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- Tecnoglass Inc TGLS reported a second-quarter revenue increase of 48.5% year-over-year to $121.7 million, beating the consensus of $106.22 million.
- U.S. revenues were $109.9 million (+38.8% Y/Y), represents 90% of total revenues.
- Single-family residential revenues increased 159% Y/Y, and commercial revenues expanded 22% Y/Y, driven by continued end-market recovery.
- Adjusted EPS improved to $0.41 from $0.20 in 2Q20, beating the consensus of $0.31.
- The gross margin expanded by 120 bps to 40%. The operating income increased by 86.5% Y/Y to $28.4 million, and the margin expanded by around 480 bps to 23.3%.
- Adjusted EBITDA increased 52.7% Y/Y to $35.6 million, and margin expanded by 90 bps to 29.3%.
- Tecnoglass generated cash from operating activities year-to-date of $60.79 million, compared to $24.79 million a year ago.
- The company had total liquidity of ~$167 million, including cash and cash equivalents of $100.3 million.
- The company’s Backlog expanded to $559 million, despite single-family residential activity being vastly underrepresented.
- FY21 Outlook: Tecnoglass raised adjusted EBITDA outlook to $125 million - $135 million (prior $115 million - $125 million).
- Total revenues forecast raised to $450 million - $465 million (prior $420 million - $435 million) vs. consensus of $429.57 million.
- Price Action: TGLS shares traded higher by 11.2% at $22.036 on the last check Friday.
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