authorization to $100 million. This reflects confidence in continued cash flow generation and a commitment to shareholder returns. The Board also concluded its review of strategic alternatives, affirming its commitment to the ongoing business strategy focused on organic market share gains and operational excellence.
For the full year 2024, Tecnoglass updated its outlook, expecting revenues in the range of $880 million to $900 million, representing approximately 7% growth at the midpoint. Adjusted EBITDA is projected to be between $270 million and $280 million, with an implied margin of 31%.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.