Tecnoglass reports second quarter 2015 results

Tecnoglass, Inc. (NASDAQ:TGLS) ("Tecnoglass" or the "Company"), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, today announced financial results for the second quarter ("Q2") and six months ended June 30, 2015.    José M.

Daes, Chief Executive Officer of Tecnoglass, commented, "Our growth continued in Q2 2015, with higher revenues, Adjusted EBITDA, and backlog. We continue to capture U.S. market share. U.S. revenues increased 28% to $33.3 million in Q2 2015 from $26.0 million in Q2 2014, and comprised 57.4% of total revenues up from 50.1% in Q2 2014. Although early in the third quarter, I am also pleased to report that July was our best month ever in terms of revenues and profitability.

"We have excellent visibility into 2016 and are preparing for our anticipated growth. Our manufacturing capacity has expanded significantly with respect to aluminum extrusion, painted aluminum, and aluminum billets and we have secured this commodity at favorable prices to meet our project pipeline. Our new $40 million soft coat line is on schedule to commence operations later this quarter. We expect the new coating line to initially run at approximately 15% capacity, primarily to satisfy our internal requirements, with full operations expected to commence in 2016. Once at full capacity, which could take several years, this new line is expected to generate $200 to $250 million of additional revenues per year. Because we will be producing this product in our own factory, we also expect improved profitability and annual cost savings of $6 to $8 million associated with reduced waste alone in the first year."

Read more at: investors.tecnoglass.com/releasedetail.cfm

600450 Tecnoglass reports second quarter 2015 results glassonweb.com
Date: 10 August 2015
Source: www.tecnoglass.com

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