MIAMI, FL - Tecnoglass Inc. (NYSE:TGLS), a leading manufacturer of glass and windows with a market capitalization of $3.65 billion, announced the resignation of board member Lorne Weil. The departure, effective as of December 30, 2024, was due to personal reasons and not related to any disagreement with the company's operations, policies, or practices. The company has demonstrated strong performance, with a 77% return over the past year.
Mr. Weil's resignation was communicated through a Form 8-K filing with the Securities and Exchange Commission on Monday, January 6, 2025. The company, headquartered in Miami, Florida, with principal executive offices in Barranquilla, Colombia, confirmed that the resignation was amicable. According to InvestingPro data, Tecnoglass maintains impressive gross profit margins of 42% and operates with strong liquidity, as evidenced by a current ratio of 2.2.
Tecnoglass, incorporated in the Cayman Islands, is known for its production of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. The company's securities are registered with the New York Stock Exchange under the trading symbol TGLS. InvestingPro analysis shows the company maintains a "GREAT" financial health score, with 14 additional ProTips available to subscribers.
In other recent news, Tecnoglass Inc. reported record revenues for the third quarter of 2024 at $238.3 million, driven by significant growth in the single-family residential sector and the multi-family and commercial segment. Adjusted EBITDA was $81.4 million, with a margin of 34.2%. The company's backlog, ensuring project visibility through 2026, stands at approximately $1.04 billion. In response to 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 about tariffs and potential strikes at East Coast ports, Tecnoglass anticipates ongoing growth and stability in market conditions, supported by strong order activity and stable exchange rates.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.