Tecnoglass (NYSE:TGLS) Inc., a leading manufacturer of architectural glass, windows, and associated aluminum products with a market capitalization of $3.8 billion, announced the results of its Annual General Meeting held on December 3, 2024. The company, which has delivered an impressive 76% return year-to-date according to InvestingPro data, gathered to elect two Class B directors.
At the meeting, shareholders voted to elect Christian T. Daes and Julio A. Torres as Class B directors for a three-year term. Christian T. Daes received 42,017,729 votes for, 604,546 against, and 5,809 abstentions. Julio A. Torres was elected with 36,252,920 votes for, 6,301,556 against, and 73,608 abstentions.
The company, with headquarters in Miami, Florida, and principal executive offices in Barranquilla, Colombia, is known for its commitment to high-quality products and innovation in the glass industry, maintaining impressive gross profit margins of 42%.
The election of the directors is a significant event for the company, as it shapes the leadership that will guide Tecnoglass through the evolving landscape of the construction and manufacturing sectors. The appointed directors bring a wealth of experience and knowledge to the board, which is expected to be beneficial for the company's future endeavors.
In other recent news, Tecnoglass Inc. reported record revenues for the third quarter of 2024, reaching $238.3 million, driven by significant organic growth in key sectors such as the single-family residential sector and the multi-family and commercial segment. The company's adjusted EBITDA was $81.4 million, with a margin of 34.2%, and its backlog stands at approximately $1.04 billion, providing visibility through 2026. Following these robust results, Tecnoglass announced a 36% dividend increase to $0.15 per share and a $100 million share buyback program.
The company's full-year 2024 revenue forecast is between $880 million and $900 million, with adjusted EBITDA expectations of $270 million to $280 million. Despite slight concerns regarding tariffs and potential strikes at East Coast ports, the company anticipates ongoing growth and stability in market conditions, supported by strong order activity and stable exchange rates.
Furthermore, Tecnoglass is eyeing potential for tuck-in acquisitions and competitive advantages, boosted by an increased backlog providing over 20% year-to-date growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.