Tecnoglass (TGLS) Tops Q2 EPS by 9c

Tecnoglass (NASDAQ: TGLS) reported Q2 EPS of $1.12, $0.09 better than the analyst estimate of $1.03. Revenue for the quarter came in at $225.3 million versus the consensus estimate of $208.9 million.

GUIDANCE:

Tecnoglass sees FY2023 revenue of $830-855 million, versus the consensus of $845.8 million.

• Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are increasing our full year 2023 outlook to reflect strong results through June. We now expect full year 2023 revenues to grow to a range of $830 million to $855 million, representing approximately 18% growth at the midpoint, and entirely organic. We are raising our Adjusted EBITDA1 forecast to a range of $320 million to $335 million. This implies Adjusted EBITDA1 growth of approximately 23% at the midpoint driven by the stronger than anticipated year to date results plus our expectation to deliver strong margins for the remainder of the year. Given the first half weighting of income tax payments and planned growth capex, we expect to deliver stronger free cash flow for the rest of the year. In summary, we believe we are well on our way to achieving another year of record results for full year 2023.”

For earnings history and earnings-related data on Tecnoglass (TGLS) click here.

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