Tecnoglass revenue reached USD 134.5 million in the first quarter

Tecnoglass revenue reached USD 134.5 million in the first quarter

Driven by strong growth in single-family homes and market share gains, Tecnoglass’s total revenue for the first quarter of 2022 was $134.5 million, up 20.6% from the $111.6 million recorded in the previous quarter. year was registered.

According to the company, single-family home sales grew about 155% a year, accounting for 44.4% of revenue in the first quarter, fueled by new product introductions, a growing customer base and strong housing demand.

Gross profit for the first quarter of 2022 grew 33.2% to $60.3 million, representing a gross margin of 44.8%, compared to a gross profit of $45.3 million, representing a gross margin of 40.6 % represented in the previous year’s quarter.

“The gross margin improvement of 420 basis points primarily reflected operating leverage in higher sales, higher automation-related operational efficiencies and increased revenue mix related to manufacturing versus installation activity as Tecnoglass continues to grow its residential sales,” the company says.

“Our company’s strong momentum continued into 2022, achieving another quarter of record results through our industry-leading platform. As we have emphasized before, the radical change in our profitability continues to come from process automation, expansion of our installed capacity, focus on cost control and our ability to take advantage of our vertically integrated structure to provide the best service with the least lead times. to a growing customer base,” said José Manuel Daes, Executive Director of Tecnoglass.

Net income was $21.0 million, or $0.44 per diluted share, in the first quarter of 2022, compared to net income of $8.3 million, or $0.17 per diluted share, in the year-ago quarter . Adjusted net income for its part was $25.4 million, or $0.53 per diluted share.

The company announced a quarterly cash dividend of $0.065 per share for the first quarter of 2022, to be paid to shareholders on April 29, 2022 at the close of trading on March 31, 2022.

Christian Daes, Chief Operating Officer of Tecnoglass, said: “We are extremely pleased with the tremendous growth in our single-family homes, where our quarterly sales have more than doubled year over year, representing 44% of our total sales.”

Adjusted EBITDA was USD 45.4 million with an increase of 35.1%, representing 33.7% of total revenue in the first quarter of 2022.

For his part, Santiago Giraldo, finance director of Tecnoglass, stated that based on the positive trends and the growing portfolio of new projects, the sales outlook for the company increased to a range of USD 580 million to USD 605 million and that EBITDA was adjusted to a range of USD185 million to USD195 million.

Source: El heraldo

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