Tecnoglass Stock Surges After Q3 Earnings Beat, Raised FY21 Outlook

Tecnoglass Inc TGLS reported a third-quarter revenue increase of 26.2% year-over-year to $130.4 million, beating the consensus of $117.51 million.
U.S. revenues were $123.2 million (+28.8% Y/Y), representing 94.5% of total revenues. Single-family residential revenues increased 213% Y/Y and represented 48% of U.S. revenues.
Adjusted EPS improved to $0.45 from $0.28 in 3Q20, beating the consensus of $0.35.
The gross margin expanded by 80 bps to 39.6%. The operating income increased by 49.2% Y/Y to $30.15 million, and the margin expanded by around 356 bps to 23.1%.
Adjusted EBITDA increased 36.1% Y/Y to $38.74 million, and margin expanded by 220 bps to 29.7%.
Tecnoglass generated cash from operating activities year-to-date of $93.42 million, compared to $51.05 million a year ago.
The company had total liquidity of ~$150 million, including cash and cash equivalents of $86.5 million.
The company’s Backlog expanded to $576 million (+7.4% Y/Y).
FY21 Outlook: Tecnoglass raised adjusted EBITDA outlook to $140 million - $145 million from the prior view of $125 million - $135 million.
Total revenues forecast raised to $485 million - $495 million from prior $450 million - $465 million, versus the consensus of $461.99 million.
Price Action: TGLS shares traded higher by 6.09% at $31.35 on the last check Monday.

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