Tecnoglass reports record third quarter 2024 results

- record revenue of $238.3 million, up 13.1% year-over-year driven entirely by organic growth - - single-family residential revenue increased to a record $109.7 million, up 25.0% year-over-year - - gross margin of 45.8%, up 290 basis points year-over-year - - net income of $49.5 million, or $1.05 per diluted share - - adjusted net income 1 of $50.9 million, or $1.08 per diluted share - - adjusted ebitda 1 of $81.4 million, up 14.2% year-over-year, representing 34.2% of total revenues - - strong cash flow from operations of $41.5 million - - record low net leverage ratio of 0.01x at quarter end - - backlog expands year-over-year for the 30th consecutive quarter to a record $1.04 billion - - board approves 36% increase in quarterly dividend, expands share repurchase program to $100 million, concludes review of strategic alternatives and affirms commitment to value creation strategy - - strengthens full year 2024 guidance range - miami, fl, nov. 07, 2024 (globe newswire) -- tecnoglass, inc. (nyse: tgls) (“tecnoglass” or the “company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the third quarter ended september 30, 2024. josÉ manuel daes, chief executive officer of tecnoglass, commented, “our third quarter 2024 results once again demonstrate our ability to outperform in challenging market conditions, particularly in our single-family residential business.
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