Shares of Tecnoglass ( NYSE: TGLS ) surged as much as 14% on Thursday after the glassmaker smashed Q4 earnings expectations.
TGLS posted Q4 Non-GAAP EPS of $1.09, topping consensus by 8 cents, and revenue of $211.1M was not only +60.1% Y/Y, but was also ahead of expectations by $6.51M.
For 2023, TGLS expects revenues to grow organically in the $790 million to $830 million range, and adjusted EBITDA around $300 million to $320 million. The consensus estimate for 2023 revenue is $795.1 million.
Speaking on the earnings conference call , COO Christian Daes said the company saw positive overall quoting and bidding activity through the fourth quarter, which has remained healthy into the first quarter of this year.
"We have voluntarily paid down debt and further improved our net leverage ratio to a very conservative 0.2 times net debt to adjusted EBITDA at year-end," CEO Jose Daes said on the same call.
Other Q4 metrics: gross margin improved 930 bps Y/Y to 52.2%, net income $55.1M and adjusted net income $52.1M, adjusted EBITDA $87.2M, cash flow from operations $49.8M, FCF $25.3M.
TGLS up ~19% in 2022.
Seeking Alpha contributor Damon Judd recently laid out a "Strong Buy" case for TGLS .
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Tecnoglass Q4 results shatters expectations, stock up 14%