Tecnoglass reports Q2 adjusted EPS 86c, consensus 83c

Reports Q2 revenue $219.7M, consensus $219.29M. Jose Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our team demonstrated exceptional performance in the second quarter of 2024, successfully navigating a complex macroeconomic landscape. We maintained strong momentum, capitalizing on the robust demand observed at the end of the first quarter to drive record single-family residential revenues in the second quarter. Our multi-family/commercial business improved sequentially and is expected to continue a positive trend as we move into the second half of the year and into 2025. This outlook is supported by substantial order levels in June, which contributed to another record quarter of backlog. Furthermore, our continued focus on operational efficiencies and prudent working capital management continues to yield benefits, resulting in robust cash flow generation despite the timing of seasonal tax payments made during the quarter. While we face year-over-year margin pressures from a combination of factors, particularly unfavorable foreign exchange impacts, we’re encouraged by the sequential improvement in our profitability and the reasonable stability in FX rates for the last 12 months. We remain confident in our ability to navigate the evolving market landscape and drive additional shareholder value in 2024.”