Tecnoglass Stock Gains On Solid Q4 Results, Street-Beating FY22 Revenue Outlook

  • Tecnoglass Inc TGLS reported fourth-quarter operating revenue growth of 28% year-over-year to $131.8 million with 142% growth in single-family residential revenues, beating the consensus of $129.36 million.
  • The revenue increase was driven by strong growth in single-family residential activity and market share gains.
  • U.S. revenues were $122.41 million (+41% Y/Y), Colombia $5.31 million (-48.1% Y/Y and Other Countries $4.1 million (-30.7% Y/Y).
  • Gross margin for the quarter expanded by 710 bps to 42.9%, reflecting operating leverage on higher sales, greater operating efficiencies, and a higher mix of revenue from manufacturing versus installation activity.
  • Operating income increased by 90.6% Y/Y to $32.84 million, and the margin expanded by 818 bps to 24.9%.
  • Adjusted EPS improved to $0.50 from $0.21 in 4Q20, beating the consensus of $0.41.
  • Adjusted EBITDA increased 65.7% Y/Y to $42.2 million, and margin expanded by 728 bps to 32%.
  • Tecnoglass generated cash from operating activities was $117.25 million in FY21, compared to $71.71 million a year ago.
  • The company had total liquidity of ~$250 million, including cash and equivalents of $85 million.
  • Backlog expanded to $584.6 million (+7.2% Y/Y).
  • FY22 Outlook: Tecnoglass expects revenues of $575 million - $600 million versus the consensus of $558.92 million and adjusted EBITDA of $170 million - $190 million.
  • The company expects structural advantages, partial insulation from some inflationary pressures, and faster lead times to drive strong cash flow generation in FY22.
  • Price Action: TGLS shares traded higher by 4.34% at $22.14 on the last check Thursday.
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