Tecnoglass reports Q1 adjusted EPS 66c, consensus 67c

Reports Q1 revenue $192.6M, consensus $191.04M. CEO Jose Manuel Daes commented, “In light of macroeconomic challenges, we maintained a steady course with our multi-family/commercial business executing against our record backlog while our single-family residential sales channel experienced inflationary constraints on consumer spending. That said, we were highly encouraged to see record levels of single-family residential orders during March and April, which we believe signals a positive shift in demand as we move into the second quarter. Our strategic emphasis on working capital efficiency has resulted in strong free cash flow generation, despite challenges in year-over-year margins caused by lower operating leverage, a negative foreign exchange impact and unfavorable revenue mix from increased installation and stand-alone product sales. Despite general macro headwinds, we continue to see a strong book to build, with backlog hitting an all-time high once again, now building visibility well into 2025. We remain optimistic on the strength of our business, bolstered by vigorous quoting activity for our innovative vinyl windows and other offerings, strong customer partnerships, and substantial opportunities for geographic expansion in 2024 and beyond.”