Tecnoglass Provides Business Update and Increases Full Year 2021 Growth Outlook
December 09 2021 - 6:04PM
Tecnoglass, Inc.
(NASDAQ: TGLS) (“Tecnoglass” or the
“Company”),
a leading manufacturer
of architectural glass, windows, and associated aluminum products
serving the global residential and commercial end markets, today
updated the financial outlook it disclosed on November 8, 2021 for
full year 2021. Year to date through November 2021, Adjusted EBITDA
has increased over 50% to approximately $140 million on total
revenues of approximately $456 million. The Company remains on pace
to deliver another year of record cash flow with cash flow from
operations at approximately $100 million year to date through
November 2021. Based on the financial performance through November
2021, the Company is increasing its full year outlook, with its
expectation for revenue to be in the range of $490 million to $495
million and Adjusted EBITDA in the range of $147 million to $150
million.
Tecnoglass also noted that it believes the
recent report issued by a short seller contains inaccurate
statements, groundless claims, character attacks, and speculation
with the intent of misleading investors and driving down the value
of the Company’s shares for their personal gain. The personal, and
arguably discriminatory, attacks on Tecnoglass executives made by
the short seller appear to have been made to distract from the
Company’s achievements and progress. The Company also notes that
following the issuance of the short report, multiple stakeholders
that are very familiar with the Company, including long-term
clients, have expressed their continued support of the Company and
the management team.
The Company reiterated its expectation to
continue to execute on its profitable growth strategy and generate
cash flow to deliver additional value for its shareholders. The
Company also noted, as announced on December 8, 2021, that the
Company increased its quarterly cash dividend by 136%, as a sign of
its confidence in the Company’s ability to achieve its growth
objectives and the strength of the momentum in the U.S.
single-family residential business. Additionally, the favorable
terms and increased financial capacity afforded by the upsizing of
its oversubscribed credit revolver in November 2021 reinforce the
Company´s financial and operational strength.
Tecnoglass remains focused on executing its
strategy and encourages shareholders to read the Company’s filings
with the Securities and Exchange Commission, including its
financial results, audited by PricewaterhouseCoopers Ltda,
including its New York based National Office, the Company’s
independent registered public accounting firm, for the third
quarter ended September 30, 2021 for more details on Tecnoglass’s
performance, related party transactions, accounting policies and
practices, and its outlook. The Company urges investors to not make
decisions based on the short seller report and to review public
filings for material information that pertains to its business.
About Tecnoglass
Tecnoglass Inc. is a leading producer of
architectural glass, windows, and associated aluminum products
serving the multi-family, single-family and commercial end markets.
Tecnoglass is the second largest glass fabricator serving the U.S.
and the #1 architectural glass transformation company in Latin
America. Located in Barranquilla, Colombia, the Company’s 2.7
million square foot, vertically-integrated and state-of-the-art
manufacturing complex provides efficient access to over 1,000
global customers, with the U.S. accounting for more than 90% of
revenues. Tecnoglass' tailored, high-end products are found on some
of the world's most distinctive properties, including One Thousand
Museum (Miami), Paramount (Miami), Salesforce Tower (San
Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto
Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de
Cristal (Barranquilla). For more information, please visit
www.tecnoglass.com or view our corporate video at
https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, future growth and future
acquisitions. These statements are based on Tecnoglass’ current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
Tecnoglass’ business. These risks, uncertainties and contingencies
are indicated from time to time in Tecnoglass’ filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Further, investors
should keep in mind that Tecnoglass’ financial results in any
particular period may not be indicative of future results.
Tecnoglass is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events and changes
in assumptions or otherwise, except as required by law.
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
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