Tecnoglass Adjusts Revenue Outlook, Shares Fall

By Dean Seal

Tecnoglass, the renowned manufacturer of high-end windows and architectural glass, saw a decline in its shares following the adjustment of its full-year revenue outlook. As of early trading, the stock experienced a 9% drop to $31.12, bringing it to nearly the same level it began the year.

In light of new insights into the timing of project deliveries for the rest of the year, Chief Financial Officer Santiago Giraldo stated that the company is now expecting a revenue range of $835 million to $848 million for 2023. While this represents a 17% increase at the midpoint from the previous year, it is a narrower range compared to the previous guidance of $830 million to $855 million. Analysts surveyed by FactSet had projected revenue of approximately $851.7 million.

Nevertheless, Tecnoglass reported positive financial results for the third quarter. The Miami-based company achieved a profit of $46.1 million, or 97 cents per share, slightly lower than the $46.9 million, or 98 cents per share, recorded in the same quarter the previous year. Adjusted for one-time items, earnings were reported at 98 cents per share, surpassing analysts' expectations of 97 cents per share.

Furthermore, Tecnoglass generated a 4.4% increase in revenue, amounting to $210.7 million for the third quarter. This figure outperformed analyst forecasts of $206.3 million according to FactSet data.