Tecnoglass reports record financial metrics across the board for full year 2023

- full year revenues increased 16% to a record $833.3 million through entirely organic growth - - full year net income of $183.5 million, or $3.85 per diluted share; full year adjusted net income 1 of $189.3 million, or $3.98 per diluted share - - full year adjusted ebitda 1 up 15% to an all-time high of $304.1 million, representing 36.5% of revenues - - record full year gross profit of $390.9 million, producing gross margin within target range of 47% to 49% - - strong full year cash flow from operations of $138.8 million, representing 46% of adjusted ebitda 1 - - all time record low net leverage ratio of 0.1x at year end - - backlog expanded 20% year-over-year to a record $870.1 million - - expansion into high end vinyl windows on track with shipments that started in december 2023 - - board of directors approves a 22% increase in quarterly dividend to $0.11 per share – - executes $23.5 million in share repurchases during the year - - introduces full year 2024 outlook for double-digit year-over-year revenue growth - miami, fl, feb. 29, 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 fourth quarter and full year ended december 31, 2023. josÉ manuel daes, chief executive officer of tecnoglass, commented, “i am proud of the tecnoglass team for another year of strong operational accomplishments and record performance across many financial metrics.
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