Why Glass Fabricator Tecnoglass' Shares Are Losing Its Charm Today

Grand News Network | November 6, 2023

Tecnoglass Inc (NYSE: TGLS) shares are trading lower after it reported Q3 FY23 results and tightened its full-year sales outlook. 

Revenue grew 4.4% Y/Y to $210.7 million, beating the consensus of $207.6 million, led by improved multi-family/commercial business, growth in single-family residential business, and market share gains.

Single-family residential revenues rose 2% Y/Y, aided by market share gains and the continued positive demographic trends in main markets. Multi-family/commercial revenues increased 6% Y/Y, led by increased previously-held projects.

Gross profit fell to $90.5 million from $105.3 million a year ago, with a margin of 43.0% vs 52.2% the prior year, reflecting a non-cash unfavorable foreign exchange impact of 660 bps.

Adjusted EBITDA declined to $71.3 ...

Full story available on Benzinga.com

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