Tecnoglass Inc. delivered record fourth quarter 2024 results, with total revenues increasing 23.1% year-over-year to $239.6 million. Multi-family/commercial revenues grew 24.3% year-over-year, and single-family residential revenues increased 21.3% year-over-year, driven by market share gains and geographic expansion.
For the full year 2024, total revenues reached a record $890.2 million, up 6.8% compared to the prior year, achieved entirely through organic growth. Full year adjusted EBITDA was $275.8 million, representing 31.0% of revenues, and net income was $161.3 million, or $3.43 per diluted share.
The company generated $170.5 million in operating cash flow for the full year, enabling it to repay $65 million in debt and achieve a net cash position at year-end. Tecnoglass ended 2024 with a record backlog of $1.1 billion, an increase of 27.6% year-over-year, providing revenue visibility well into 2026.
Tecnoglass introduced its full year 2025 outlook, projecting revenues in the range of $940 million to $1.02 billion, representing approximately 10% growth at the midpoint. Adjusted EBITDA is targeted between $300 million and $340 million, implying approximately 16% growth at the midpoint, assuming stable Colombian peso exchange rates and continued momentum in vinyl-related revenues.
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