Tecnoglass sees FY24 revenue $860M-$910M, consensus $874.99M

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are providing full year outlook ranges for revenue and Adjusted EBITDA that are in aggregate stronger than our previous outlook scenarios. This reflects our strong results through June and our visibility through the remainder of the year. We expect full year 2024 revenues to grow to a range of $860 million to $910 million, representing approximately 6% growth at the midpoint, and entirely organic. We expect Adjusted EBITDA1 to be in the range of $260 million to $285 million. The implied Adjusted EBITDA1 margin of approximately 31% at the midpoint assumes a full year gross margin in the low to mid 40% range, along with healthy free cash flow into year end. This outlook is predicated on a variety of factors including the surge in our single-family residential orders, an expected increase in vinyl sales, an increased mix of revenues from installation and stand-alone product sales, stable FX rates, and the timely execution of our multi-family/commercial backlog through year end. As we look to the remainder of the year, we remain confident in our ability to drive value for our shareholders given the opportunities we see to expand our market share.”