Tecnoglass Again Breaks Quarterly & Full Year Revenue, Net Income Records: Q4 & FY2021
Date: March 3
Barranquilla-based architectural glass and aluminum manufacturer Tecnoglass (NASD: TGLS) this morning announced that the company has broken previous records for both revenues and net income for the fourth quarter of 2021 and the full year. The company also announced that a special committee investigation demonstrated no evidence of related party transactions fraud or accounting irregularities, invalidating claims made by short-sellers last December.
Fourth-quarter total revenues increased 28.0% year-over-year to $131.8 million USD, with 142% growth in single-family residential revenues, while net income reached $19.8 million, or $0.41 per diluted share. Adjusted net income was a record $24 million, or $0.50 per diluted share. The company said that its gross margin improved 710 basis points YoY to 42.9%.
Fourth-quarter EBITDA increased 65.7% YoY to a record $42.2 million, or $32% of revenues. Cash flow from operations was $23.8 million, and the cash dividend increased 136% to $0.065 per share. The Colombian company also announced an amendment to its senior secured revolving credit facility, expanding borrowing capacity from $50 million to $150 million, reducing its cost of capital, and extending debt maturities to 2026.
For the full year, single-family residential revenues increased by 151% YoY, representing 36% of total revenues for the year. The line of business is relatively new for Tecnoglass, which built its reputation on large commercial and high-rise multifamily residential projects. Total revenues are up 32% YoY to a record $496.8 million for 2021.
Gross margin is also a record 40.8%, up 380 basis points, and full-year net income is $68.4 million, or $1.43 per diluted share. Adjusted net income is $82.7 million, or $1.75 per diluted share. Cash flow from operations is also a record $117.3 million.
The company’s backlog of orders expands 7.2% to a record $584.6 million, including supplying energy-efficient windows to 20 of the 22 tallest buildings currently under permitting or construction in South Florida.