Tecnoglass Inc.’s TGLS shares jumped 4.
Tecnoglass Inc.’s TGLS shares jumped 4.6% on Could 7, after it reported spectacular first-quarter 2021 outcomes. The highest and backside strains handily surpassed Zacks Consensus Estimate in addition to improved yr over yr. The corporate recorded a backlog of $552 million for the interval, up 1.1% yr over yr.
Christian Daes, COO of Tecnoglass, stated, “Encouraging developments in housing begins and de-urbanization mixed with our efforts to broaden our buyer relationships are all supporting the expansion of our single-family residential income, which elevated over 70% year-over-year. Moreover, we’re happy to see our giant scale tasks resuming exercise, according to bettering fundamentals and the ABI index climbing greater into enlargement territory for the second consecutive month in March. Wanting forward, our momentum has continued into April and Could as new enterprise wins and document ranges of backlog go away us effectively positioned for additional worth creation.”
The corporate stays assured about its potential to take care of industry-leading margins and acquire extra shares within the quarters forward.
Quarter in Element
Tecnoglass reported adjusted earnings of 35 cents per share, which topped the consensus mark of 22 cents by 59.1% and grew 250% from the year-ago determine of 10 cents. Continued optimistic reception of single-family residential merchandise, vertically built-in architectural glass platform and prior automation investments aided the corporate’s outcomes amid tight labor and materials availability.
Complete revenues of $110.9 million surpassed the consensus mark of $100 million by 11.2% and elevated 27% yr over yr.
Tecnoglass Inc. Value, Consensus and EPS Shock
Tecnoglass Inc. price-consensus-eps-surprise-chart | Tecnoglass Inc. Quote
U.S. revenues — which represented 91% of complete revenues — grew 27.9% from the prior-year quarter pushed by sturdy progress in residential exercise, recovering business building exercise and market share positive factors. Colombia revenues (nearly all of which is represented by long-term contracts priced in Colombian Pesos however listed to the U.S. Greenback) elevated 18.4% yr over yr. Different International locations’ revenues additionally grew 18.7% yr over yr.
Working Highlights
SG&A, as a share of complete revenues, decreased 200 foundation factors (bps) to 17.8% yr over yr. This displays greater gross sales and higher working leverage on personnel, skilled charges and different mounted bills.
Adjusted EBITDA was up 64.8% yr over yr to $33.5 million. Adjusted EBITDA margin expanded a whopping 690 bps yr over yr to 30.2%.
Money Place
At March-end, Tecnoglass had money and money equivalents of $85.2 million, up from $66.9 million at 2020-end.
Money offered by operations was reported at $29 million within the first three months of 2021 in contrast with $0.5 million within the comparable year-ago interval.
2021 View Up
Backed by a robust begin to 2021 and stellar demand in April and Could, the corporate has raised its 2021 complete revenues and adjusted EBITDA steering. It now expects complete revenues inside $420-$435 million (reflecting progress from $400-$415 million anticipated earlier), primarily pushed by strengthening U.S. demand. In 2020, complete revenues have been $374.9 million. Adjusted EBITDA is now projected between $115 million and $125 million, implying year-over-year progress of 23% on the midpoint. The metric was anticipated inside $100-$110 million earlier. The present projection signifies progress from $97.Eight million reported a yr in the past.
Zacks Rank
Tecnoglass — which shares house with Fastenal Firm FAST, Lumber Liquidators Holdings, Inc. LL and Beacon Roofing Provide, Inc. BECN within the Zacks Constructing Merchandise – Retail {industry} — at present carries a Zacks Rank #3 (Maintain). You possibly can see the whole record of right this moment’s Zacks #1 Rank (Sturdy Purchase) shares right here.
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