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Tecnoglass, a manufacturer of aluminum windows, vinyl windows and architectural glass for the global residential and commercial construction industries, today announced financial results for the second quarter ended June 30, 2024. They even ranked revenue during this period as the second highest in history.
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“Our team performed well in the second quarter of 2024, successfully navigating a complex macroeconomic environment. We capitalized on strong demand at the end of the first quarter to drive record revenue in the single-family segment and maintain strong momentum. Our multifamily/commercial business improved sequentially in the second quarter and we expect to continue the positive trend as we move into the second half of the year and into 2025. This outlook is supported by high order levels in June, which contributed to another strong quarter of order records”, José Manuel Daes, Executive Director of Tecnoglass, said this.
Regarding margins, the manager noted that while they were under pressure compared to the previous year due to a combination of factors, particularly the unfavorable impact of exchange rates, they were encouraged Profitability continues to improve The exchange rate has remained reasonably stable over the past 12 months.
“We remain optimistic about our ability to respond to the changing market landscape.
Creating additional value for shareholders in 2024”he added.
Christian Daes, Tecnoglass Operations Director, proudly points out that the order backlog will reach a record high again in the coming years, exceeding $1 billion. “Our portfolio of multifamily and commercial projects offers excellent visibility through 2025, with groundbreakings in 2026. Strong demand for our products, combined with our ability to continue to gain market share in areas that are outperforming other markets across the U.S., drove record revenue growth in the single-family segment this quarter,” explain.
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Techno Glass
Techno Glass
Second quarter results
Total revenues for the second quarter of 2024 decreased 2.5% to $219.7 million.
Second-highest quarterly revenue in company history compared to record revenue
This compares to $225.3 million in the same period last year.
Single-family home revenues increased 10.1% year-over-year, reaching a record high. “This reflects improving market trends and the partial pull-forward of orders that we estimate are related to the expiration of the Florida impact window sales tax exemption,” They pointed out.
Multifamily/commercial revenues increased quarter-over-quarter in the second quarter of 2024 but declined year-over-year due to record activity in the second quarter of 2023 and higher interest and mortgage rates in 2024.
“Changes in foreign currency exchange rates had an unfavorable impact of $0.6 million on total revenues for the quarter,” they said.
On the other hand, gross profit for the second quarter of 2024 was $89.6 million. Gross profit margin was 40.8% This compares to gross profit of $109.7 million and a gross margin of 48.7% in the same period last year.
“The year-over-year change in gross margin reflects unfavorable currency impacts of nearly 340 basis points, lower operating leverage due to lower revenues, higher wage expense, and, to a lesser extent, a less favorable revenue mix,” the company said. “In the past two quarters, but taking into account currency normalization starting in the second quarter of 2023, margins were impacted by approximately 11% year-over-year by the revaluation of the Colombian peso.” They mentioned.
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With all this motivation, they hope The year-on-year impact of unfavorable exchange rates will begin to dissipate from the third quarter of 2024. Given the relatively stable exchange rates over the past twelve months, gross margin improved by 200 basis points sequentially compared to 38.8% in the first quarter of 2024.
Operating expenses for the second quarter of 2024 were $38.4 million, compared to $35.2 million in the same period last year The year-on-year increase was primarily due to higher personnel costs as a result of general salary adjustments that occurred earlier in the year.
As a percentage of total revenue, Operating expenses are 17.5% In the second quarter of 2024, the year-on-year increase was 15.6%, mainly due to the reduction in revenue and salary adjustments mentioned above.
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Net profit was US$35.08 million or $0.75 per diluted share in the second quarter of 2024,
This compares to net income of $52.6 million, or $1.11 per diluted share, in the same period last year, which included a non-cash foreign exchange loss of $5.6 million in the second quarter of 2024 and a profit of $0.9 million in the second quarter of 2023.
During the quarter, the company returned $5.2 million of capital to shareholders
In addition, there is approximately $26 million remaining in the current share repurchase program.
Santiago Giraldo, CFO of Tecnoglass, said:We are raising our 2024 financial outlook to reflect our strong results through June and the outlook for the remainder of the year. We now expect 2024 revenue to grow to between $860 million and $910 million, representing approximately 10% growth at the top of the range and entirely organically. We are updating our Adjusted EBITDA1 guidance to between $260 million and $285 million. This forecast is based on a number of factors, including the sustainability of recent single-family home order growth, expected growth in vinyl sales, a higher mix of installed and standalone product revenues, stable currency rates, and timely execution of our project portfolio.
Multifamily/commercial until the end of the year.
Paula Galeano Balaguera
Portfolio Reporter
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