Tecnoglass Hikes Dividend By 20%

Tecnoglass Inc TGLS Board of Directors has approved a 20% increase in the quarterly dividend to $0.09 from $0.075 per share.
At the new rate, the dividend on an annualized basis will be $0.36 per share compared to the previous rate of $0.30 per share.
The company's next quarterly dividend of $0.09 per share will be payable on April 28, 2023, to shareholders of record on March 31, 2023.
"This increase in our quarterly dividend reflects the earnings power of our company and confidence in our ability to consistently generate exceptional free cash flow based on the projected growth of our business,” said CFO Santiago Giraldo.
The company held $103.7 million in cash and equivalents as of Dec. 31, 2022.
Tecnoglass produces architectural glass, windows, and associated aluminum products serving the multi-family, single-family, and commercial end markets.
Price Action: TGLS shares closed lower by 6.03% at $39.46 on Friday.